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The newly completed Verve Erskineville apartments have proven to be popular among Sydney’s hip and eclectic city dwellers. Only 4 apartments remain unsold in this 106-unit development by AV Jennings.

Why I like this development:

• Located within a 5-minute walk to St Peters train station, this development is 3 direct stops or 10-minute train ride to Central station in the city and 6 direct stops to iconic Sydney harbour attractions at Circular Quay, Sydney Opera House and the Botanic Gardens.
• Some apartments have large storage facilities and double side-by-side car space which means you will never have to scour around for scarce public / visitor parking in this popular inner city location for your second car.
• Sydney Park’s outdoor activities – walking, running, biking, family picnics, is 5 minutes away. Sydney Park is also a leash-free park for dog lovers.
• 10-minute drive to Sydney CBD, Chinatown, Broadway Shopping Centre, Sydney Fish Markets and Sydney airport.
• Erskineville and Newtown’s cafes, pubs, restaurants precinct located within a 10 minute stroll.
• For investors, rental return for most 2 bedroom apartments range between $575 – $675 per week or between 5.3% – 5.7% return on investment.

Popularity: 30% [?]

The Village is a project developed by the Stockland Group and is located at the corner of Condamine street and Sydney road in Balgowlah, a northern suburb approximately 12km north of Sydney CBD.   This project is an integrated residential, commercial and retail development which consists of 240 units of 1, 2 and 3 bedroom apartments within a shopping centre which has since opened for business in July 2009. The project consultants include:

• Stockland Design Team
• Allen Jack + Cottier – architects
• Fairweather Proberts Architects – interior architects
• Oculus – landscape architects

The local attraction of The Village locale include the famous Manly beach 2km away and its cafe, restaurants and beach lifestyle.

The apartments have a wide selection of floorplans and have incorporated green and environmentally friendly design and materials. The elevated vantage point of the apartments is also designed to maximise water and district views of the sea and its leafy surrounds.

Facilities include an outdoor 25m heated swimming pool within its landscaped gardens.   The commercial and retail section of The VIllage include Coles supermarket, Vintage Cellars and approximately 60 new speciality stores, Fitness First, restaurants and cafes.

What I like about this development:

• Well-designed floorplans which maximises natural light of its north aspect
• Environmentally friendly concepts such as heat recovery systems, cross-flow ventilation, water harvesting and energy and water efficient appliances and fittings.
• Convenience living due to its shops, cafes and restaurants.
• Multitude of local outdoor activities and attractions such as Manly beach, Forty Baskets, Dobroyd and North Head.

Drawbacks:

• Commuting to the city via Spit road can be congested during peak traffic hours due to the infamous Spit bridge traffic.

The median house and apartment price of Balgowlah  as at June 2009 is $1,050,000 and $510,000 respectively. The average annual growth and 5-year growth of apartments in Balgowlah is 6.7% and 11.0% respectively as at February 2009.

Source: RP Data

Popularity: 28% [?]

The building design, colours and materials used, landscaped gardens and the water foreshores  at Waterfront apartments in Homebush Bay is inspired by a lifestyle that is typically Mediterranean. The names of each building block such as Palermo and Valencia is also reflective of the mood of a sundrenched holiday resort by the Mediterranean sea.

The Waterfront will eventually be gazetted as a new suburb in this Sydney inner west location which is approximately 17km from the CBD. This suburb is relatively quiet with a village feel because it is tucked away to one corner of Homebush Bay. The calm and serene water foreshore atmosphere is perhaps is most attractive feature of living in this suburb. Other than that, there are a host of reasons why apartment prices at this suburb has not taken off despite it being almost a decade old where the older apartments were constructed during the time of the Sydney Olympics in 2000. Prices of newer apartments in its neighbouring suburb of Rhodes, which is a much newer suburb, is well and truly higher than those at the Waterfront development and Homebush Bay in general.

Drawbacks on living at the Waterfront development:

• Although the suburb is serviced by local community buses, public transport may be an issue due to its location at Hills road / Bennelong Pkway. The ferry wharf is approximately 1km from the development whilst the Olympic Park train station is too far a walking distance by any measure.
• Traffic and access to the development via  Australia Drive can be very congested during peak hours. Worse still, you are better off delaying your trip home during these hours if there is an event or a football game at nearby ANZ stadium in Olympic Park.
• Although serviced by a few local shops, cafes and restaurants, this suburb lacks the array of amenities to cater for local residents.

