{"id":76018,"date":"2025-02-08T15:24:58","date_gmt":"2025-02-08T15:24:58","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/investing\/heres-one-for-the-renters\/"},"modified":"2025-02-08T15:24:58","modified_gmt":"2025-02-08T15:24:58","slug":"heres-one-for-the-renters","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=76018","title":{"rendered":"Here\u2019s one for the renters"},"content":{"rendered":"


\n<\/p>\n

You always hear some real estate rooster crowing about how smart they were when they bought a joint in 2018 for $480,000, and then flipped it three years later for $1.3 million.
 
Renters hate those guys.
 
So, just for kicks, let\u2019s look at life on the other side of the ledger.
 
Specifically, an apartment in 883 Collins Street, Melbourne, that\u2019s just been put under offer this week.
 
Our story starts around 10 years ago, in 2015:<\/p>\n

You\u2019re sitting on the couch watching this new show called Married At First Sight<\/em>, while simultaneously doom scrolling on realestate.com.au<\/a>, when you see a sexy inner city property with the headline:
 
\u201cWaterfront Elegance Meets Modern Convenience.\u201d
 
Tap.
 
It\u2019s a brand-new, waterfront, two-bedroom, two-bathroom, one-carpark luxury apartment in Melbourne\u2019s Docklands. The building is like a resort. It has an indoor heated pool, state-of-the-art gym, yoga room, and even a residents\u2019 lounge.
 
\u201cOoh, fancy\u201d, as my mother would say.<\/p>\n

<\/p>\n

\"\"<\/p>\n<\/figure>\n

The real estate agent assures you it will have strong rental returns, and touts the stamp duty and depreciation benefits of buying a new build off the plan. So you pony up and purchase the apartment for $860,000.
 
Cut to today.
 
Nearly 10 years have passed since you purchased the property \u2026 has it been a good buy?<\/p>\n

Well, luckily for you, it\u2019s been a pretty good 10 years to own a property:
 
For much of the past decade, interest rates have sat at some of the lowest levels in history.
 
Plus, we were hit with a fully fledged rental crisis in which landlords jacked their rents up, up, up.
 
Okay, so what\u2019s it worth today?
 <\/strong>
(Bearing in mind that 10 years ago you paid $860,000, so it would need to be worth at least $1.1 million just to keep up with inflation.)
 
Well, this apartment has sat for months on realestate.com.au<\/a> under the headline \u201curgent sale\u201d.
 
And last week it went \u2018under offer\u2019 \u2026 for a price guide of $630,000 to $650,000.
 
That\u2019s a shocking $210,000 loss<\/em> over 10 years.
 
Yet it gets worse.
 
That loss is before<\/em> you factor in inflation, body corporate fees, council rates, land tax, maintenance, agent\u2019s selling commission, and of course 10 years of interest on your loan.
 
<\/strong>Look, I have no idea who actually owns this particular property, or the full story behind it. Yet what I do know is this is not<\/em> an isolated case. Research house CoreLogic has identified 65 areas (mainly in inner-city Sydney and Melbourne) where prices today are still below the record highs from the 2010s. \u201cVendors are willing to sell at a loss \u2026 but buyers aren\u2019t interested\u201d, says CoreLogic.
 
Now, guess who the real winner is in our scenario?
 
It\u2019s the renter!
 
They\u2019ve enjoyed 10 years of downward dogging in the yoga room and paddling about in that fancy heated pool, plus they\u2019ve even had a plumber on speed dial to unclog the dunny.
 
Now that<\/em> is what you call \u201cWaterfront Elegance Meets Modern Convenience\u201d.
 
Tread Your Own Path! <\/p>\n\n","protected":false},"excerpt":{"rendered":"

You always hear some real estate rooster crowing about how smart they were when they bought a joint in 2018 for $480,000, and then flipped it three years later for $1.3 million. Renters hate those guys. So, just for kicks, let\u2019s look at life on the other side of the ledger. Specifically, an apartment in 883 Collins Street, […]<\/p>\n","protected":false},"author":1,"featured_media":76019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[96],"tags":[6765,16570],"dealstore":[],"offerexpiration":[],"class_list":["post-76018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-heres","tag-renters"],"yoast_head":"\nHere\u2019s one for the renters - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=76018\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here\u2019s one for the renters - 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