VIC 17 new suburbs for Melbourne

The Victorian Government has announced 100,000 new housing blocks will soon start being released for sale around Melbourne.

• West of Melbourne: Quandong, Tarneit Plains, Kororoit, Mt Atkinson, Plumpton
• North-west of Melbourne: Lancefield Rd Sunbury, Sunbury South
• North of Melbourne: Lindum Vale, Beveridge North West, Beveridge Central, Donnybrook and Woodstock, Wollert, Northern Quarries
• South-east of Melbourne: Minta Farm, Pakenham East, McPherson

If you're looking to buy a block of land or a house and land package, remember to get the land purchase contract checked BEFORE you sign it. A good solicitor or conveyancer will look out for things like extra infrastructure charges, restricted lots and unusual design requirements. And they'll negotiate a 21 day settlement period, to give everyone (especially understaffed banks!) an extra week to get ready for settlement.

 

Hi

Does anyone know the exact location of "Mcpherson"?

Regards,

alicudi

 

It's like the government has something in it for Werribee. Hit twice in a month. Have a prison and have loads of new lots.

For the new suburbs, I'd think that unless the infrastructure was developed alongside accordingly, Melbournians may still avoid?

 

Wouldn't new suburbs mean a softening in prices ?

 

Tarneit Plains looks alright, benefit of existing infrastructure from Tarneit, Williams Landing, Point Cook. There’s a planned tip around there somewhere though?

 

Hi

I found where Mcpherson is.

McPherson PSP Plan Area by alicudi posted 1st Mar, 2017 at 12:28 PM

Regards,

alicudi

 

@KateAshmor @rizzle Thanks for sharing the info. Any thoughts on what are the better suburbs?

 

Great....how long will it take to get land to the market...this could take 5-10 years to bring this to market....

 

Just in time for the next boom cycle...

 

Maybe.....lots of idiots making comments about oversupply of land in Melbourne....units yes...but not land for houses.

If they do their research there are only 2 large earth moving companies....one of them Winslow..is connected to the big boy developers...and they have more work than they can handle guess what that means?

Developers will need to slow land releases...what does that mean for prices? It will only head only one way.

People laughed when I suggested places like Officer...Werribee...Geelong's Armstrong Creek...and Melton...look where they are.

I feel the prices in lot of these places are very high now...I have now changed my strategy to more up market areas where they are releasing land. You have to change your strategy to meet market conditions.

If this keeps going ...I might make $1.5 in equity in 1 financial year!

I feel the growth in Melbourne has been much better than even Sydney in % terms...who would have thought.....

 

Why does it take that long? Will builders start releasing the land now or after 5-10 years? What DD one needs to do on developers Stockland or the promoters?

 

It is councils and government...to one get the approval in place...then the funding...and then getting through the development issues and compliance requirements.

 

This sums things up....people moving from Sydney and Brisbane.....interesting times indeed....

New Melbourne land sales hit record pace as demand booms: Oliver Hume research - realestate.com.au

 

I've actually got my eye on those new suburbs, specifically Quandong. Something close to the train station and the ocean would be nice.

 

This is why prices are moving so fast in outer burbs. I wonder if the trend will continue to less than a month. From the start of 2017 till now the time taken to sell a block has halved.

 

Guys, here's something to think about. This is real, on the ground information. Over the past few months, I have (in some instances, had my wife with me) driven around to a lot of these new estates and I can tell you two things for certain:

1. The demand for land is intense. This is evident from the information @sash has provided, blocks snapped up in hours, titles out 1.5-2 years etc. The demand isn't abating either.

2. More than a few times, the sort of people buying these blocks are new/recent migrants (from overseas) or young locals (fewer in number). A lot of these two demographics have worked hard to put together a deposit for the block, in some cases scraped together the deposit. I've seen/easily overheard these couples talking about how it's going to be difficult for some time after they coughed up the deposit, how they want to spend say $300k, not $305k for a block, and how they fervently request the sales guy to delay titles a little longer etc - just seems to indicate these folks are going to find it hard to meet their repayments should interest rates rise or circumstances change.

Does point 2 faze any of you hoping to buy in these far-flung new estates? I know about getting in early, have that 20-30% buffer, and how property investing is a long term thing etc etc - but does this worry you in terms of a significant dip in values?

Having said the above, I reckon 2019/20 is going to be a great time to buy some of these properties that some of the aforementioned folks wont be able settle. Not wishing it upon anyone, but it's going to happen to more than a few.

 

Not worried at the moment no, who knows if the couple's you have seen/heard are only 0.00000000000001% struggling with their purchase, need to see the data on a whole.
For now it's super hot and it's been getting hotter every quarter evident from sales, someone's buying if others aren't.
Let's see what happens next quarter as people are still buying up fast.
Guys such as @Cactus @sash @Connor will be making a killing right now in this market.

 

Winslow are the biggest buy far. Several others BMD Bayport SymonBros Ertech GeorgiouGroup ExcellGrayBruni CivilEorx Streetworks the lost goes on, but few rival Winslow for size. Many of these groups are developers in there own right as well or invest with the developers

In any case the medium Lot price will hit $300k before the end of the year. It started the year at something like $220k so that is pretty big growth.

There is no sign of slowing. There is no oversupply. Anyone that says there is oversupply in vic is taking building approvals and assuming everything gets built. Guess what it doesn't. Also guess what building approvals fail to take into account replacement stock. Demolish and re build or demolish and built a duplex/triplex.

We are falling short by around 5000 homes per year. Population growth is continuing. Job growth is continuing. Melb will kill it for a couple of years yet.

 

The sale guy has no control over titles date. The sales guy lies normally on the side of shortening the lead time. The developer will take 12-18 months to deliver the Lot because he has too much work in front of him already. The purchaser if hoping for longer to titles is probably a speculator and not planing on settling the Lot ever just flipping.