{"id":7609,"date":"2017-12-25T23:00:27","date_gmt":"2017-12-25T23:00:27","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/which-apartments-are-better-to-flip\/"},"modified":"2017-12-25T23:00:27","modified_gmt":"2017-12-25T23:00:27","slug":"which-apartments-are-better-to-flip","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/which-apartments-are-better-to-flip\/","title":{"rendered":"Which apartments are better to flip?"},"content":{"rendered":"

<\/p>\n

\n

Oversupply in some parts of Australia is making it tough to successfully flip apartments, but there\u2019s still money to be made. <\/strong><\/p>\n

It comes down to picking the right apartment, according to one expert.<\/p>\n

Justin Dunne, a licensed real estate<\/a> agent, buyers\u2019 advocate and director of Melbourne-based firm, Independent Property Brokers (IPB), looks at which apartments are better to flip.<\/p>\n

\u201cAny apartment can be flipped, provided you buy it at the right price, can renovate well for the right price and can provide a product that the buyers will love,\u201d he says.<\/p>\n

Dunne says two-bedroom art deco apartments are the Holy Grail, because buyers with deep pockets tend to fall in love with them.<\/p>\n

\"art<\/p>\n

Two-bedroom art deco apartments are the Holy Grail. Picture: realestate.com.au\/buy<\/p>\n<\/div>\n

\u201cThey\u2019re usually in blue-chip suburbs and present great opportunities for young busy professionals with good incomes or downsizers who love their style.<\/p>\n

Sometimes you see them go for nearly as much as some single-fronted cottages,\u201d he says.<\/p>\n

Buying a two-bedroom apartment with a dining room, and converting the dining room into a bedroom is another tactic flippers can employ, Dunne adds.<\/p>\n

\u201cYou hear a lot of news about top-end apartment block owners buying the one next door and making two apartments into one big one.<\/p>\n

There are plenty of cashed-up downsizers looking for space after selling their large family homes,\u201d he says.<\/p>\n

Dunne says \u201cbasic\u201d two bedroom apartments tend to have a price ceiling, unless they have something unique, like a good-sized courtyard or a garage.<\/p>\n

\"sydney<\/p>\n

An apartment in an established building is better to flip than a new one. Picture: Getty<\/p>\n<\/div>\n

Buy established, rather than new, is his tip. \u201cWe recommend buying older apartments.\u201d Also look for smaller blocks with reasonable owners\u2019 corporation fees.<\/p>\n

\u201cYou need to do your research on these older apartments though, as a lot of these apartments are getting to the age where they require major works, such as roof replacement, plumbing replacement, underpinning or window replacement, all of which are quite costly.<\/p>\n

\u201cNewer apartments suffer too much price volatility for the first eight years of their lives, the build quality is not as good, you can usually hear your neighbours through the walls and the owners\u2019 corporation fees tend to be much higher,\u201d Dunne says.<\/p>\n

Location matters<\/a>, too.<\/p>\n

\u201cWe follow the philosophy of buying as close as you can to the CBD that your money will allow you.<\/p>\n

We are more focused on buying townhouses and villa units than we are apartments, and believe some form of land component is essential to achieving good growth,\u201d Dunne says.<\/p>\n

He says property growth, when selling or leasing, is driven by demand.<\/p>\n

\u201cDemand is ignited by being close to infrastructure such as schools, shops, transport and lifestyle streets. People will fight to be close to these things,\u201d Dunne says.<\/p>\n

\u201cThis is why you have to buy at auction in inner Melbourne and compete for a property and why you can go to outer suburban house and land package areas and buy one of hundreds of properties off the rack without the infrastructure in place,\u201d Dunne says.<\/p>\n

\"walking<\/p>\n

Try to buy in a location that\u2019s\u00a0close to schools, shops, transport and lifestyle streets. \u00a0Picture: Getty<\/p>\n<\/div>\n

Justin Dunne\u2019s golden rules of buying apartments<\/h2>\n