Golden oldie 'six packs' pack a punch for investors

Walk-up apartments should not be overlooked as a wise investment choice, according to Raine & Horne CEO Angus Raine.

"The three-up, three-down red brickers have attracted their fair share of criticism from the architectural community, but they incorporate unique features that make them worth a second look by both home buyers or investors," Mr Raine said.

Walk-up apartments tended to offer larger floor spaces and in many cases, better sound proofing. As there was little in the way of community facilities such as expensive lifts, landscaping, gyms or pools, the strata levies were usually very low.

Raine & Horne Ashfield's Tony Andreacchio agreed and said older style units offered rich pickings.

"The layout is different to modern units, typically offering two bedrooms, a sun room, spacious kitchen and generous lock-up garage, and this adds to their capital appreciation," Mr Adreacchio said.

"With the red brickers, the condition of the property now is pretty much what it will be in the next 20 or 30 years. They are extremely solid and provide excellent build quality."

An unrenovated two-bedroom apartment in Ashfield with car space will sell in the mid-$300,000s putting them well within reach of first home buyers."

According to Angus Raine, the hidden beauty of older style apartments in smaller blocks is their development potential, with many of these units located in established suburbs close to city centres.

"They are well-serviced by transport links and leisure facilities, and that creates enormous future development potential."

Raine & Horne Maroubra's Paul Spanoudakis said that in Maroubra, blocks of four or six apartments were often owned outright by one extended family.

"That's when the full development potential can be realised. We recently sold a block of four older style units to an investor. He renovated the units, put a strata title in place and then resold the units separately into the first home buyer market."

In many of Sydney's beachside suburbs, walk-ups offered an affordable opportunity to buy in a sought-after spot, securing future capital growth without the need for redevelopment.

Raine & Horne Dee Why and Raine & Horne Collaroy propertier Peter Mosedale said that older brick units often enjoyed better locations than newer apartments.

They're often closer to facilities such as the beach, express bus stops and the central shopping district. In Dee Why for example, if you want to be near the beach, often you have to buy an older 1960s or 1970s brick apartment."

In Dee Why, older style two-bedroom apartments with lock-up garage, internal laundry and balcony were priced around $400,000 to $500,000.

Raine & Horne is an iconic Australian property firm, with more than 370 offices worldwide. Also an established Superbrand along with the likes of Qantas, Vegemite, Woolworths and Myer, the company has four distinct property service brands including Raine & Horne Residential, Raine & Horne Commercial, Raine & Horne Financial Services and Raine & Horne Rural.

For more media information contact Angus Raine, CEO Raine & Horne, on 0409 920 697, or Alana Drivas, Raine & Horne Marketing Communications on (02) 9258 5448.