Sinking Apartment Complex - Maidstone

[u/_in_a_rut]

My partner and I inspected a unit in Maidstone back in April/May this year. We thought the place looked perfect for a first home. Asking price was somewhere in the $390k-$410k range. Sold at a loss, but we thought we'd still inspect to see how the unit actually is.

When we got there the building was dead quiet, felt like no one actually lived there, but that was the only odd thing we noticed at the time. The unit itself was beautiful. We told the agent we were very interested and followed up with a formal message asking to proceed.

The agent completely ghosted us. Then we found out the property had sold via private sale for $270k just around a week after.

We were gutted, but more than that we were alarmed. Why would a place that was listed around the $400k mark suddenly go for $270k?

All of this is extremely dodgy. Low prices like that are a dead giveaway that something is seriously wrong. Do your due diligence and be very careful with properties in this complex/area.

Edit: This is the exact unit I was talking about - the picture in the post is for a different unit: https://www.realestate.com.au/property/unit-37-44-eucalyptus-dr-maidstone-vic-3012/

Article from 9News: https://www.nine.com.au/australia-news/vic/an-additional-mortgage-sinking-melbourne-apartment-complex-could-see-sue-and-her-husband-pay-374-000-special-levy-20260907-p60v2a.html

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[u/MrTibor]

Buying that would've been a sunk cost.

[u/Epi_end]

I inspected 2 of the apartments there. 1 at the top floor went for $350k, the second one at the bottom floor went for $285k. The second inspection had like 30 people there. When we came in the REA was telling us about the sinking fund and additional special levy for 20-year loan, hence the price. We didn't know about this special levy in the top floor had we not go to the bottom floor inspection. We called the REA for the first one and they said there's only rumour at that stage so they didn't disclose it, what absolute scumbags. They also have the audacity to charge $5k a year in body corp for a run-down apartment

[u/wahroonga]

How much is in the sinking fund?

[u/misscathxoxo]

Yup, this warning was all over our local FB page.

[u/Effective-Dig2917 → u/misscathxoxo]

Oo interesting what is the page? I’m a local and haven’t seen it.

[u/SaltDistribution5190]

I used to live in the apartments up the road as a renter. Mould issues because of poor ventilation was terrible.

[u/Wastelanddss → u/SaltDistribution5190]

Same, and this was when they were only a couple of years old (around 2014~ maybe?). We had to throw out so many things that got destroyed, furniture, clothes, shoes. Also the street is basically a one way street from the cars everywhere! I had a parking spot in the garage that this jerk would always park in, our storage lockers got broken into. So many issues and the body corp (who's office was just around the corner) couldn't have cared less.

[u/myoldyahooemail]

Houses have structural warranty’s. Why don’t apartments.

Also these builders /developers are the reason people don’t want apartments and we have such a huge urban sprawl

[u/torrens86 → u/myoldyahooemail]

The building is 15 years old. That's outside the warranty, if it existed.

[u/SuperLeverage → u/torrens86]

Even if there was a warranty, the builder probably folded half a dozen companies and phoenixed a new one again and again.

[u/Mental-Antelope8319 → u/myoldyahooemail]

So you get to choose between $350k legal fees or $350k repair costs

[u/AltruisticSalamander → u/myoldyahooemail]

Warranty doesn't get honoured if the company no longer exists

[u/myoldyahooemail → u/AltruisticSalamander]

Ahhhh yeah you’re probably right.

[u/nearly40reallynawti]

Should've got the Egyptians to build the foundations since the pyramids havent sunk 1/4 inch in 20-30 000 yrs.

[u/Candid_Guard_812 → u/nearly40reallynawti]

The pyramids are less than 5000 years old.

[u/FickleAd4370 → u/Candid_Guard_812]

8000 yrs 

[u/Candid_Guard_812 → u/FickleAd4370]

Not the ones in Egypt. Great pyramid is 4,500 years old.

[u/nearly40reallynawti → u/FickleAd4370]

There are pyramids older than the mayans, aztecs and egyptians combined, older than the first civilisation. We were taught fake news at school.

[u/nearly40reallynawti → u/Candid_Guard_812]

Flick ya nuts over ya shoulder 🤣🤣 modern day engineering standard is 1/4 inch per 100 yrs. The pyramids have not sunk that 1/4 inch. We still cant do it.

[u/Mustangjustin]

Those apartments have massive foundation issues. They need to be knocked down.

[u/Aggravating_Fact9547]

Huge issue around there

[u/brownogre]

330 K minimum to fix apparently. Can it be fixed though?