Modern Australian
Men's Weekly

.

Buying An Apartment In Melbourne

  • Written by Mark Ribarsky


Every major experience in life has more to the picture than the final goal. Most people only think of the final goal and don’t plan for the journey in-between. For instance, having a baby.

 

Pre-birth, there is the whole journey of getting pregnant, body changes and sickness, diet, setting up the house and car, baby classes, mapping out a sleeping routine, setting up your finances, maternity leave and finally a birthing plan.

 

Buying an apartment is much the same. Prior to receiving the keys to move in there is a whole multi layered journey that a smart buyer must complete to succeed in buying well.

 

In Melbourne, there is an over supply of high-rise apartments at the moment. 2019 will be much the same, where prices will continue to drop creating great buying opportunities of good-quality real estate.

 

Buying the wrong property can end in you not getting your finance approval, negative capital growth or even losing your deposit.

 

So a wise buying style is essential, following strict rules that filter though, to avoid purchasing a property that will only cause you headaches.

 

Below are three major rules a buyer should consider when buying an apartment in Melbourne

 

  1. Buying within a 10 km belt around Melbourne’s Central Business District will give you highly coveted suburbs that are always in high demand. These suburbs are full of great infrastructure that is located within walking distance of apartments. They’re suburbs that have loads of character and lifestyle options.

 

  1. Stay away from high-rise apartments, these types of properties are hard to differentiate from each other when selling. Hence, all a landlord can do is compete on price (lowering it).

    You will also find banks don’t offer great rates on loans for high rises, they undervalue them majorly or simply don’t offer finance if the apartments are too small.

 

  1. Choose an apartment that is different to the rest. This could be in a great floor plan, a raised ceiling or storage nooks that have multi uses. Always make an abundance of natural light a major buying factor.

 

Once you have your finance approval, you’re ready to start dealing with real estate agents. This is always one of the melting points for buyers.

 

Why is it so difficult? Buyers will experience a range of different challenges from an agent:

  • *  Under quoted property to generate buyer interest.

  • *  Deliberately claim to not have any knowledge about a property to not legally implicate themselves.

  • *  Create phantom bidders or offers.

  • *  Use pressure tactics to get buyers out of their comfort zone.


Buyers that work hard for months. Attending inspections but usually left empty handed trying to work out why they didn’t get the property.


The light at the end of the tunnel.

 

So far it sounds like it’s a hard and time-consuming journey to buy the right apartment.

Fear not, there is hope for buyers that need help. Buyer’s agents can run the whole process minimizing risk and a bad experience.


Who are they? Buyer’s agents started their real estate career as selling agents. So they’re experienced and know the inns and outs of negotiating, why agents do what they do and how to get the best out of a situation.

What do they do? They recommend property based on your criteria, do all the due diligence involved in assessing a property, then buy the property on your behalf. This could be via an auction or private negotiation


The only other thing you have to worry about is finding legal representation in the form of a conveyancer or solicitor. They will make sure the contract you’re signing is fair.


Mark is the founder of Wise Real Estate Advice (https://wiserealestateadvice.com.au/) and Property Managers Melb (https://www.propertymanagersmelb.com.au/).

 

 

 

 

Refurbished iPads Are Better Than New Ones (Here's Why)

Image by rawpixel.com on Freepik Apple's refurbished iPad program has quietly become one of the best deals in tech. While everyone obsesses over the ...

Your Guide to Finding the Right GP: What Perth City Doctors Offer Today

Choosing a General Practitioner (GP) is one of the most important health decisions you’ll make. Luckily, Perth’s vibrant CBD now hosts a new ge...

Why Every Mining Operation Needs a Robust Safety Management System

Mining is one of the backbones of the Australian economy, particularly in Western Australia. Back in 2019-20, mining contributed 10.4% of Australiaâ...

Australian Classic Literature Enjoys Resurgence

Welcome back to the good old days of storytelling! As the modern world becomes increasingly more demanding, returning to childhood favourites offers...

