I started looking for a tent at first
Comment on Daily Discussion Thread: Wednesday, October 16, 2024
Force_majeure123@aussie.zone 5 weeks ago
Shitty photo sorry. This is corner of Toorak Rd and St Kilda Rd. 9.2m for 4 br apartment on noisy st corner. Hmm Image
MeanElevator@aussie.zone 5 weeks ago
Another building that will have no vacancies and no residents either.
Nath@aussie.zone 5 weeks ago
Loads of them in Southbank. Drive around that area around 7-8pm. Prime time of day for people to be home and awake. Entire apartment buildings are 75% dark.
I’m not certain whether this will be the same. I truly can’t see how they can be valued at $9.5M. Who the hell is going to buy them? 4 Bedrooms suggests families. But any family with that much to spend isn’t going to want their kids on a busy corner and no yard to run around in.
While it’s derelict, there’s a 4-bedroom house/yard […com.au/property-house-vic-south+yarra-146184108](going for $2M) a few hundred meters away. You could spend a Million totally renovating that place and really sprucing it up and still move in before this building is finished. And for a third of the price.
MeanElevator@aussie.zone 5 weeks ago
Foreign buyers. Simple as that. Buying a property here ensures safety of their money (talking about China specifically). Whether it’s buying through a shell corp or a local agent/entity, those places are not there to be lived in. They’re just there to safeguard cash.
Not to mention to beef up a property folio for an agency and artificially inflate the value of the building.
From memory, foreign ownership rules have tightened up, but there’s plenty of loopholes still.
TheWitchofThornbury@aussie.zone 5 weeks ago
The land tax component is getting severe for property banking of this sort. Most of Melb’s accountants are in panic mode right now with their property investor/developer clients going apeshit over the new requirements. Especially when their trusts need to have a specific ‘no benefit to foreign residents’ requirement bolted on. There are five different pieces of legislation that discriminate benefits from trusts/super funds going to foreign residents - and the definition of foreign resident is very very broad when you look at all the five Acts.
Nath@aussie.zone 5 weeks ago
For sure, that’s the target market - but the trick only works if the property holds that value in the first place. I don’t see 9.3M value here, no matter how you twice it.