The median unit price in Homebush Bay as at June 2009 was $470,000.

Popularity: 34% [?]

One of the most important aspects of property investment is to ensure the final product is in accordance to what was agreed upon at the point of exchange of contracts. This applies to all types of residential property – houses, semi-D’s, townhouses and apartments and is especially so for units bought off-the-plan.

The pre-settlement inspection is a process to allow the buyer to inspect and identify any defects, flaws in workmanship and variations to contract specifications. These issues are the responsibility of the vendor / developer to rectify to the satisfaction of the purchaser within the terms and specifications of the contract of sale. Although purchasers are generally protected against building defects by a 7-year home builders’ warranty, it pays to identify defects at the onset so that all rectification works can be carried out prior to or immediately after final settlement.

Current building and pest reports are also useful for buyers to ascertain issues such as termite infestation, rising damp and structural integrity of building and construction.

A copy of Strata Living – What you need to know about living in your strata community can be obtained from the NSW Office of Fair Trading, Department of Commerce. It is a comprehensive guide to assist residents to deal with issues arising from apartment living.

Here is a general checklist of items which should be inspected and tested to be in good state of repair and working condition to assist home buyers conducting a pre-settlement inspection. This checklist of items should be used as a guide or reference only and to prompt the buyer for other items which may have been omitted. I make no warranty this checklist is neither exhaustive nor complete as it is based solely upon my experience and research. Buyers should make additional notes against these items and conduct further detail inspection if required.

A. Electrical and systems

• Main electrical switch board location
• Water mains
• Lighting
• Air-conditioning
• Gas ducting
• Heating
• Powerpoints
• Telephone / TV / antenna ducts
• Intercom, security video systems
• Ducted audio / hi-fi system

B. Utilities, appliances, fixtures

• Current utility company for a. Electricity b. Gas c. Telephone d. Water
• Storage, closets, wardrobes, linen cupboards, cellar, attic, basement store, garden shed, pool shed
• Security keys, locks
• Toilets
• Bathtub, shower heads, basins, tapware
• Kitchen equipment – fridge, freezers, dishwasher, microwave, oven, stove-top, rangehood, insinkerator, filtered and hotwater system
• Laundry – washing machine, dryer, laundry sink, retractable clothes lines
• Fireplace – gas heaters and maintenance
• Collection days for: a. Garbage b. Bottles c. waste and used papers d. bulky items
• Gardening, lawn mowing and landscaping

C. Structural and internal fittings

• Roof tiles, roof gutters, down spouts, splash blocks
• Wall paint – scratches, cracks, nicks
• Wall tiles, floor tiles
• Windows and door seals
• Glass doors and windows
• Ceiling and floor skirting
• Carpet installation and seams
• Floor surfaces
• Ceiling height
• Wooden floors, outdoor wooden decks
• Wood joinery
• Bench / countertops

D. List of current / useful contractors / tradesman and contact numbers and warranties

• Remote control gates
• Pool repair and maintenance
• Airconditioning / heating
• Spa / sauna maintenance
• Kitchen equipment and appliances warranties
• Private elevator maintenance
• Gym equipment
• Automatic / electrical blinds, shutters, overhead roofing maintenance

Popularity: 100% [?]

I visited the Verve apartments in Erskineville yesterday and inspected several apartments within the development. This development by AV Jennings appears to be well ahead of schedule whereby the initial target completion date of 20 December 2009 has now been revised to 4 December 2009. Many units are now open for inspection by purchasers who have bought into this development. Based on my inspection of several units, it appears the finishings are of good quality. Ceasar stone benchtops are used for the kitchen and are complemented by Smeg / Omega kitchen appliances. Bathroom fittings, toilets, basins and tapware are of good quality and design. Floor plans are generally well designed with ample living space, good size bedrooms and open plan kitchens. Balconies facing with the west aspect overlooks the serene internal gardens, tennis court and swimming pool of the neighbouring Zenix development. This development is approximately 350m to St Peters train station and also within walking distance to the cafes and restaurants along King street in Newtown. Other amenities include Sydney Park across the road to the south of the development and a short stroll to the Erskineville cafes and restaurants. Sydney University campus is also a short drive from this suburb which is approximately 4km south of Sydney CBD.

