Oasis, 33 Inkerman St, St Kilda.
Hi all. I’ve received a flyer from Property Consulting Group about this new development in St Kilda. Units selling from $360k. Settlement in 24 months.
I’m in Sydney, and although I like the St Kilda area when I’m down that way (good Sunday markets!), I can’t check this out personally. Can anyone advise whether this is a good place to buy into. Is this one of HK’s developments? The flyer doesn’t say who the developer is.
TIA.
Hi Louise,
Oasis in a hk development. It is Worth having a look at as it is very unique and well located. and no i dont work for pcg or hk. PS: the units being sold will be units purchased 2.5 years ago that are being on sold.
St Kilda is a great growth area (next melbourne Bondi I believe) Get online each saturday Melb Age and check out surrounding prices to make sure you are getting a good deal.
Or jump on a plane and make a quick trip if you are seriously considering buying it will be worth it. The price sounds reasonable…
local St Kilda resident
I don’t know the block personally but be wary of the following.
Off- the – plan in Melbourne has jumped in price significantly over the past year.
I was paying about $4500 per square meter and it is now usually over $6000 per square meter, and quite often up to $6500.
What this means is that we have a lot of 1br units being offered for sale that are only 60sqm for prices in excess of $350,000.
I don’t have a crystal ball but I am fairly sure that rents for new 1br in Stkilda will not be going over $300pw within the next 2 years.
I am very happy if people start paying $350,000 + for 1br units but for now it won’t be me.
My thoughts
Petters
Hi Louise
I don’t know the development. I do know St Kilda, yes good markets but is that what you would be buying the unit for?I think it all comes down to working out the figures on rates of return, median prices, demographics and other developments around (Just to mention a few things).
Don’t forget to buy with your head and not your heart.
Happy hunting
Betty BlockbusterWork friend of mine is now selling her ST Kilda Flatr, 4 weeks vacant so far, one other person I have heard has a flat in Elwood, no tenants for last 3 months.
Check rental vacancy factor, which is steadily rising.
Not much joy when you have to pay the mortgage.
It would probably be quite cash flow negative.Hi Louise,
It is most likely this unit will be onsell rather than directly off the plan. The building of the Oasis is taking an awfully long time – I pass by it everyday and it is huge, but has been under construction for probably 3 years now. There is possibly a rental guarantee on this unit, which will not amount to much if the development is in trouble. The unit prices in St Kilda have dropped over the last 12 months – my mother sold hers in Aug last year, the unit next door which is better is selling now for $20,000 less. On top of that there is still oversupply of rental properties in St Kilda area.
Hope this helps.Fantastic responses everyone, its so good to get a different perspective from your own, especially if you are in the first flush of enthusiasm on seing a potential investment property.
You don’t necessarily consider it in a particularly rational way.
I think the benefits to everyone of this sort of collective experience and appraisal are more than any r/e agent, fin advisor or book can give you.This is a dodgy part of St Kilda and you could do better for your money. It’s an extension of Grey St which is where a lot of Natasha’s streetwalk, and has lots of old blocks of units.
I think St Kilda is a great part of Melbourne and is a classic example of a suburb that has come full circle from a place that used to be where the rich went for a seaside experience, to going downhill in the 1960’s and 1970’s. It has come back into favour again because of it’s excellent location and lifestyle. You have the beach next door, excellent public transport (trams, buses and trains), Albert Park nearby and the city about 4-5 km away.
St Kilda West is a much better area that borders Middle Park and is bounded by Fitzroy St, Beaconsfield Parade (the beach) and Canterbury Rd.
Leafy streets and lots of period homes have made this area sought after with strong cap gains.
I’d be looking around this area for something better quality and potential for good growth in the long term.isn’t Oasis a Henry Kaye site? having been to one of his free lectures a while ago, I am sure he bragged about this development.
Hi there,
I must agree with Alison here. My old stomping ground of E.St.Kilda is about 10 minutes drive (if that) to where the Oasis is and although you have popular Acland St (long established – cafe society), The Esplanade Sunday Market, Fitzroy St etc It still is the seedy side of St.Kilda. The type of tenants attracted are probably not going to pay 200pw rent.
I would recommend looking at Alma or Inkerman Rd as ip’s. It’s quieter halfway beteen Pharan and St. Kilda. There are pockets of good areas and seedy ones all around St.Kilda, go for a walk and look around before you buy.
Elwood has seen cap growth, but there is still bargains there.Cheers
Sooshie [
]“Giving is a Blessing, receiving is the bonus”
Have to disagree with a couple of you guys. This part of Inkerman St has really come up with a couple of really funky bars and restaurants, a group of retro arthouse furniture shops and a couple of galleries.This is also a Henry Kay development which means the latest in interior design as well as a home theter thrown in – the rents are going to be high. Next door is a redeveloped Lux building which is very smart.
If you are going to buy in St Kilda buy one bedroom as this area has a huge proportion of singles.
Good luck
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