Got a spare $13 mil?

If only…

In Melbourne ’tis. Eighty-fourth floor, 360 degree view…

Ho hum. On this salary, the only penthouse available is at the newsagent.

Click for more.

    • Sean of Deer Park
    • September 25th, 2011

    If you look out the 3rd window on the left, just to the left of the blue lights on the Rialto building, that’s my place. 😆

    I looked at buying in this building off the plan, $360K on level 36 with 2 bedrooms/2 car spaces and a storage cage. Funnily enough, I was talking to a guy named James King, an agent for the tower only last week. An apartment on Level 39 is currently available for $1.75K, one of only 2 in the building with a large balcony. Body corporate fees are based on size, but think around $2400 per quarter (dead money), plus rates, emergency maintenance levies and Stamp Duty at purchase time. There is a risk the properties may very well devalue further at this end of the market.

    Also interesting is the fact property values have slumped on price from 2006. For example, a one bedroom apartment is currently on offer for $550K in Eureka would have sold for $700K in 2006. In comparison, I purchased my current home in 2004 for $180K and it is now valued at over $500K in a down market because it is on a quarter acre block and in a good location. I want to investigate turning Super into a property portfolio – you can do that now, BB – self managed funds. Something to talk to CommSec about. If anyone has any advice or opinions on this, it would be much appreciated.

    I think the prices of buildings like this (Eureka) are way over the top, considering the starting prices off the plan. The view is beautiful and makes for an easy lifestyle, but there are lots of other options and I think something on a block of land with no bodycorp is a better investment long term. I want to find out if it is possible for your own Super Fund to buy a property and then move in yourself as a tenant. Investment in property at the lower (affordable) end of the market would seem a viable option for capital growth. People who need to downsize can buy something fab at the lower end knowing their is less risk should things go south (like I did).

    I must admit, I have thought about you and Lady Bing a couple of times in regard to property in Oz, as an investment and potential abode should you both decide to live in Australia in the future. Not that my opinion is worth a grain of salt, but food for thought all the same. Watch the housing market closely, as a bargain might be just around the corner to set you up for the future. When my sister was an expat living in Dubai, working for Emirates, she gave Mum power of attorney. Mum purchased a couple of properties in her name and when she returned home, she had both a house to live in or sell (which she did making a good profit resulting in a small mortgage by todays standards). Getting into the market is the hardest part these days. Once you have something it makes future options much easier to decide on. Until then, we can all look at properties like this one in your post and dream.

    • Food for thought. Right now, all ze cash is being funnelled to pay for a modest 250K apartment in LBB’s home town (apt being built as we speak). Best room in the complex, 22nd floor, overlooking the river and downtown. Where any money – woman wants kids – is going to come from to get a toe in the door of the Oz property market (prices are ridiculous) is a headfuck.

      • PS No 10% down crap or anything like that over here. Try 40%. Cash.

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