Every now and then opportunities arise in the property market that look like obvious winners.
The strip of units and apartments on the river side of Great Eastern Highway from Rivervale to Belmont has been referred to as The Golden Mile. Recently Great Eastern Hwy is being widened to 6 lanes and as a result the area has been a construction site for most of this year so far.
Who wants to live on a construction site? No one! But therein lies the opportunity. It won’t be long now until the construction is finished leaving a beautified stretch of highway with better access to the units and apartments that are situated directly on the river and only 4 to 6km from the CBD.
All of these properties have come under pressure recently and the construction certainly has not helped. It would not be a surprise at all to see buyer interest in them spike significantly once the construction is finished. By that time though, prices may have risen and the opportunity missed.
Older 2 bedroom units can be bought for around $240,000 to $300,000, more for ones with water views. Modern 2 bedroom apartments range from $380,000 with little view up to mid $500,000 for ones with water views right up to $800,000+ for larger 3 bedroom apartments with river and city views like the one in the photo from Tanunda Drive.
For more details on opportunities in this area contact Andrew Huggins 0413 231 303