VIC Unit/apartment Mentone

Discussion in 'Where to Buy' started by TMNT, 6th Apr, 2017.

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  1. TMNT

    TMNT Well-Known Member

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    CN someone give me a few pointers for one of my relatives

    They recently got told they could get a 2bdr unit or apartment for about 400k which sounds too cheap.

    I'm not familiar with this area. But theyre looking at it for ppor plus investment.

    What's the cheapest way to get a 2bdr in Mentone.
    They're considering otp if the price isn't too different to established. They don't mind buying a run down larger unit and spending the dollars on it if it's going to be instant eqiity

    Given the stage melbourne cycle is. I'm not sure this area at this point in time is worth it.

    Can anyone give them a few pointers
     
  2. Joynz

    Joynz Well-Known Member

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    No way in Mentone. Unless it's really run down!
     
    Last edited: 6th Apr, 2017
  3. TMNT

    TMNT Well-Known Member

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    Apartment is fine as long as it has a decent view balcony same deal for unit. It just can't be the view of brick wall
     
  4. Joynz

    Joynz Well-Known Member

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    $400 won't buy a unit in Mentone. Will buy an apartment.
     
  5. TMNT

    TMNT Well-Known Member

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    2bdr non shoe box apartment? For 400k!?!?

    Soujfs very good!
     
  6. Joynz

    Joynz Well-Known Member

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    Last edited: 6th Apr, 2017
  7. TMNT

    TMNT Well-Known Member

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    That Cheltenham one isn't too bad.
    Must admit. I don't know whether it would be possible to make it as nice s a otp apartment. Me thinks a new coat of paint. New kitchen and few light changes would only make it slightly better
     
  8. Joynz

    Joynz Well-Known Member

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    Horrible block, busy street,
     
  9. The Y-man

    The Y-man Moderator Staff Member

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    Need to let us know which development they were looking at, the level, and floorplan - need to compare "apples with apples" so to speak.

    The Y-man
     
  10. TMNT

    TMNT Well-Known Member

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    They've only started looking
    They only started Because someone told them 400k was possible for a 2bdr. They happy to go higher. But I think maybe 500 would be max

    They just don't want a shoe box.
    Unit or apartment. Don't mind if it's old if its a lot bigger.
    Location in Mentone as long as it's not on Nepean or some silly huge street.
    Surrounding suburbs are fine too!
     
  11. The Y-man

    The Y-man Moderator Staff Member

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  12. TMNT

    TMNT Well-Known Member

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  13. TMNT

    TMNT Well-Known Member

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    Ps what do you guys reckon about timing wise. I'm in the belief that melbourne. Or this kingdom market has Done it's rising and is at or near its peak.

    Investment wise it would be the worst time to buy
     
  14. The Y-man

    The Y-man Moderator Staff Member

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    Well.... my last purchase settled at the end of January in Brunswick W. this year if that is any guide to my sentiments....

    The Y-man
     
  15. TMNT

    TMNT Well-Known Member

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    Judt wondering without giving away price or location. What sort of place in Brunswick did you buy and what was your motivation
     
  16. The Y-man

    The Y-man Moderator Staff Member

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    Sorry - missed this post - House on 650+ sqm units and apartments all around it!
    7km form CBD

    The Y-man
     
  17. alicudi

    alicudi Well-Known Member

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    Hi

    I beg to differ with the replies in this thread and would like to advise "TMNT" that your relative could purchase an "old" 2 bedroom apartment for $400k in one of the lesser desirable parts of Mentone, anybody that has local knowledge would probably tell you the same.

    I often see very cheap shoe box studio size apartments for sale in the complex at 173 Balcombe Road Mentone that often sell immediately with other larger units that have separate bedrooms that pop up for sale in Latrobe Street Mentone ($240,000 to $280,000) and sometimes in Station Street Mentone ($290,000 to $330,000) and all had car spaces as well.

    All of these types of apartments are in your old 2 level apartment complexes built around the 70's to early 80's.

    I do think it will be hard to find a 2 bedroom apartment for under $400k in the better parts of Mentone though.

    Some examples of what I am referring to:

    I don't think this will achieve the asking price:

    4/173 Balcombe road Mentone Vic 3194 - Apartment for Sale #123443886 - realestate.com.au

    Apartment with separate bedroom:

    Real Estate & Property For Sale in Mentone, VIC 3194 (Page 1) - realestate.com.au

    You just need to wait for a 2 bedroom apartment to come up for sale in one of the lesser desirable parts of Mentone and I am sure it could be fetched for $400k. Realestate.com.au currently has 2 bedroom apartments in the best parts of Mentone available for under $500k.

    regards,

    alicudi
     
  18. Joynz

    Joynz Well-Known Member

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    The links you provided above are not for two bedroom apartments.

    The first is a tiny bedsitter and the other is a one bedroom. (The 2 bedders in the latter complex start from $565,000!)
     
  19. alicudi

    alicudi Well-Known Member

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    Hi

    Yes I understand the links I provided were for a studio style apartment and the other was for an apartment with a single separate bedroom, I used these examples to prove the prices of the cheaper part of Mentone and then you would need to work out the expected price of an extra bedroom and what it would realistically sell for in this market.

    I would not pay $565,000 for a 2 bedder in the latter complex because you can right now purchase a 2 bedder in the best parts of Mentone for under $500k so to pay extra in a cheaper part of the suburb is money wasted, and it would be a long term safer investment and definitely a better place to use as a ppor if one were to buy in the nicer streets of Mentone.

    Here is a brand new 2 bedder with bay views from $440,000:

    203 Nepean Highway Mentone Vic 3194 - Apartment for Sale #125063254 - realestate.com.au

    In a nutshell I think if you speak to some local agents you will be able to find a 2 bedroom unit in Mentone for $400k.

    regards,

    alicudi
     
  20. TMNT

    TMNT Well-Known Member

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    hmm, just thought id bring up this thread, for a bit of discussion
    ive recently been to mentone, and its a hole,
    the train station is being worked on now, so that didnt help,

    that being said, CG wise, what does everyone think,

    prices there arent low, however its a rough area, but its very close to the beach,

    being surrounded by million dollar properties, long term wouldnt this area be prime for significant cap growth

    food for thought
     
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