My wife and I are looking to either rent or sell our apartment.
We would probably prefer to sell, however, it appears that perhaps with the Coronavirus that it might not be a good time to sell?
Does anyone know if there are any statistics to show if the market has dropped, or even anecdotally if they've seen prices go down?
Thanks
Is It a Bad Time to Sell an Apartment in The City?
lockmc on 04/03/2020 - 21:46
Comments
Wuhan
Above the wet markets
Best time to rent id say. Lots of people hanging around that area lately
Do people actually believe the wet market story?
@battler: Lol, no it never does. I'm sure it has nothing to do with the high level infectious disease lab in Wuhan, and China's lax health and safety.
Comes with long term tenants. #WeldedIn
In the city
Merlbourne, CBD
High rise apartments don’t sell (typically) very well because there’s so many of them. Not to mention the whole cladding thing. If it’s an apartment in a low rise, there will be interest
It depends on who is your target market? Chinese international students ? Then now is not the best time to find a renter or even a buyer.
Higher end apartments will sell just fine. We sold ours, which is about 1km from the CBD, in January without any problem.
As somebody who is in the market for a Melbourne city apartment I can only wish that coronavirus would affect prices. There seems to be higher than usual buyer interest and prices in the current market than there has been in a while. Even apartments with windowless bedrooms seems to be selling well.
… apartments with windowless bedrooms …
wt? How is this even a thing?
Because it is sandwiched between two other apartments. Windowless bedrooms are good for sleeping unless you have noisy neighbours.
Just read an old Age article re: 'dog box' apartments … crazy stuff!
Pretty sure it's not. Even if it's marketed as such, the BCA applies nationwide and it requires a certain amount (>0) of window space for all rooms where a person sleeps (aka bedrooms).
I thought so too however I found a windowless bedroom apartment after only a quick search 🙈
Edit: And another
Edit 2: There are others so … it's a thing!
@[Deactivated]: That's what I'm saying. Those are legally one bed + study apartments, not two bedroom ones. No matter what the marketing says.
What they do is use a door with translucent glass so that the natural light comes through that way. That's the only "window" there is.
Those tricky developers!
Is the room actually denoted as a bedroom legally?
@[Deactivated]: It is legally a room - but definitely not something I'd buy.
When I was looking, I rocked up saw quite a few, then I smartened up and checked the floor plans more carefully before rocking up to inspections.
I guess it's not too bad if you like to sleep in.
No, there are no statistics available for real estate at all.
Sell! Sell! Sell! Invest the money in toilet paper stocks!
If you bought new expect price to have gone down (investors usually get depreciation claims that is why they prefer new) as supply with have downward pressure.
Older apartments are pretty static in price unless there is serious issues.
Apartments when rented are usually positively geared and cashflow positive. Return should be gross 7% of property value. You can use the cash flow to support application for new loan. Unless you need to sell to secure a deposit on the new place keep it.
I think apartments are priced like diamonds.
This is so true. It actually works out cheaper to buy a damn house with 500sqm of backyard space out in the suburbs - say just 25km further out.
In Sydney, the only people who can afford apartments beyond Parammatta are rich idiots who don't mind paying through the ass for a tiny room. The purchase price is absurd and the strata fees add a good chunk onto the cost of ownership.
It actually works out cheaper to buy a damn house with 500sqm of backyard space out in the suburbs - say just 25km further out.
You seem surprised by this.
Perhaps I shouldn't be but it's still boggling. Apartments shot up in popularity because they're supposed to be a low-cost alternative to houses. It actuly works out more expensive to buy an apartment now.
strata fees on a decent place can run you close to $30k after 5 years. Say goodbye to any profit you hope to make selling it in the future. The immense popularity of them in Sydney leaves me to believe it must be the rich Asians/Chinese buying them since apartments are a huge thing in their cultures.
Hold it for the long term only if there is potential capital growth. Rent it out for passive income.
My magic 8 ball says "Maybe"
darn I came here to say that.
I too own an apartment in Melbourne CBD - it ain't worth SH*%. Since purchasing it, the Docklands and about 10,000 other apartments were built around it.
My sale price hasn't gone down since purchase, but it hasn't sky rocketed either - it's only gone up by virtue of me holding onto it for the past 15 years. Many other apartments around me recently sold for the exact price they were bought 6 years ago.
So I hold onto it only because it's a hassle to sell and use it for rental income.
Location would be helpful