Bargain property in the Melbourne CBD? First Victoria One Elizabeth Street resale makes loss
There are certainly opportunities in the current 2019 market to pay less than the last price.
But is there really such a thing as buying a bargain when it comes to property? And where are they?
This series of articles looks are specific examples of sale price or asking price falling.
We take a look at where and if possible why this is happening.
We came across this property for consideration.
The first resale in Victoria One, the Golden Age on Elizabeth Street, Melbourne has sold for a small loss.
Brand new, with construction completed in 2018, it was sold after just 67 days on the market.
Rita Lin of Melcorp Real Estate marketed the listing.
Situated at 1409/462 Elizabeth Street, the property traded for $520,000 in late March.
The two bedroom one bathroom apartment holds 55 sqm of internal space.
Located on the 14th floor, the unit boasts full windows which gives west-facing views of the Queen Victoria Market.
Victoria One, the Golden Age offers residents facilities which include a pool, spa, gym & recreation area, garden retreat, poker room, communal lounge, communal kitchen and dining, library and business centre, plus a rooftop cinema on the 76th floor.
Architect Elenberg Fraser designed the 645 unit complex which was developed by the Golden Age Group.
Last sold off-the-plan, the apartment traded for $526,500 in April 2014.
Remember buying at the bottom of the cycle is fraught – as you can't really precisely pick the bottom nor know just how long until you see some price growth.
Be aware you could be buying a poor quality property in an area with ongoing issues of oversupply of stock.
The oversupply could be also putting downward pressure on rents.
Other price declines could be because the vendor needs a quick sale or paid way over the top on its last purchase chase.
Property Observer suggests property purchasing really does need to be a very well considered proposition with a long term mindset.
As a part of this series, we've already had a look at properties in Mount Eliza, Central Geelong, East Perth and Sydney Olympic Park.
