VIC Unit/apartment Mentone

Hi

Yes "TMNT", I agree with your analysis of Mentone at the moment. It is a bit of a hole.. Capital Gains wise I see massive increases due soon for the bottom end of the market, especially if you can secure a bargain on the beach side of the Nepean Highway. Mentone also recorded a $3.3 million property sale in 2017 and this residential house was not on Beach Road and just underwent a full renovation after it achieved that price.

Mentone is ready for prime growth. I am keeping a very strong focus on the area and looking to purchase any old apartment that is on the ground floor, has a private courtyard and at least 1 car space. They do pop up and sell rather quickly and sometimes before they are listed on the internet. Some cheap old apartments are way under $300,000 and are on the beach side of the highway as well.

Regards,

alicudi

 

hmmm great minds think alike
part of me thinks its better to get a house with land and pay the extra over a older unit......

edit: geez, cheapest free stadning home is a 2bdr
$850,000 - $920,000

jeez

 

Hi

100% agreed with this statement as well, buying a house on its own land in Mentone is the go for the largest capitial growth. My motivation to buy in Mentone is to have a small base to sleep in when I come to Melbourne as I am relocating to Phillip Island so a low maintenance secure apartment suits my requirements and budget as I am attempting to buy without finance.

Nobody ever told me that my mind was great though.

Regards,

alicudi

 

and my next question is, should any buyer looking at this area wait, seems were at the peak,
were not really seeing a slow down in the area, but it should come soon
my 2c

 

Hi

I think for any quality residential home on its own land should be safe to buy now in Mentone, f you are putting most of the $$$'s into the land value and location of the street and location of the property within the street it should be safe for a long term hold.

I think that old apartments/units were at the bottom of the cycle last year when several had asking prices of $240,000 (not studio apartments either). The top end of town as in $1.8m to $3m+ I don' feel confident to comment on sorry as I don't really do any research in that price bracket.

Regards,

alicudi

 

yes agree with you, long term it will do well, whether its 2-3 yrs or 5-6 or 10+

I feel that could easily get a few % off if you wait a 1-6 months, but any more would be a guess
however cycle wise melb is at its peak...

 

Ok

So great minds do think alike, or we are the dumbest members on propertychat?

Regards,

alicudi

 

I wouldnt go aroudn telling people you think same way as TMNT!!!
you'll lose repsect
heads up from moi