$450,000 – 1 bed, 1 bath, parking
Huge deal on stamp duty – now approximately $2000
This month’s Property Highlight is in Collingwood and it’s a great deal for someone ready to act now. It’s a Nomination Sale, meaning that someone else has exchanged on the property but they’re unable to settle.
There are three great reasons why this property stands out from the rest.
- Inner City Melbourne location
- Great price and phenomenal stamp duty savings
- Reputable developer and good design
Collingwood is just 2 kms to the northeast of Melbourne CBD. It boasts an eclectic mix of residential and industrial vibes with innovative art spaces, pop-ups, notable retailers, bars, cafes, well-known restaurants, parks, pools and community-minded locals. It’s an easy, fast commute to the CBD – just 13 minutes by tram or 10 minutes by train. The suburb is going through gentrification – moving from a working-class suburb to one that is popular with young professionals and students.
Australian Catholic University, Melbourne University and RMIT are all close by.
The population of this suburb is growing at 3.5% annually and rental demand is high and predicted to continue.
This one bed, one bath apartment with parking, storage and a balcony is $450,000. Priced well for its location and quality, there is also the added advantage of a great deal on stamp duty. As this is a Nomination Sale, the stamp duty is locked at the figure that it was when contracts were originally exchanged, which is approximately $2000. If the contracts were being exchanged today, the stamp duty would be $22,070 – so you’re $20,000 ahead already!
The apartment is 47sqm internal and 8 external. There is no pool which will reduce outgoings.
Rental estimate is $430 per week, but with recent demand, similar properties we have sold nearby are renting for $440 per week without parking. Given that this apartment includes parking, we would expect rent to be higher than forecast.
Developer and design
This award-winning developer is well known for his quality design and build. The building looks right at home in this location.
The rooftop garden, barbecues and dining areas offer a true oasis for residents. Ground floor retail, secure bike storage and easy remote access to all entry points make this building easily liveable.
Design features include large double glazed windows, premium appliances, a 6-star energy rating, protected balcony openings, clever customised storage solutions and quality finishes throughout.
Construction has completed and settlement is scheduled for mid next month.
If this apartment interests you, please get in touch and we can share more details and discuss whether it meets your investing strategy.
It won’t last long, so if you’re ready to invest now, give me a call.
0416 049 226