VIC 650k, 500+ sqm land size, point cook?

Planning to buy first IP in Melbourne point cook land and construct for 650k, 500sqm land, any advice?

 

To be honest, I have never liked point cook...when I visited it struck me how many McMansions and McVillas sprawl all over the place and how limited the shopping strip was. But I am just speaking from a liveability perspective, maybe others can correct me. Can a better deal be found Eastwards?

 

Land size looks decent. How big a house are you building?
With that land size, even with smallest 4 bed 2 bath, I would be really surprised if you get it in $650k.

 

What advise are you looking for? I wouldn't be building in Point Cook for an IP that's for sure unless it's gonna be your PPOR.

 

What part of Point Cook is this in? There are parts of PC you should avoid that are boganville central and/or riddled with investors, an example would be the area south of Saltwater Prom. Another example could be the shoeboxes they've built next to the main shopping center.

There're off cuts or small blocks on which you could build a 3x2x2 or 3x2x1 for well under $650k.

 

Assuming the 3x2x2 build costs $300k, can you really get a 500sqm land for $350k in point cook still?

 

Definitely not. I didn't read well enough! The 3x2x2 build should come in much lower than $300k. The following is only an example: https://www.realestate.com.au/property-residential+land-vic-point+cook-202518554. Build on it for say $230k, your end product would be $550k. Rental would be $350-$370/week. Not appealing.

 

300k for a 322.

More like 250k.

Regards

 

Hi @Mayura

What are you looking to achieve with tgis property?

Set and forget. You can buy anything. But i figure you are here for a reason. Investment is a different beast.

Search around in nearby suburbs. You don't need a huge land component for a Single dwelling. You will find ample options around 500k mark returning 400 per week rent.

Those might help you buy further, get better cashflow, borrow further and less impact to your servicing.

Regards

 

I am a noob when it comes to building. But, a few friends have built and the end cost after adding the driveway, landscaping and other finishing touches, goes above the quoted price.
Having said that, why would anyone build a new 3/2/2 on 500sqm is beyond me. There are loads of 4 bedders offered at almost same price as 3.
But, what do I know.