VIC 17 new suburbs for Melbourne

Yep. Making a killing. But always got one eye to the exit.

 

Definitely super hot, the demand for land out there is ridiculous. Projected profit on deals from this year alone is rivalling my normal knockdown/townhouse builds....but with less headache. No councils to deal with, no objecting neighbours and no interest payments waiting for permits. Just straight up builds.

Such strong demand has pushed many title dates well into 2019, while the lines of potential buyers at the land offices continue to increase. Crazy!!

 

what everyone is realising now, a lot of pro investors have been suggesting since past 2 years. I feel myself fortunate to have my investment journey started from Melbourne.

Somehow, smart people are waiting for brisbane to boom.

 

Latest land title dates expected on most new estates are 2019. Usually there's a delay of 1year minimum. So consider is 2020 when most of the land getting released now will settle.

 

Agreed Barny. See where I'm coming from is this - say the blocks are worth $360k including stamps, house on top another $300k or so, by the time they move in, the mortgage's going to be nudging $700k. Repayments on that amount will be about (assuming P&I) $4100/month. These folks are going to barely meet those repayments, put food on the table, kids' schooling, transport etc etc, wont have much left over before the month's out. I mean I make a very decent wage (top bracket) and still shudder to think what can happen. They'll be stuck with these massive mortgages forever. Dunno, just penned my thoughts on here.

 

Over exaggeration.
You can get a decent build in melb for 250-260. And block for 360k where?
For a house worth 550-600k considering you pay 10% deposit, the mortgage should not be more than 2500-3200 per month.

Regards

 

On a low wage and high mortgage amount I agree, very hard to make repayments. I don't think most that are buying are first home owners, I thought first home owners make the smallest % in market?
If not then that's a high Amount to pay, currently not around 700 though, would have thought house/land about 500-550k? But if things continue then it will be a struggle if low income, don't think they can even service these days?

 

Not at all. I rang up Cloverton on Friday, $330k plus for 392sqm. Same for say Woodlea. Tarneit Plains too. Truganina (Elements, Albright, Ellarook) all the same. My neighbour bought a block in Elements for $325k, 448sqm a few weeks ago. Checked the prices in Clyde/Cranbourne/Officer lately?! It's insane these days.

 

cloverton is nuts...massive estate...and started with high prices from stage 1. Well, people still buying...

 

or say ....... Overcapitalizing