Friday 29 May 2015

Owner occupiers, renters and the deals


Village Property has been 'appointed' in some capacity to contact each owner and discuss whether they will be living in their apartment (owner occupiers) or looking for tenants (investors). While any owner could give any agent the right to find a tenant, Village claims there is merit in coordination from one agent. Fair enough.

While totally respecting the right of any owner to decide who should live in their apartment, let's hope there is a high proportion of owner occupiers, or at least long term tenants. These people are more likely to create a pride in the building and foster a community. You're more likely to put effort into watching out for and getting to know your neighbours if you expect to live with them for the next five or ten years rather than six months.

So it was good to hear from Village that at least half the building will be owner occupied. This is probably a decent result for an inner city building. Perhaps most surprising, many of the small apartments (studios and one-bedders) have been bought by people who plan to live in them. Yeh!

How much rent can we expect? Obviously, depends on size of apartment and number of bedrooms and parking spaces. While higher is probably better, the agent did not think the side of the building was especially important. The east side has the road but it also has the morning sun, while the west has the better view but the westerly sun.

A typical two bed, two bathroom, two car space would rent for about $850 a week, and more as the building becomes occupied and established. Initially, there is competition for tenants.

It was also surprising to hear there will be a 'building manager'. Maybe this is only initially to ensure a smooth move in, to protect the building while 130+ sofas are pushed into the lifts. But payment for a building manager, and whether one is needed permanently, is a decision for the Body Corporate, which has not met yet.

So come on folks. We know it's an investment for many, but let's have plenty of owners living in HM as well.    
Posted by at

10 comments:

  1. Unknown30 May 2015 at 15:28

    Hi Elana,
    I have been following your blog for quite some time as I have purchased 1 bedder in HM. Thanks very much for your informative blog about HM. I have not been contacted by the Village property or CBRE. The last communication received from CBRE was on January this year regarding estimated completion. May I know whom have you been communicating regarding the estimated completion (i.e. CBRE, Village, solicitor?) as I need to prepare for the finances. Thanks again

    ReplyDelete
    Replies
    1. Graham Hand30 May 2015 at 17:55

      Hi Maria, If you look at the posting on this blog on 12 May, you will see a note from Ceerose that all owners will be contacted in mid June about anticipated completion. Since this is only a couple of weeks away, suggest you wait for then, in addition to reading what he said in that note. The person from Village Properties handling enquiries is Jack Williams on 1300624400. Cheers.

      Delete
  2. Mario2 June 2015 at 07:02

    Hi Graham,

    It appears the question I have noticed that continuously comes up is "are you in contact with someone specifically within CBRE or Ceerose ?

    Are you happy to share this information with the other apartment owners ?

    ReplyDelete
  3. Graham Hand3 June 2015 at 06:17

    Hi Mario, Elana and I have posted all the information we know onto the website, including Ceerose's full reply to my email. I don't have any special relationship with Ceerose or CBRE and we are not the 'official' point of contact between Ceerose and buyers of the apartments. We are simply sharing what we find out. If you have a question, then call the Ceerose office.

    ReplyDelete
  4. Unknown3 June 2015 at 16:35

    Elana and Graham, thank you again for this great blog sharing everything you know. It doesn't only provide us with info, but reinforces there are other serious buyers in HM and we are all part of this community. Kind regards, Elena

    ReplyDelete
  5. George Ribarovski3 June 2015 at 19:24

    This comment has been removed by the author.

    ReplyDelete
  6. George Ribarovski3 June 2015 at 19:31

    Thank you for the blog Elana and Graham. I have followed it from the start. My wife and I were lucky to purchase a top floor apartment at first release, 3 years has flown by.Interesting to read about a Property manager. They normally keep the grounds clean and looking good and make sure no one parks in your spots but come at a cost, normally a six figure amount. This can also make the Strata Company a bit lazy and sometimes it seems like we're paying double. As a committee we can look at this but sadly they normally have a long contract. We will need a good strong committee to keep our Strata fees from rising too high and keep an eye on spending. Don't want to use your blog for advertising but I know some people might have finance questions and we will be living in the building and I am available for advice. I'm a Senior Mortgage Broker with Aussie and can help people work through the maze of hundreds of loans and many lenders. If anyone needs to chat they can contact me on 0417062408 or george.ribarovski@aussie.com.au and I don't charge them. We're very excited about the move as I guess everyone is and I'd nominate either of you to be on the body corporate if you want to stand. After I see your pictures it tends to make me give HM a visit. To Mario, Ceerose are very approachable and you can always call the CBRE agent who sold you the unit. (I have on occasions).

    ReplyDelete
  7. Jono9 June 2015 at 04:33

    Hi Elana, thanks as always :) I do plan to live in my one and look forward to the challenges of keeping strata fees low!!

    ReplyDelete
  8. Unknown13 August 2015 at 23:16

    Dear Elana,

    Trust you and Graham are well.

    Apologies i have followed your blog regularly, however had missed your above post.

    As discussed we will ensure that we do get only get the best of neighbours for you and the other owner occupiers in the complex when we do reach the time of settlement. Managing so many of the complex we do have a strong interest in finding tenants that will create a strong sense of community and harmony to ensure strong rental returns and property values in the years to come.

    If any Harbour Mill purchasers would like to discuss the possibility of us Managing their apartment further, please do not hesitate to contact me on 1300 624 400, 0434 881 122, WeChat JackWilliamsVillage or alternatively via email jack.williams@villageproperty.com.au

    ReplyDelete
  9. Unknown13 August 2015 at 23:16

    This comment has been removed by the author.

    ReplyDelete

Subscribe to: Post Comments (Atom)