Why People Invest In Flemington Apartments?

Flemington is only 2km from Melbourne CBD

Flemington is only 2km from Melbourne CBD. Flemington is only about 5 minutes drive or 7 minutes by catching public transport to major universities like Melbourne University, RMIT University (City Campus), Victoria University of Technology in Footscray. Close by to the Royal Children Hospital, Royal Women Hospital and Royal Melbourne hospital and the Royal Park, with its golf course, sports grounds, and kilometers of walk and bicycle paths, the historic Melbourne Zoological Garden and Melbourne Zoo. Abundance of child care centres, primary school and secondary schools in the area. Only minutes away from the city's top shopping, the Highpoint shopping centre, Docklands Harbour Town, Direct Factory Outlet in Docklands with famous restaurants, entertainments and commercial centres. Trams are at the door steps and take about 7 minutes into the heart of the City. Flemington train station is only about 2 stations away to Melbourne CBD. Flemington is in the central location of Melbourne and its only minutes away to all facilities, that is why it's a favorite location for everyone to invest or live.

Benefits of buying off the plan

In Victoria when you buy an established property you need to pay full stamp duty. But when you buy off the plan you only pay stamp duty on the land. For example a $400,000 established apartment, the full stamp duty is about $21,000. But when you buy off the plan apartment, the stamp duty is only about $800-$2000. So the stamp duty savings for buying off the plan is about $19,000 in this case.

Investors put in a 10% deposit to secure an apartment at today price for the price of 1.5 to 2 years later. Balance will be paid at settlement. There is no progress payment and investors don't have to pay fees such as body corporate, council rates until settlement.

Four reasons why property value increases:

1.Population is always increasing

2.Shortage of land

The land is only one size it doesn't get any bigger

3.Material cost increase

Look at 10 years ago the cost to build a house, and compare that with the cost to build a house today. Obviously it's costing much more to build a house today than 10 years ago.

4.Labour cost increase

So if populations increase, shortage of land, material cost increase and labour cost increase then property price has to increase over time.

Future demand for residential apartments in Inner Suburban locations (Including Flemington) will be underpinned by:1. Increasing acceptance of living in apartments by all generations (such as couple households, singles, down-sizers and baby boomers who wants 24 security and don't have to mown the grass or maintain a big house)2. Changing nature of household structure with the fastest growing segments being singles, couples with no children, who require smaller dwellings3. Continuing attraction of living close to the city, amenities and employment centres4. Decreasing affordability for purchasers as a result of the prices of inner city housing escalating beyond wages growthby: Duong Sang

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