VIC Armstrong Creek or Lara or Wyndham Vale?

Hi All,

I am in the market for an investment property. I am looking at the land to build a house. Considering 3 areas i.e. Armstrong Creek or Lara or Wyndham Vale in Melbourne western suburbs.

I don't know what other factors shall I consider as all these areas have land prices alike. Things I am considering are vline train access, distance from highway, growth towards Melbourne west & Geelong etc.

Now I have to finally make a decision and want to make informed decision. Thought to see what people think about these options. Also happy to consider any other suburbs or established property within already developed areas, please share your opinion,

Thanks

 

Hi @VKG

It would all boil down to the price point. Apparently, I own one in each of the areas you mentioned.

The market is still cooling off to some extent. You have to be careful of the price you pay. Cash flow is supreme and equity is important.

However, if it is the market price you pay, the preference is armstrong creek. AC is again a varied market, from one suburb to another, there is a difference in the price point and rental yield.

Regards

 

Thanks @ashish1137

In Armstrong creek I was looking at Armstrong Waters Estate which is a bit old estate but I could find 448m2 land at around $240k mark. In Lara, I was looking at Austin or Manzeene Village estate and in Wyndham Vale, I am looking at Manor lakes estate. Price point for any lot more than 400sqm is $250K ~ $260K. The build for 23-24 squares house would be around ~$240K. So total investment would be around $500K.

Am i missing anything here? How is your experience for growth and rental yeild along with the community (as my tenants would be a key factor for me)?

Thx

 

Hi @VKG

I was wondering if you considered Mt. Atkinson as an investment option? Understanding that it is bit expensive then the the estates you've mentioned above. However, it will pay you off as an investment property once the area is developed. its 30k from city and proposed Westfield shopping centre and train station. I see a great potential there.

Cheers

 

It is wy costly and provides nothing in the name of infrastructure. Yes, it is closer to city. So is many other suburbs which are still cheaper and closer to free ways.

Regards

 

Rental demand and yield is solid in both areas except Wyndham Vale.
I would not target the estates you habe mentioned. Target premium estates with covenants in place.
You can reduce the land size to some extent and reduce price as well in some estates.
My preferred price point will be between 465k and 480k inclusive of all build costs plus stamps, lmi and legals.

Regards

 

Thanks for your feedback. Are you referring to Armstrong Waters estate or estates in lara & whydham vale? Which estates would you consider instead? Thx