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18
Jun 04
Fri

Kingsford Apartments

Kingsford, being a suburb right next to a university where a fifth of its students come from overseas, has a high concentration of low-rise apartment buildings. The majority of them are old 60s red-brick apartments which property developers are now starting to renovate into something a little more modern. For example, there’s a newly renovated complex on Rainbow St where a property developer has bought out the whole building and redone it. Its red-bricks have been painted over in gray. The garden has been landscaped and the balconies have been decluttered (full glass doors, glass balcony guards). The interior looks pretty swish too. Nice, large, well-fitted bathrooms, open-plan kitchens — a bit too open for my liking — new carpet, new fixtures and built-in wardrobes which don’t have mirrors to cater for the Asian crowd who believe that sleeping in front of a mirror will do bad things to your soul or some nonsense like that. They even throw in a “free” LCD TV for the master bedroom.

Here’s the kicker. Two bedrooms and one carspace will set you back $500k. That’s half a million for a two bedroom, renovated 60s building apartment. Half of the units available have already been sold, so there’s definitely a market out there. About five years ago, the same unrenovated units would probably have sold for half that price. The property market bubble may be bursting, but it’s always relative. Price rises may stall and property values may stagnate, but they rarely ever fall.