{"id":25303,"date":"2016-09-20T01:00:34","date_gmt":"2016-09-19T15:00:34","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=9320"},"modified":"2016-09-20T01:00:34","modified_gmt":"2016-09-19T15:00:34","slug":"70s-units-rock-2","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/70s-units-rock-2\/","title":{"rendered":"70’s units rock! – Michael Yardney"},"content":{"rendered":"

 <\/p>\n

Michael Yardney<\/strong><\/a> reveals why ’70s apartments rock <\/b>in his opinion. Is it the architecture, where they are located or is he just reminiscing about his youth? He gives us 5 reasons he likes them.<\/p>\n

 <\/p>\n

Transcript:<\/strong><\/h4>\n

Kevin:\u00a0 <\/b>As more and more people are deciding to trade up their back yards for balconies \u2013 that is, move into units and apartments \u2013 we\u2019re seeing an increase in the popularity of this type of purchase, but what do you do? Do you go and buy one of those older ones, which quite frankly I love, because they have extra space in them, or are you going to look at one of the newer units?<\/p>\n

Michael Yardney from Metropole Property Strategists is having a talk to me right now about the reasons why you might just want to have a look at some of those \u201970s apartments.<\/p>\n

Good day, Michael.<\/p>\n

Michael:\u00a0 <\/b>Hi, Kevin. Good morning.<\/p>\n

Kevin:\u00a0 <\/b>Yes, I love those older ones. They give you so much flexibility, don\u2019t they? I\u2019ve actually seen people turn their laundries \u2013 because they had quite big laundries \u2013 into an en-suite to add extra value.<\/p>\n

Michael:\u00a0 <\/b>There are lots of reasons why \u201970s apartments rock. Sometimes they\u2019re a bit ugly from the outside, if we\u2019re talking about the \u201960s and \u201970s. If you go back a little bit further, if you go back a little bit further, if you\u2019re looking at established apartments, particularly in Melbourne and Sydney, they built them in an art deco style and they really have character, as well. So yes, I see lots of reasons to consider buying an established apartment rather than the ones that are new or a couple of years old.<\/p>\n

Kevin:\u00a0 <\/b>Is it just my imagination, Michael, or are those ones from the \u201960s and \u201970s a bit bigger?<\/p>\n

Michael:\u00a0 <\/b>They are. The town planning regulations were different, the way we were living was different. They didn\u2019t squeeze as many on the block, so therefore, in general, the sizes of them are in the 70 to 80 square meters for a two-bedroom apartment, where often now it\u2019s 55 to 65 square meters. It\u2019s not just that, Kevin; it\u2019s also how they used the space. They had corridors, they had an entrance hall. You didn\u2019t walk straight in and fall over your lounge suite, so I like the floor plan of a lot of them, as well.<\/p>\n

Kevin:\u00a0 <\/b>Yes, and they had the balconies, as well. Some of the new units simply don\u2019t, or they just have those Juliette ones that you can\u2019t really use, anyway.<\/p>\n

Michael:\u00a0 <\/b>That\u2019s right. I think another great thing about the established apartments is their location. In our major capital cities in the \u201960s and \u201970s, they were building these in the suburbs, and often within five to seven kilometers of the CBD. Today, we are also building them, but they\u2019re usually on main roads or they\u2019re in the CBD. So I think their location within the suburbs \u2013 and those nice, gentrifying suburbs \u2013 are good also.<\/p>\n

If you think about it, a lot of them that were built in those days, they were called flats, and they\u2019re what I\u2019d be distinguishing as a flat from what we now call apartments. Those were built, I guess, in general for tenants, but now, most of them are being bought up by investors or owner-occupiers wanting to live there because of the location and because of the size.<\/p>\n

Kevin:\u00a0 <\/b>And they\u2019re still very affordable, too, even though they\u2019re in, as you said, some of those now highly desirable areas.<\/p>\n

Michael: \u00a0<\/b>If you do a price per square meter, you usually find that you couldn\u2019t replace the building at the cost you\u2019re buying established properties, and that\u2019s what I call buying below intrinsic value, below replacement value, which doesn\u2019t really occur when you\u2019re buying the new apartments. So you actually get really good bang for your buck buying established apartments, Kevin.<\/p>\n

Kevin:\u00a0 <\/b>A bit of history comes with them, too, doesn\u2019t it? They have really good bones.<\/p>\n

Michael:\u00a0 <\/b>Yes, they do. first of all, they have good bones because they\u2019re not built with papier m\u00e2ch\u00e9. Now, I\u2019m saying that sarcastically, but when you have a look at the way some of the new ones are being built, they\u2019re not as solid, but the other thing is they have a history of resale values, so you can see how the property has performed over the years. Has it kept going up in value? Have there been problems with the owners\u2019 corporation? Are there disputes within the owners?<\/p>\n

When you\u2019re buying a new property, you don\u2019t have that history; you\u2019re buying it based on what the developer has put on his sale price list, his schedule, rather than the resale values of established apartments, which in my mind, is a better way of putting a value on a property.<\/p>\n

Kevin:\u00a0 <\/b>Yes, Michael, and you made the point earlier, too, that these flats \u2013 as we used to call them \u2013 were built for tenants, but now, more and more people are coming and finding these that they can not so much turn them over, but add their extra bit to them, and become and owner-occupier, so the mix is much better, isn\u2019t it?<\/p>\n

Michael:\u00a0 <\/b>There is definitely. There\u2019s no doubt about it. The other thing that you mentioned is they can add their own bit to it. That\u2019s one of the things I like. One of my strands of my five-stranded strategic approach is adding value. A lot of these ugly ducklings are ready to be improved, and improving the kitchens and bathrooms, which is the main area that sells the property and increases the value. That\u2019s pretty easy to do.<\/p>\n

I\u2019m not suggesting you do structural renovations. They\u2019re actually difficult, and often unable to be done, because your ceiling is somebody else\u2019s floor, your wall is somebody else\u2019s, so you won\u2019t necessarily be able to knock out walls. But the comment you made a while ago about changing the laundry into an en-suite or changing a sunroom into another bedroom, you can reconfigure things and you can improve them, manufacturing some capital growth. You can\u2019t do that with newer apartments, Kevin.<\/p>\n

Kevin:\u00a0 <\/b>So there you go. Next time you drive around one of those ugly blocks of apartments, don\u2019t drive past; if you see one for sale, go ahead and have a look, and open your eyes to the possibilities. Michael, great talking to you, thanks for your time.<\/p>\n

Michael:\u00a0 <\/b>My pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Michael Yardney reveals why ’70s apartments rock in his opinion. Is it the architecture, where they are located or is he just reminiscing about his youth? 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