There are a myriad of questions and issues to consider when thinking about moving from the prized family home with the typical Aussie large back yard to the more confined spaces offered by the alternative style of apartments or warehouse conversions. From a longer term investment viewpoint, we understand this type of property to be a lifestyle decision as history shows land outperforms buildings.  Apartments have not had a great history compared to land.

Some of the issues we think about when buying apartments are -

• Suburb – water views, parkland views, or industrial views (if warehouse conversion)
• Street – busy (such as Beaconsfield Parade) or quiet (such as parts of Port Melbourne)
• Position to shops – walking distance to supermarkets and coffee shops
• Position to rail (train or tram)
• Developer/Builder – track record
• Architect – other projects – well known architects on some boutique projects have performed well reasonably time
• Views – can they be built out
• Quality & finishes & specifications
• Floor plan – must be logical and work
• Parking – how many car spots needed – some apartments now have car stackers
• Parking – distance from car park to lift
• Lifts – private (direct to the apartment) or shared
• Amenities & common areas
• Natural light
• Body corporate fees (now called Owners’ Corporations). Is there is sinking fund or any work scheduled in the near future that could cost you money
• Security gates & intercoms
• Street appeal – front of building
• Front door. How strong is the security?
• Disabled access
• Gardens – if you buy on the top floor, how important are gardens in the grounds of the property
• Heating, cooling & insulation
• Rubbish disposal
• Storage
• Noise & sound proofing
• Resident mix – family
• Renovations to be done
• Furniture & power points & data cabling
• Natural air flow
• Insurances
• Ceiling heights – important in larger, open spaces
• Window cleaning – exterior

Three properties we visited during the week -

18 Tennyson Street Richmond. This is a serious transformation and one of the best warehouse conversions I have seen. Great living areas, great use of light via the several sky lights, unbelievable kitchens and bathrooms, great use of the original building structure. Three bedrooms, three bathrooms (and powder room), two living areas and separate dining area.

The streetscape is not great, right in amongst factories and warehouses, but these are all normal factors of this style of living. See www.jameshomeratings.com.au for our rating on this property.

Agent Anthony Cantor from Kay & Burton is quoting $1,500,000 and the auction is Saturday 31st May at 11.00am.

15/182 Albert Road, South Melbourne. Want a great view of Albert Park and the lake? Gerald Betts from Marshall White and Robert Marden from Buxton are selling this apartment with stunning views and private lift access, literally across the road from Albert Park. Couple of drawbacks; the master bedroom is smallish, at the rear and has no views. The ceiling height is low and does give a slightly enclosed feeling. However, it has a warm, homely feel that a lot of apartments lack and the real WOW factor is upstairs – a private, rooftop terrace with amazing views, great for entertaining. The pre auction quote was $1,800,000. The property passed in at auction on Saturday 24/5 at $1,800,000 against a reserve of $2,050,000.

19/156 Beaconsfield Parade, Albert Park. Just as the Albert Road apartment had great views of Albert Park, this one has spectacular and uninterrupted views of Kerferd Road beach and Port Philip Bay. The overall living space is adequate but not large, but this offset by a study (with views), a master bedroom with equally as good a view as the main living area, and a balcony made for entertaining. The complex also includes a lap pool and gym.

Agent John Holdsworth from Hocking Stuart is quoting $2,400,000 – $2,600,000 and the auction is next Saturday 31st May.