a/c's don't help an otherwise decent looking development thus far
Looking good and rising quite quickly. The a/c's somewhat mar the appearance though.
Any development of the Altus at Harbour Esplanade?
^^ No movement
Permit just got extended I believe
One side is nice, the other is not.
signage going up:
better view of the M in this one
Thank for your photo that make us know about the progress of this property. We purchased an unit in mid of 2013 in Hong Kong. It is very closed to settle now but the bank valuation is almost 12% les than our purchase price. We surfing a lot of web sites for this docklands area and listened our friend comment for the property of this area. It is extremely oversupply and we bought it for investment purpose. It seems unable to meet our expectation. We decided to give up the settlement even though we lossed 10% of deposit and some expense of decoration. This is our first time to purchase property in Australia. it is a good lesion to us to study carefully when buying oversea property. Anyway, thank you for your pictures of the building progressing. We are quite appreciated your effort that make us happy to see it before.
It's a pity that you have given up your property. I'm not sure what you meant when you mentioned "it did not seem to meet your expectation". Were you expecting that the property would immediately increase in value just 2 years after you bought it? That's a gamble, not smart investing. In any form of investment, prices go up and down.
There was no strong reason for you to ask for bank valuation. What was your purpose? The economy in China is slowing down (but far from a crisis!) and this has affected many countries, including Australia. But when the economy recovers, and population in Melbourne rises in future, you can be assured property prices will start to go up again.
As much as you feel it does not make sense to hold on to your property now because it is making you lose money, there will come a time when property prices in Melbourne will rise exponentially and to those who did not buy any, they will probably be thinking: "The high prices don't make sense!" Just look at Sydney property prices now and say 10 to 15 years ago.
It is important that you have the ability to hold your investments in a down market. You can't possibly expect anything you buy to alway go up, up, up. If investment were that easy, everybody in the world would be rich!
That's how the stock market works also. Are you going to sell away everything every time the price drops?
As far as I know, Dockland rentals have been healthy and there is potential in its future.
Thanks for your message. Noted your comment and will reassess seriously as we still have time to change our mind.
Simon, you would be well advised to get professional investment advice before making ANY decision.
What are you looking to achieve with this investment? If you want short-run capital growth, I'd strongly suggest investing in just about anything other than inner-city Australian real estate.
If you're looking for something that will generate good short-term income with a high degree of certainty around your investment's future value and income-generating ability, then I'd suggest you might reconsider.
You need to know what you mean by "oversupply". I think you are confusing the sales and the rental markets. The market for new apartment SALES is what determines your price/value of investment.
But your short-term income is a function of the state of play in the Aust property RENTAL market. Which is most definitely NOT in oversupply.
But I'll say it again. You shouldn't be making this decision AT ALL without getting formal advice from an investment professional. Particularly where you're investing in a market you don't already know a lot about.
Hope this is some use.
Thank you for your comment. I really confused in my first impression on the property market of Melbourne. Luckily, I still have time to change it back. Will reassess our expectation.
Was it because you expected it to be a simple process of easy, short-term returns?
Sorry, but I don't know what they've been telling you over there but it's not as simple as "Melbourne is the place for easy money"
Not for short-term return. We quite understand the investment risk. Our issue is triggered by the mortgage amount from our expectaion of 70% down to 60%. It caused us some stress to restudy the situation. The property news is not that good when we are surfing in web.
Oh I didn't know banks only loan 60% to foreigners. I thought 80% is possible. 60% does not look attractive for investment.
Yes, there are definitely risks. It also depends on how long you are prepared to hold on to the property.
On the "not so good" side, I've read articles that reported Docklands is a boring place and oversupplied with properties. Vacancy rate is increasing.
Consider also who you are going to sell your property to next time. The view is that generally, Australians prefer a house than an apartment.
I'm really not sure how true the above is. Perhaps those with data or information can shed some light on the issue.
Hi everyone, can I please ask everyone participating in the conversation above to be mindful of our terms and conditions:
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Simon please seek professional investment advice either in Hong Kong or from an appropriately credentialed Australian professional.