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$225k is certainly an excellent price but I think you are being overly optomistic about the rent. Rent on the 1 bdrms have really dropped this year. Averaging around $360 - $380 for the ones with no balcony (like the one in the link). The ones with balconies are getting more but $430 - $450 a week is stretching it unless its a bigger 50+ sqm.
That little beauty for under $225k has averaged $429 pw over the last 3 years - that's what a top PM can do. With about 3 weeks vacancy per year.
Top rent was $450pw for a 6 month tenancy.
The noise from Rakino's bar on High Street is really loud most nights (Thurs, Fri, Sat the worst).
I would suggest buying the higher floor levels. Less noise and better views over the surrounding buildings.
Shane D
Good point, Shane. I walked along High St one Sunday evening recently and the noise from that bar was unbearable. (Mental note - don't buy a type 02 or 03 apartment looking over High Street.)
Why is the bodycorp so high. Is there any chance to get it down - that could add value.
Who knows. The cost of maintaining a high quality building I guess - 4 high speed lifts to 40 stories don't come cheap.
But what would you say is a reasonable b/c? $3000 pa for a Conrad built getto/slum?
I'd say there's no chance of reducing the b/c fees.
Metropolis comes down to the direction it is facing what condition furniture package is in the apartment as some are looking shabby and also the water is not included in the body corp from memory that includes the hot water as well ie power to charge this etc. Good solid building hard to rent sometimes and can take a upto a month as some have the rents under market value.
At this time of year definitely - it will be interesting to see how many Trademe listings we end up getting over christmas. Last year we had 1200 odd, this year who knows?
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no balcony, facing south, looks to be a 36m2 "01" they rent for about $350-$380pw
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Bob, I was thinking about this thread and the other thread you have going where you're saying house prices in NZ don't go down.
But the apartments in this building have done just that haven't they? Aren't they now selling at less than they were when they were first offered to the market?
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