Apartment Buying Secrets - Boutique Apartments
Updated: Oct 3, 2020
Savvy apartment buyers in Melbourne and Sydney are starting to love the older style apartments again!
Just not too long ago, these older style, orange brick exterior apartments had been avoided by apartment buyers due to their 'older looking' exterior, lack of modern security features, facilities.
But with Melbourne and Sydney apartments hogging the limelight recently, for the wrong reasons, savvy property buyers going after immediate, high returns have turned their sights on to these old style apartment in Melbourne and Sydney and are snapping them up.
These buildings have withstood the test of times, and with their traditional, solid build quality, are almost bullet proof! More often than not, these apartments can be found in near amenities, such as good food centres, shopping centres, schools, universities, and such. They also tend to have larger bedrooms, larger living rooms and kitchens. Ideal for buyers who are disappointed by the tiny bedrooms in the new apartments.
So, why are these apartments back in demand:
solid build quality
large bedrooms, living and kitchens
usually near good amenities
low body corporate fees
low council rates
opportunity to manufacture equity growth
It's no wonder that older apartments with updated interiors have been snapped up very quickly, by first home buyers, investors and such. And they often command a high premium.
A 2 bed apartment in Kew, Melbourne struggled to sell for $440k back in 2018, was recently relisted and sold for $470k in under 10 days! It is no wonder stories such as these are commonplace now, and investors start to realise the low holding cost and high yield of such apartments.
If you are in the market for an updated old style apartment, get in touch. We've contacts with a couple of sellers who are upgrading, or moving on to other investment properties.