- May 26, 2024
- Posted by: legaleseblogger
- Category: Related News
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Exploring Real Estate Options in St Kilda/Elsternwick
Today, I decided to satisfy my curiosity by browsing through listings of flats and apartments in St Kilda/Elsternwick. To my surprise, I discovered that some of them are actually quite affordable.
Among the listings, I came across flats priced between 240k and 320k that appeared to be decent and not rundown. This made me rethink my assumptions about the real estate market in this area.
Despite the positive findings, I still have some reservations. With the prevailing pessimistic outlook on the economy and housing market, I can’t help but wonder if it’s sustainable for someone like me. As a single individual earning 90k with minimal expenses and the potential to increase my income through a side hustle, I’m left pondering if it’s feasible to manage a mortgage of around 250k on a salary below 100k without facing financial strain.
Any advice or insights from individuals who are in a similar financial situation would be greatly appreciated. Thank you for your help!
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****** just grabbed a
A lot of lenders won’t give you finance unless the internal area is at least 40sq meters, probably a lot of those places are smaller than that.
Yup, I pay $600 pw for my mortgage (min is $410?) and I’m on a salary below 100k. Works for me. Got enough money to pay for everything associated with homeownership and save as well. My hobbies are not costly. I like to read and to go out to eat every often. Bought my place in 2021 and 3 years on its all good! I’m looking to buy a house soon and even got to tap into some of that equity! 🙂
Short answer seems to be that there are lots of them, and I say that having lived in Elwood for years. That whole swathe between West St. Kilda and Glen Huntly road you can walk around and see more blocks of flats than free standing houses, ranging from quite lovely art-deco 1930s blocks to ugly 70’s walk-ups. Some of them are pretty small inside – fine if you are single but 2 people in there and you would be right in each others face all day long particularly if you work remotely. It has some serious drawbacks because it’s a public transport black hole unless you live on the Brighton Rd edge near the tram and train line. No supermarket unless you go up to Balaclava, St Kilda or Elsternwick which is a hassle without a car. It’s a really pretty neighborhood though, with way less issues than you see up the road in St. Kilda.
You are doing it wrong.
Go to more expensive suburbs, select 3+ bedrooms, sort ‘price – high to low’ and then fume.
When you have calmed down a little so you are in a position to type, post here that the social contract is broken and boomers stole your dreams.
I was surprised when I compared prices in Melbourne to what I’m facing in Brisbane. If only the health sector had kept up with wages growth I’d consider a move. It’s not worth a 30k a year loss for me though
Just beware getting a loan may be difficult for some properties the bank sees as “high risk”. So maybe check with the bank first
It totally depends on your “must haves” vs expectations. Location? Ground floor? Parking? Outdoor space? Dishwasher? Internal laundry facilities? Also things out of your control like neighbours, strata/BC fees – as well as things that come up like special levies to fix common property…
There are affordable apartments if you’re not fussy, but you may have to compromise
I would be cautious as to *why* they are selling – fire cladding is an issue where owners are not wanting to / unable to stump up the cash and will sell for a discount.
Dodgy neighbours/sketchy part of town?
Require significant work?
“If it’s too good to be true, it usually is”
I borrowed $420k as a single person on $90k 3 years ago, and I am managing okay. Can pay the mortgage, all bills, save a little and invest a little (helps I don’t have a car).
Exactly. You’ve done more research than the average whinger too. BUT….Spend some time in the building/area before you buy anything at school drop off/ pick up time. Nights and weekends. Check it’s not painful for some unseen reason then good luck. 🤞
Apartments prices in Melbourne aren’t too bad, lot of suburbs they are selling for the same prices as they sold in 2017-2019. So a lot cheaper taking into account inflation.
But your numbers are definitely off. You can get a semi decent 1 bedroom in an older building for around 350-400. You can definitely not get one under 300.
I was looking at possibly getting an apartment as an investment in a few years. I’ve always been curious about how much your typical strata fees are on top of repayments.
Anyone who has experienced strata I would like to hear about typical costs (I haven’t looked that far into it)
Melbourne is surprisingly extremely affordable at the moment. I’m on 90K as well and i could easily afford an apartment in melb. The moment i get a fully remote job i’m looking at seriously relocating.
People are obsessed with houses, there are decently priced apartments out there.
Wish we had those prices in Sydney, but NIMBY want there detached house within the 20 minutes of the CBD
Yea I’m single with 250k mortgage on just on 100k and it’s not too difficult ……. More $$ would be better but I’d probably just take up more expensive vices.
Because everyone in aus is greedy af
And want ten percent year returns on their home
Fomo home oh no
Some smaller flats banks won’t kend for so you may need to have the money in cash
i brought a 300k apartment. I owed it for 3 years and paided down my mortgage. I sold for a small capital gains and brought a townhouse i love.
You need to check body corp fees on cheaper apartments.
So because they are some cheap apartments in a two suburb radius in Melbourne, you are confused why the housing crisis is doom and gloom?
Were the ones at the lower end studios by any chance? They are usually difficult-impossible to get mortage on, lower price is to attract cash investors.
Edit: had a look on realestate.com and cheapest ones in St Kilda seem to be mostly studios and the odd very small 1 bedder. There’s 1, 1 bedroom apartment in the mentioned price range in Elsternwick
I considered an apartment recently too, but the real issue is the strata fees and cladding issues with most apartments, you could buy a $300k apartment today and in 6 months be hit with a $80k bill as the building needs new cladding and they’ve been quoted $3m to get it done and the strata hasn’t a non-existent sinking fund.
Are these studios.or single.room flats? A bit hard to raise a family in one of these.
They want a detached house in a desirable suburb for a price they can afford. Otherwise, Australian dream is broken according to them.
My household income is not great, but I have always been a home owner because I manage my expectations.
Melbourne is pre cheap
Melbourne has the cheapest apartments in the country right now. You can get a 2×1 10mins west of the city for around 300k. Can’t find that anywhere these days.
“But they don’t have a white picket fence.”
Or
“You might have noisy neighbours or they might look at you funny”
Nobody wants a rubbish 1bdr apartment that’s not going to rise in price and leave you stuck with annoying neighbours.
Sure but factor in the neighbourhood and its people too… I mean, if you ever actually went to St Kilda you’d know… Full of crackheads, druggies, noisy, drunks.. it’s not a great place, not very safe, poorer overall. If you find something cheaper than even you expected, there must be quite a few reasons they don’t sell even at that price.
The last time I was in The Netherlands one of the reasons I went was to look at alternative housing. Some of the flats were only 19 sqm and the “big ones” were 39.5 sqm
>…that didn’t look like complete shitholes.
Praise the photographer. Honestly, they are amazing.
I’m on 89k and paying off a 260k mortgage for a 31sqm on my own. Giant asterisk being my parents let me use their property as collateral to avoid paying LMI so that might be why I didn’t have trouble getting a bank loan which not everyone would have the privilege of that type of support. The sellers of this place probably couldn’t (be bothered) continue the upkeep to rent out as there were leaking taps, broken windows, leaking pipe and very old hot water system needing replacement out back which amounted to about $15k in repairs (which I was prepared for thank god) so do your due diligence.
Some older apartments will be company titles rather than strata titles too, which are also notoriously difficult to get mortgages for.
I built a duplex in qld right before covid , so I got in at the right time .
I make 90k a year / single .
Borrowed 650k and repayments are 1k week.
Totally doable .
Only caveat is I don’t live in them so they pay themselves