This property settled in late 2008, a little delayed (something I have come to expect with property developments).  Luck for me, I hit a period of good growth in the Melbourne market.  Valuation at settlement came on at $475k an immediate capital gain of $30k.  Combined with the low stamp duty you get in VIC with off the plan (you only pay on the land value) and a max LVR loan with mortgage insurance capitalised, and the net result was the I secured nearly 1/2 million of real estate for less than $10,000.  I was happy with the result.

Rental yield is relatively low with a weekly rent of $400, but with strong depreciation and low interest rates, it is not far off cashflow neutral for me.

One of the reasons I went with this developer is because they have a quality focus and look to add features that give appeal and differentiation to the properties.

Let’s go inside and take a look!

Property Investment Newport Melbourne

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