Anyone Live In City Cbd?

[ecl]

I'm thinking of getting an apartment there and renting it out.

Want to see what the average prices of rent for 1 bedroom and 2 bedroom apartments are and whether it is worth it get a 2bedroom over a 1 bedder.

Do they go fast? or they do rent out slow?

Any advice would be great

Cheers

[Mikyel]

they go pretty fast..

im paying 350 for 1 bedroom.. not even a good building..

2 bedroom you prob looking to get 400 to 500..

but i say its not worth it to get apartment..

the strata you be paying in the city is not funny..

[D_I_F]

You don't pay strata if you're renting.

[Mikyel]

yes..

but hes buying for rent..

so hes the one who need to pay

[D_I_F]

Depends what kinda building you buy in.

The strata goes up if there is stuff like lifts, gyms, pools, underground security car park etc.

[evil_weevil]

regardless, units will always have strata fees Corinne!

[D_I_F]

True, Thankgod mine aren't that much.

[Beer Baron]

crikey. I didn't know you owned a place corrine? is it nice? what area?

I have to be honest, personally I think property ownership sucks. ties up shitloads of cash, capital gains are not what they used to be. sure rental return is great but there is only so much negative gearing you can do and when it comes down to it a loss is still a loss.

far better to chuck that few hundred thou into some wise investments, rent a kick ass place for youself and watch your money grow.

[Beer Baron]

and on that note I'm going to take my own advice and sell my place at the end of this year or early next. had it over 3 years now so it's time to cash out my chips I think.

[Wink]

had it over 3 years now so it's time to cash out my chips I think.

.. and blow the money on a Z-Tune?

[D_I_F]

crikey. I didn't know you owned a place corrine? is it nice? what area?

I have to be honest, personally I think property ownership sucks. ties up shitloads of cash, capital gains are not what they used to be. sure rental return is great but there is only so much negative gearing you can do and when it comes down to it a loss is still a loss.

far better to chuck that few hundred thou into some wise investments, rent a kick ass place for youself and watch your money grow.

I don't I live with my mother but I know how much all the strata bills are.

I should have said our strata bill's not mine.

[Beer Baron]

ahh coolie. i thought you must have bought property without telling me!

yeah who wants to buy my apartment? 2 bed, LUG, top floor and city view. stanmore just near enmore theatre. current rent is $400 pw (and going up in 2 months time). hopefully I can sell it for about $450K. it's a nice place. fully renovated 3 years ago. and best thing is it's always tennanted. so the rent money keeps rolling in.

[mesmerized]

if it's your first time buying a property you can apply for a first home owner's grant which i think is $7000, + you don't have to pay stamp duty . but you have to live there for the first year i believe

[D_I_F]

You don't pay stamp duty for for 1st home buyers if the property is under $500,000

[silver gts-t]

ahh coolie. i thought you must have bought property without telling me!

yeah who wants to buy my apartment? 2 bed, LUG, top floor and city view. stanmore just near enmore theatre. current rent is $400 pw (and going up in 2 months time). hopefully I can sell it for about $450K. it's a nice place. fully renovated 3 years ago. and best thing is it's always tennanted. so the rent money keeps rolling in.

i want to know what u bought 3 years ago that you can make a profit today?

i would be waiting another 2 years.

Edited September 6, 2007 by silver gts-t

[silver gts-t]

if it's your first time buying a property you can apply for a first home owner's grant which i think is $7000, + you don't have to pay stamp duty . but you have to live there for the first year i believe

and u only need to live in it for 6months within the 1st year

[Beer Baron]

i want to know what u bought 3 years ago that you can make a profit today?

i would be waiting another 2 years.

an apartment mate. not too keen to wait 2 more years, I'll almost definitely sell early next year. easy to make a profit. you only need one buyer... so it doesn't matter if 99.95% of people think it's worth the same as it was 3 years ago. if one person thinks it's worth what I'm asking then I make a profit.

[SECURITY]

I have to be honest, personally I think property ownership sucks. ties up shitloads of cash, capital gains are not what they used to be. sure rental return is great but there is only so much negative gearing you can do and when it comes down to it a loss is still a loss.

far better to chuck that few hundred thou into some wise investments, rent a kick ass place for youself and watch your money grow.

its not really a loss. you're actually getting $400 p/w of your mortgage paid for you, i dont know if thats covering your costs or not, but $400 of a $650 p/w payment (for e.g.) is better than $650 completely out of your pocket when you come to live in it (if you do). you're virtually getting the place for 1/3 of the price.

thats the way i see it and thats the reason why i'd never look into renting.

my money has always been in property/development and a fair bit of investing (shares). property has showed a much greater ROI if you can get into it.

if you sell you'll get a bit of money out of it but you might as well refinance and keep the property if you want to re-invest some of your cash.

[SECURITY]

and u only need to live in it for 6months within the 1st year

and the trick here is to

find someone who will pay cash for the first 6 months without asking for a receipt or involving an agent.

[ecl]

i think security is right

i'm getting the apartment not so much for capital growth but for rental return

basically, with the rent being paid, i will be getting the apartment for less than 1/2 of the price

in the city, as long as there is the cbd and there are students, i think it will rent out ok