Friday, September 23, 2016

.: Project Wominjeka : Updates :.

The cat is (finally) out of the bag.

Our current project, named Wominjeka (which means welcome in Woiwurrung) which we find apt as it is our first project post Project Wallaby (relocation to Australia).

So, we bought a unit in Melbourne, as part of our investment plan to hedge against the increasing price of properties in Australia. To be fair, we are fully aware of the possibility of oversupply of units, esp in Melbourne, but after much research of the location and the developer, we are pretty much comfortable with this purchase. We decided on a one plus one bedder unit, instead of the more expensive two or three bedder unit, solely because we just wanted this first investment to be something we dip our toes in, instead of jumping straight in. So it only makes sense to start small.

It's been a very good learning curve for us. We picked up so many unique points of buying off-plan properties here in Australia. From the legal, administrative, mortgage/financing to tax and lateron to rental and tenancy. 

It's an art in itself, and tho it is highly stressful, it is also highly fulfilling to be learning new things. And perhaps leverage on this knowledge for future investment (if we wanna go down that route).

Will update more upon completion, in the meantime, here are pics of the construction progress.

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