Building a Governance Model for Headless Content Management at Scale

Image by pch.vector on Freepik There's never been a better time to implement a headless content management system (CMS) to gain the flexibility and ...

Understanding Trade Insurance: Essential Protection for Businesses

Image by Drazen Zigic on Freepik In the current economic environment, trade insurance is an important element for companies trading both locally an...

Choosing the Right Timber for External Cladding

Timber cladding is one of those finishes that pulls double duty: it makes a building look warm and welcoming, and it quietly shields the frame from ...

Top Services Offered by Diesel Mechanics in Brisbane

Keeping a diesel vehicle running at its best takes more than the occasional oil change. When you invest in regular specialist care, you protect the ...

Top 5 Benefits of Hiring Professional House Removalists

Moving day should feel like the start of a new adventure, not the end of your patience. Yet once the settlement papers are signed and the champagne ...

Navigating the Digital Landscape: Managed IT Solutions and IT Services in Townsville

As technology advances at an unprecedented pace, companies must adapt to embrace the transformation ahead. With an evolving technology landscape, mana...

Types of Catering You Should Consider for Your Next Event

Choosing the right type of catering service can elevate your event from ordinary to unforgettable. Whether it’s an elegant wedding, corporate func...

Understanding the Benefits of Split System Installation for Your Home

Climate control is essential to maintaining comfort in your home, especially during the extreme temperatures that many regions face. Whether you’r...

Best Aluminium Window Sliding Designs for Natural Light and Airflow

Bringing natural light and airflow into a space is one of the most efficient ways to create a healthy and comfortable home. In Sydney and across Aus...

Maximising Operational Efficiency: Electric Winch Hire Australia and Hydraulic Power Pack Hire Solutions

Image by jcomp on Freepik From urban construction sites and remote mining operations to coastal maritime facilities, specialised equipment solutio...

Navigating the System: Your Guide to Support Finding Work with a Disability Around Melbourne

Image by freepik Finding the right job can be a challenge for anyone, but it can feel particularly daunting when you're also navigating life with a ...

Say Goodbye to Draughts and Hello to Savings: Your Guide to Perth Window Replacement

Image by prostooleh on Freepik Are your windows looking worse for wear? Are you paying a hefty power bill due to sneaky draughts and poor insulation...

How to Choose the Right Horse Trailer for Your Riding Needs

Many horse owners travel long distances for riding lessons, competitions, or to move horses between properties. Having a safe and reliable trailer i...

Sydney Turf Installer for Instant Green Lawns and Long-Term Performance

Having a green lawn at home makes everything look better. Whether it’s the front yard, backyard, or a small patch beside the driveway, people in S...

LIFE STYLE

Refurbished iPads Are Better Than New Ones (Here's Why)

Image by rawpixel.com on Freepik Apple's refurbished iPad program has quietly become one of the best deals in tech. While everyone obsesses over the latest models, smart buyers are snagging identical...

Australian Classic Literature Enjoys Resurgence

Welcome back to the good old days of storytelling! As the modern world becomes increasingly more demanding, returning to childhood favourites offers much-needed solace for many. Here’s why. A Hint of...

Top 5 Benefits of Hiring Professional House Removalists

Moving day should feel like the start of a new adventure, not the end of your patience. Yet once the settlement papers are signed and the champagne glasses are rinsed...

Understanding the Benefits of Split System Installation for Your Home

Climate control is essential to maintaining comfort in your home, especially during the extreme temperatures that many regions face. Whether you’re looking to cool down in the summer or stay...

Navigating the System: Your Guide to Support Finding Work with a Disability Around Melbourne

Image by freepik Finding the right job can be a challenge for anyone, but it can feel particularly daunting when you're also navigating life with a disability. The good news...

Say Goodbye to Draughts and Hello to Savings: Your Guide to Perth Window Replacement

Image by prostooleh on Freepik Are your windows looking worse for wear? Are you paying a hefty power bill due to sneaky draughts and poor insulation? Well, it might be...