Your Investment Property forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Looking to buy an off the plan resale unit in Melbourne CBD - Docklands? Any recommendations?

Notify me of new replies via email
Phil | 06 Nov 2013, 12:47 PM Agree 0
Hi, I am looking at buying an off the plan resale property in Melbourne Dockland area (Spencer & Lonsdale), current owner needs to resell as he is backing off the deal, the resale price id for the same they purchased 2 years ago $453k for 2bed 1 bath, 56 sqm. Any help appreciated. Regards,
  • Barry Ison | 08 Nov 2013, 11:51 AM Agree 0
    The price need to be looked at in comparison to other on market now, units is small about the size of 1 bedroom unit look to see what rental would be from local agents and talk with agents more about unit. it could be a good buy ready to rent and not wait for off plan purchase.
    Property Pack Pty ltd Barry Ison of Sydney
  • Pradeep | 07 Dec 2013, 09:22 PM Agree 0
    Last time I checked there are lot of properties vacant in Melbourne Dockland area.also keep in mind that body corp/sinking funds etc. will eats up most of your rental income
  • Redwood Advisory | 23 Dec 2013, 01:29 PM Agree 0
    Personally I would not recommend any off the plan in docklands, be sure to perform the necessary due diligence, as you will find that some developments are having issues with valuation at settlement
  • Matt Langhorn | 25 Feb 2014, 01:06 PM Agree 0
    Hi Phil,

    This is a delayed response to your query, however working within the rentals market and having experience in the area it is a risk with the Docklands due to the amount of stock available. There are lots of great developments on paper and offering great facilities however making your property competitive against all of the others out there in the Docklands means a slashing of the price. You will have high body corp most likely (even whilst the development is still probably quite new) and when it comes into major lift maintenance etc... further down the line that will start to eat into your profits.
  • Max Pisano | 04 Apr 2014, 09:18 PM Agree 0
    Hi Phil, not sure if have bought yet. One thing to consider is the stamp duty saving the previous purchaser made, if you are buying established now it will cost you approximately $20,000 more than what the original purchaser paid. There are plenty of great off the plan properties outside of the docklands that offer the same if not better benefits.
  • jessenorman | 19 Apr 2014, 03:42 PM Agree 0
    The property there is going with lots of issues. So its better you think and then go for it or take help of any good attorney who can help you out with it.
  • D.M. Homes | 21 Apr 2014, 09:29 PM Agree 0
    If you want to reside then its ok but if you are investing on that property for finances then that is not a good choice.
  • Travis | 22 Apr 2014, 03:53 PM Agree 0
    Hi guys, i know this is a different topic however I am looking for some advise on Weston NSW? Do you believe buying a unit in the Hunter Valley region is a good idea? Appreciate any thoughts you may have.
  • Ronald Tan | 24 Apr 2014, 09:26 AM Agree 0
    Melbourne Dockland Lonsdale St , Spencer St
  • James | 19 May 2014, 04:02 PM Agree 0
    Pradeep is right. I have a friend who bought a unit in Docklands and he said the body corp fees was very high. I always check the details and sometimes I even ask the committee members if they are planning to increase the fees over the next few years..

    If you already bought your unit try joining the committee.

    I am currently looking to invest in Safety Beach through Buy Property Direct or I might contact metropole.
    Body corp and other fees are much lower and areas quite good.
  • Tom | 14 Jun 2014, 05:01 PM Agree 0
    Phil, if you want to buy in the docklands because you like the area and want to live there for a significant time then I would say go ahead. Before doing so I would suggest to rent there to see if it is somewhere you would like to live for an extended time.

    As an investment purchase, I would stay away from the docklands. The place is saturated with apartments, many which are unoccupied. The growth potential in this area is low due to the supply of apartments around the cbd of Melbourne. The gross yields are decent but if you take into account the high body corporate fees and other expenses and the potential for vacancies, the net yield is not so attractive.
Post a reply