VIC Want to buy 1 bedroom apartment / unit (Vic)

Hi all, trying my luck here & see whether someone know someone who wanna to sell.

I have been looking for nearly 6 months to buy a 1 bedroom ground floor apartment / unit in Box Hill / Blackburn / Forest Hill or surrounding suburbs, budget low to mid 300k.

Must have a little outdoor area be it courtyard or balcony, must allow animals. No lift / underground parking / no gym or pool in the complex.

Fingers crossed
Thanks everyone!

 

Is it even possible to buy this cheaply in a good street? These are highly sought after suburbs. Me thinks if you've been looking for 6 months the answer is no.

I have an extremely specific approach (see here: How I search for property) yet I still find a property that manages to tick all the boxes at least once every 6-8 weeks. I don't think anyone could be more picky than me either.

 

Thanks for your reply @jaybean

I didn't have any preference in relation to streets, as long as the apartment / unit is in that 3 or surrounding suburbs it's fine.

I understand they are great suburbs, but I thought what I want is not what general buyers want (i.e. 2/3 bedders with land) so hoping I might have some luck

So you think I won't be able to get what I want with my budget?

 

I don't know these areas well so I can't comment on that.

But as for lesser desirability, I don't know about that. There are some upsides to what you're looking for, which other investors are not blind to:

- On a purely yield basis, one bedders are going to perform better.

- Ground floor apartments are attractive to those who want pets.

- Ground floor appartments are attractive to older tenants, keeping in mind our average population age is going up not down. Baby boomers and all. I've heard anecdotally too if you buy in certain areas with an older demographic ground floor can be easier to rent out.

- Personally as someone who has lived in houses for most of my life, I prefer the "walk up" nature of ground floor apartments. Saves me from waiting in an elevator or walking up stairs with 10kg of shopping bags.

Also keep in mind the first home buyers grant, which I think favors properties in your price bracket. That will stimulate demand.

Anyway my point is I'm super picky yet I often see a property that meets all my criteria including price every 6-8 weeks. So if you're going 6 months then I think this means you need to readjust your parameters.

 

You absolute spot on with the advantages of living in ground floor @jaybean, last few months in Box Hill, 2 bedroom 1st floor apartments are selling for around 380k...so I thought I can bought something cheaper for a 1 bedroom, and....awww was actually hoping price for 1 bedroom apartment will drop

 

Don't be afraid to use LMI. That would be my first tip to those wanting to get their foot in the door.

 

I live around these areas and its unlikely to get a 1 bedroom below 300k. more likely 370-380

 

For some reason finance is not an option

 

Are you following the market? Any chance the price will fall

Not thinking below 300, more low to mid 300

 

Yes, I am. I'd say keep looking and you might get lucky. Have a look at apartments opposite Costco in Ringwood if you want to spend around 350.

 

Thanks @TiV I'll have to keep looking hard
Still prefer the suburbs I mentioned & if I look correctly the apartments in Bonds Street have basement parkings?!