Hi all,
I would appreciate any thoughts/comments on purchasing a 2bed 1 bath apartment in Malvern. The developer is Hamton, which I understand are mid to high end developers in Melbourne. The price is $530k. Any thoughts on the Malvern area in general?
Thanks.
No idea what malvern is or who hamton are, but paying over half a million for a 2Br off the plan appartment is more of a retail transaction than a true investment strategy.
What do you hope it will achieve?
Malvern is a suburb in Melbourne. It is considered to be one of the blue chip suburbs. Previous capital growth rate in Malvern have average around 10% per annum.
Off the plan purchases are quite often overpriced to take into account developer's profit margins.
Check the asking and sold prices of EXISTING 2 x 1's in the immediate area first.
$500k for one of these seems very expensive, even for Malvern.
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