See a comparison of Verve vs Motto apartments in Erskineville.

Popularity: 46% [?]

TRIO apartments are developed by Frasers Property Australia.

TRIO apartments are located on the intersection of Booth street and Pyrmont bridge road in Camperdown. It is 200m from the junction of busy Parramatta road and the apartments are built on the east side of Booth street.

What I like about this location:

· The 200m distance from Parramatta road is sufficient to eliminate traffic noise altogether whilst it has easy access to the CBD and Sydney University is within walking distance.

· Glebe’s bohemian and eclectic lifestyle, Glebe Point road’s cafe and restaurant strip is 1km away. It is also close to King street’s retail, cafe and restaurants, Leichhardt’s Italian restaurant strip on Norton street. Other local amenities and attractions include Rozelle Hospital on the northern side of the Western distributor, Royal Prince Alfred Hospital, Darling Harbour, Sydney Fish Markets, Broadway shopping centre, Haymarket and Chinatown is within minutes drive. Overall, it is quintessential Sydney inner west living.

· Ease of public transport to CBD via buses on Parramatta road.

Drawbacks

· Some of Camperdown’s industrial and warehousing facilities are located directly opposite the development on the south and west side of Booth street ie Storage King’s warehousing facilities.

· Apartments with the western aspect may experience traffic noise from Booth street.

What I like about the apartments:

· Layout – generally fair size and layout with loggia living as a distinctive feature. The loggias have wooden floorboards to give a warmer feel to the outdoors and have been constructed as natural extensions of the internal living areas. Some 1 bedroom apartments contain a study nook and have dual access to bathroom and toilet. Living areas have reasonable size – between 57sqm – 65sqm and between 85sqm – 94sqm for 1 bedroom and 2 bedroom apartments respectively. 2 bedroom apartments all come with 2 bathrooms with master bedroom ensuite.

· Bathroom – stylish design with good use of wall mirrors to enhance the feeling of space. Finishings include mosaic wall tiles, wall-mounted vanity basin and toilet suite with concealed cistern. Glass shower screens are semi-frameless and shaving cabinets have mirrored doors and glass shelving.

· Kitchen – galley style for 1 bedroom apartments with Smeg appliances. Some apartments come with colourback glass and stone upstand to kitchen island bench. Low-voltage halogen down-lights on underside of wall cabinets.

Drawbacks

· Separation walls of loggias have small slits, hence privacy and noise from neighbouring loggia may be an issue.

Apartment facing the east aspect which overlooks the lap pool and internal grounds are notably more exclusive due to its views towards the city skyline and more quiet surroundings. Apartments facing the west aspect will overlook some warehouse facilities and may experience noise from Booth street.

Prices:

· 1 bedroom with parking from $435 – $460k

· 2 bedroom with 1 or 2 car spaces from $790k – $1.1 million

· 3 bedroom with 2 or 3 car spaces from $1.4 million

· 3 and 4 bedroom rooftop penthouses from $1.6 – $3.5 million

At these prices, I believe these apartments are better suited for owner-occupant over investment.

Popularity: 49% [?]

Comparative analysis of 2 new developments in Erskineville ~ Motto vs Verve

Development	Motto	Verve
Developer	Austcorp	AV Jennings
Architect	Allen Jack & Cottier	Turner & Associates
Location	2, Nassau Lane, Erskineville	2 – 4 Coulson street, Erskineville
No. of units	90 one bedroom units 56 two bedroom units 11 three bedroom units 200 units	102 units
Facilities	Outdoor pool, gym, 1 cafe / retail outlet	None
Proximity to train station	600m to Erskineville train station, 700m to St Peters train station	400m to St Peters train station, 800m to Erskineville train station
Quality of finishes and inclusions	(Please refer to inclusions)	(Please refer to inclusions)
Price: 1 bedroom 2 bedroom 3 bedroom terrace / 3 bedroom	From $470k From $585k From $925k	From $465k From $534k From$770k
*Average price per sqm $ 1 bedroom 2 bedroom	$6.0k $5.5k	$5.5k From $5.2k
Estimated completion date	Completed	20 December 2009

*Based on Asking price of typical unit divided by total internal and external living areas only (does not include car park and storage space).

