1211/131 Pelham Street, Carlton VIC 3053

“Amazing City Views and Amazing Returns!”

Property features

Balcony

Built-in Robes

Intercom

Toilets: 1

Peter Davies

Chilli Realty

“Carlton 3053”

I have been selling mostly Student Accommodation, studio style apartments in Carlton over the last 18 years. Some of these are not restricted, so anyone can live in them now and due to their affordability, more first home buyers or investors after a good return are looking at this property sector once again. The demand from overseas and local students looking for accommodation close to Melbourne University or RMIT is increasing. Vacancy rates are at an all-time low. The rental returns are up, back to levels higher than the pre-Covid days. This is increasing the returns to above 7% NET for these apartments, which you can buy for around the $165,000 price! Most banks have a policy where they will not lend on apartments that are less than 40m2. The CBA however, is the only bank that will lend money for apartments that are less than 40m2. They will lend 80% of the purchase price to approved applicants. If you are buying at around $165,000 and getting a 7.0 – 7.5% NET return with the current rental being $325 per week, as the rent increases, if selling with the same net return you will also get some capital growth after 3-5 years! With the new train station being completed in between these apartments (on Leicester St and Barry St Carlton) and the Melbourne University, it will further add value to the area and firm up this property choice as a great addition to your investment portfolio or first foot into the real estate market. If you want to speak with an agent that specializes in Student Accommodation apartments to see what property options are available, then please give Chilli Realty a call anytime on 0402 335 005!