VIC West Melbourne - PPOR - Off The Plan - 2B 2B 1C - 2023 Completion. Too Much Risk?

Discussion in 'Property Analysis' started by AusSharka, 6th May, 2020.

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  1. AusSharka

    AusSharka Member

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    Melbourne
    It is something I am seriously considering too!
    I wanted to give a solid effort to finding a place of my own in the inner suburbs, but if I can't find anything that fitted the requirements I listed, then the rentvest option is a solid option.

    Well this looks to be a similar setup and similar money to the West Melbourne apartment I was looking at. The only catch being is its not looking over the harbour, its looking out over west melbourne towards to the CBD. The city skyline views I think would look pretty spectacular. The view could definely be built out one day. However I am aware that there are heigh restrictions in West Melbourne/North Melbourne that may stop this occuring. So it maybe a non issue.

    This is a really valid point. I have been given a rough indication of what the body corporate fees will be. But from everything I have read, those fees are never accurate and will likely be a lot high once you settle.
     
  2. The Y-man

    The Y-man Moderator Staff Member

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    18th Jun, 2015
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    13,439
    Location:
    Melbourne
    $799,000

    https://i2.au.reastatic.net/9eaedf9...3552146167bbfd5eb95ed182dd8e941/statement.pdf


    I know it's the size of a small 1BR apartment with no views.

    BUT - it's a house - as you say, you own the land no matter how small!
    Better still - it's a period home (apparently has historic value).

    It has no OC. (apparently this is a biggy for many as people don't want to pay for services they don't use)

    It's been standing 100+ years - chances are it will stand for a quite a few years more (I have 2 of them ~ believe me a brand new aprtment can require a LOT more work than these - I bought a 2BR OTP once as well as a brand new VIlla Unit!!).

    You should be able to get a street parking permit
    Resident parking permits: Carlton, North and West Melbourne - City of Melbourne

    The Y-man
     
  3. AusSharka

    AusSharka Member

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    Melbourne
  4. The Y-man

    The Y-man Moderator Staff Member

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    Melbourne
    Just go to the realestate.com.au listing an click on "statement of information"
    upload_2020-5-6_22-56-12.png

    Then you go to MapShareVic and run a report on the property to get the zoning (GRZ + HO) and also get the land size (77.4 sqm).

    http://services.land.vic.gov.au/lan...-North-Melbourne-Detailed-Property-Report.pdf


    The Y-man
     
  5. lynchy

    lynchy Well-Known Member

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    Location:
    Perth > Melbourne > Sydney > London > Sydney
    Anew development rockdale nsw
     
  6. TMNT

    TMNT Well-Known Member

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    yep, period home in this area virtually means its heritage listed

    im not a big fan of the exposed brick or general colour scheme, but if it was a bit cheaper, or Ican get a discount, id probably consider buying
     
  7. Just_A_Name

    Just_A_Name Well-Known Member

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    Location:
    Sydney
    people in the forum are just too nice to be blunt.

    Paying 900K for a 3-years promise. Good luck with that because you are going to need a lot of them. If there is a grading system like in stock or bond market, un-built apartments in Australia should be graded as BBB grade which is one step from Junk grade. They simply comes with too much uncertainty and risk. Have I mention those contracts with tons of sunset clauses, boy oh boy. Of course, if you have certain edges that other don't have, like the developer of the building is your own father, please ignore me.

    Good luck
     
  8. Spiralkut

    Spiralkut Well-Known Member

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    Melbourne
    Is it possible at all to just save now then buy a different apartment that's already built in 2 years so you're not buying off the plan? That would seem like a safer option to me.
     
    Shazz@ and thatbum like this.
  9. Shazz@

    Shazz@ Well-Known Member

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    Posts:
    1,310
    Location:
    NSW
    OP, have you done this yet?
    Pros- None
    Cons- Plenty

    @The Y-man has already given you plenty of alternative solutions. Seems like you want to be convinced to buy OTP?
     

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