8.8 out of 10

Colombo St, Mitcham

-37.81767 145.19151
Great for
  • Gym & Fitness
  • Internet Access
  • Pest Free
  • Public Transport
  • Safe & Sound
Not great for
  • Parking
  •  
  •  
  •  
  •  
Who lives here?
  • Professionals
  • Singles
  • Families with kids
  • Retirees
  • Tourists

Reviews

5/5 rating details
  • Neighbourly Spirit 4/5
  • Safe & Sound 5/5
  • Clean & Green 3/5
  • Pest Free 5/5
  • Peace & Quiet 3/5
  • Eating Out 4/5
  • Nightlife 3/5
  • Parks & Recreation 4/5
  • Shopping Options 4/5
  • Gym & Fitness 5/5
  • Internet Access 5/5
  • Lack of Traffic 3/5
  • Parking 2/5
  • Cost of Living 4/5
  • Resale or Rental Value 3/5
  • Public Transport 5/5
  • Medical Facilities 4/5
  • Schools 5/5
  • Childcare 4/5
Jul 20, 2016

"Convenience at its best"

Colombo Street is literally in the dead heart of Mitcham, with many commercial businesses and shops surrounding. The train station is directly in front of it, making it essentially the most convenient for train uses.

I have leased and managed dozens of apartments in the 1 Colombo building and find it is very popular with tenants due to how modern, central and safe it is. My estimate is that half of the 200ish apartments are rentals, so depending of the time of year it can lead to many similar apartments being advertised at once. In saying that if you price it right and market the property highlight its key strengths, then it should lease quickly (most tenants tend to be single or young professionals).

Investors can pick up a bargain apartment here (some selling below what they paid in 2010-2012) and get a high rental yield, but in experience in the market over the past few years if you look to sell you may not make a profit in the short term (longterm investment most likely yes and they are very easy to maintain).

If you don't have an allocated parking spot at your business or apartment, then you will most likely struggle finding a longterm parking spot. The A apartments in the 1 Colombo building facing out to the train station can be noisey but the double glassed windows help and many of my tenants report they get use to the train noises quickly (also with the train now lower it is much quieter).

On a personal note the dumpling place and the cafe at the bottom of the 1 Colombo apartment building are fantastic (definitely a hidden Mitcham gem)

I'd be more than happy to give anyone advise of buying a investment property in the 1 Colombo building, so feel free to contact me.

Monique Holgye - Property Manager Mitcham
Pros
  • Central location
Cons
  • No parking
Recommended for
  • Professionals
  • Singles
  • Families with kids
  • Retirees
  • Tourists
  • Gay & Lesbian
  • Hipsters
  • Students
  • Trendy & Stylish

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