Apartment levels giving you more bang for your buck, which floor would you choose?
When choosing to buy an investment property in a highrise, there are sometimes hundreds or apartments to choose from, but what you floor you choose may have a stronger effect on your rental return than you think.
Typically, apartments higher up in a development are pricier as they offer more of a view, but it may be hard to have a rent that corresponds to the price you paid.
Research by Brisbane-based property analyst Think Matusik says levels three to eight sell more quickly and are generally held the longest.
Think Matusik says the best value for money in high rises is the level below the sewerage and water pipes – floors seven to eight – as the ceiling height is slightly higher.
Lower ground apartments are usually cheaper as they don’t have a view, but they may offer a courtyard.
It’s important to talk to the local council to see what development permits are on surrounding lots, as your investment property may dwindle in price as another development shoots up next door to overshadow you.
{module Which floor would you likely buy on for an investment property?}
ntrotman@propertyobserver.omc.au
