One of my favourite properties in my portfolio is a 1 bedroom courtyard unit in Rhodes. It has a total area of 85sqm which includes a good size, north facing courtyard of 20sqm. The compelling strengths of this property are as follows:
This unit has been tenanted since day 1 and is currently rented for $450 per week.
Rental rates have increased for Rhodes apartments over the last couple of years. 1 and 2 bedroom units are asking around $400 – $475 per week and $520 – $600 per week respectively. This could be fuelled by having the convenience of the Rhodes shopping centre and train station within such close proximity.
Over the past 18 months, new developments have come on-stream and these include the following:
1. Tandara development – 1, 2 and 3 bedders by Mirvac.
2. VQ development – 256 units of 1,2 and 3 bedders developed by BilBerger with an average price of approximately $580k.
3. Peninsula development – 1, 2 and 3 bedders by Meriton
For investors who are keen to consider apartments in Rhodes, I have conducted some research on this suburb for your benefit. Please feel free to give me your feedback and comments!