Advise please on Epping or Tarneit ?

Hello folks,

I am 1st home buyer in Melbourne looking for:

-decent landed house
-3 or 4 bedrooms
-2+ bathrooms
- within 1 or 2 Kms of nearest train station & 45 min of CBD
-Old or new -does not matter
-capital appreciation / positive equity is key

Should I buy Off the plan medium land new houses built in Tarneit or old house with large land in Epping?
Could you help in comparing Tarneit VS Epping:
-Off the plan VS old house - pros & cons financially
-suburb profile- demographics, rental yield etc
-future potential vis-a-vis govt. projects etc

Any resources that I can tap into to understand builders in Tarneit ?

Thanks you !

 

Google can bring endless statistics, reports and plans to help make a decision. Unlike money, information grows on trees. Free for the taking. It's your responsibility to learn how to harvest this. After all it's your money, your strategy and your future.

Unlike Epping Tarneit is only served by V/Line trains. These are fast but generally less frequent and don't go to all city stations. So they may be less useful.

 

Thanks spiderman for the reply..

 

What's your budget?

I work in Epping and have a lot of colleagues who reside in the area. Epping has gone through a lot of change recently. New Costco store next to Pacific Epping, new private hospital in addition to the existing public hospital, its own train station and also improved road/traffic conditions the area has experienced some really good growth in the past 2 years. Property values have also gone up but still affordable in my opinion.

Sorry, don't know much about Tarneit.

 

Thanks Air bender,

my budget is tops of $625k for Epping. would you recommend any names of streets or pockets of high growth ?

 

Epping, clear winner for me.
In terms of where, I would try to buy as close as desirably possible to high st and the train station with out being on them. However, with all that is going on around there even if you were to buy on high st I'd magazine decent growth in years to come due to higher density rezone possibly.
Just me thinking out loud.

A downside to Epping is car commute into town if need be.
Plenty rd and high street are carparks in peak hour/school times

 

Thanks Silverson,

Thanks for replying mate. I agree with your suggestions.
Do you recommend :
- any hotspots in eping
-local 2nd tier agents ?

thanks

 

Mate I personally don't look into these markets so I would be doing you no favours, but I would jump on google and pull up a map of Epping. Find the train station and activity centres, then look for a nice residential pocket as close to them as possible. It's a little tricky with Epping as there's quite a lot of commercial and industrial areas near the train/shops, best bet would be to go for a drive/ride down there in person and have a look around.
Your budget is a touch tricky too, as now with affordability/lending the way it is the circa 600k market seems to have to have abit of heat in it, there are properties that imo are not a true representation of value as people are just buying in that space 'cause they can'.
Are you handy with the tools mate? could you buy something that needs abit of tlc that might scare others off?
Also is there a reason why your just searching for Epping and Tarneit? Could you pay a little more and look in other areas?
I personally like Glenroy as an example, well serviced by transport, shops etc.
Next question is are you looking for a newer home or something built pre 89/90s

 

Apologies for the delayed reply but I'll echo Silverson's reply above. You really can't go wrong with something close to the train station (Hospital, Schools, Major shopping centre, Restaurants etc. are all within walking distance to the station) but preferably not on a main road. If you come across something you like my advice to you is visit the property and have a look around the area and also the type of neighbours you could potentially live next to.

Good luck.

 

Another vote for Epping. Tarnet is a s*hole, I live not far from it, never liked it though I'm sure there must be some nicer patches there. Yield's going to be poor wherever you go these days. Have a thorough read of the Melton threads, there are some good properties that show up every now and then. There was a RGZ property (or very close to it) that sold for $350k about a month ago. Sure, it'd probably be -vely geared too but the chances and degree of CG are greater given its zoning.

 

Epping at any time. Established communities, very good infrastructure. Much more growth potential with a lot happening there (wholesale market, private hospital, employment hub, etc.). In contrast, there is nothing in Tarneit to consider. If Tarneit, I would rather go to Werribee, cheaper and better.

 

In addition, the boat for Tarneit sailed a long time ago.

 

Totally appreciated your responses !

 

Thanks mate, for your response. I like the specificity in your questions.
My apologies for the late response as I was interstate travelling.

I picked epping coz of the proximity to cbd, new developments in infra, big plots still available, safety ..
1. Yes, I can buy an old house that is structurally fine but may need a reno.
2. I prefer closse to public trans as I need to take train to cbd.
3. I could pay a little more . any suggestions on suburbs ?

Appreciate the responses

 

Old house with large block of land in epping surely makes more sense over new house in Tarneit.
Land appreciates building depreciates. Not to mention premiums paid for the off the plan property...

 

Epping.