Verve is closer to the train station although the north aspect of Verve is fronting Coulson street. Traffic noise can be an issue along Coulson street. Units fronting the north west corner of Coulson street will experience noise from the trains.

Motto is located on the corner of Eve street and Nassau Lane. Although slightly further from the train station, there is less traffic noise around its vicinity. The inclusions and finishings for Motto is of higher quality than Verve. Motto offers an outdoor pool and gym whilst there are no facilities for the Verve development. Investors should confirm approximately strata levies for both development.

Popularity: 42% [?]

Comparative analysis

~ Ironbark, Pymble vs Avondale, Pymble

Development	Ironbark	Avondale
Developer	Meriton	Glenside Group
Architect	Meriton	Futurespace
Location	2 – 12 Avon Road, Pymble	2 – 6 Clysdale Place, Pymble
Proximity to train station	50m to Pymble train station	500m to Pymble train station
No. of units	168 units set over 5 buildings	34 units
Facilities	None	None
Quality of finishes and inclusions	Not available here	(Please refer to Schedule of Finishes)
*Price: 1 bedroom 2 bedroom 1 bathroom 2 bedroom 2 bathroom 3 bedroom 2 bathroom	From $415k From $520k From $578k From $739k	From $460k Not applicable From$595k From $750k
**Average price per sqm for 2 bedder	$5,400 per sqm	$5,600 per sqm
Estimated completion date	Stage 1: September 2010 Stage 2 – April 2011	December 2009

*Prices are compiled based on publicly available information from real estate and developers’ websites at time of analysis. Prices are subject to subsequent change.

**Based on Asking price of typical unit divided by total internal and external living areas only (does not include car park and storage space). Please note average price may differ significantly for different apartments within same development.

Firstly, it is important to note that Pacific highway which meanders all the way north to Newcastle from North Sydney is built on a ridge which slopes down towards the west. Both developments in Pymble are located on the west side of Pacific highway. Therefore, the favoured north and north-east aspects may experience traffic noise from the highway. Avondale’s development is sandwiched between Pacific highway on the north & east and the train line on the south & west.

The location of Meriton’s development being directly opposite Pymble train station takes the nod over Avondale. It is important to note Meriton’s development is a horse-shoe shape built around 2 private houses and is sloping down towards the west. In addition, all traffic from Clysdale Place can only turn left onto Pacific Highway.

 

Some of Meriton’s 2 bedroom units have 1.5 bathrooms, ie a second toilet with wash basin at prices which are slightly less than the 2 bedroom units with 2 bathrooms. I believe this is a good floorplan for buyers such as young couples who may not need or fully utilise a second bathroom but will have a powder room for guests whilst keeping the main bathroom for their sole private use.

A key attraction for Pymble is that certain areas are very green, leafy and quiet. Having an address in Pymble gives access to some of north shore’s top schools such as PLC, Barker’s College, Ravenswood and Knox Grammar to name a few.

 

Popularity: 29% [?]

Mirvac’s proposed new apartments on Mary street in Rhodes will eventually block out the existing water views of the west facing apartments in its older Adina block. The Adina block comprise of 95 units of mainly 2 and 3 bedroom apartments and was completed in 2008.

The proposed new development is located directly between the front of the Adina building and the water foreshore of Homebush Bay. Potential investors and purchasers of the Adina apartments facing west to with the water views of Homebush Bay should remember to factor this issue into their buying process and asking price.

Popularity: 37% [?]

Trio Apartments which is developed by Fraser Property Australia has won the NSW Urban Development Institute of Australia’s 2009 award for marketing.

The luxury apartments were designed by Fender Katsalidis architects and comprise 397 units at the corner of Booth street and Pyrmont Bridge road in Camperdown.

The marketing campaign of Trio Apartments involved an elaborate website and magazine written by style journalists which showcase the eclectic lifestyle of living in and around Sydney’s inner west suburb or Camperdown.

Please look at a review of the Trio Apartments.

Popularity: 22% [?]