VIC Atherston(Melton) or Kingsfield(Sunbury)

Hi ,

Complete newbie here and would want to know your views on new land and build on 350 to 400sqmt as an IP. Strategy is to build and hold with positive yield if possible.

Suburb wise they seem to stack at similar place. I have tried to pull down some stats. I have been to Atherston looks fine but don't know much about Sunbury.

Melton has vline, Sunbury is serviced both my Metro and Vline.

Vacancy rate Melton, seems as new builds are completing there is more stock on market for rent.



Vacancy rate Sunbury, as now seems low but I suspect it to increase as lands in new estates gets title and people start the build


In terms of yield and weekly rents from SQL these subrubs are evenly matched.

Property listings are much higher in Melton, this again may be because lot of land is already titled in the area.



Melton has so much land around which is already zoned as UGZ and ready for development. As of now Sunbury has less available land which is zoned as UGZ. This may change in future.

 

What sorta money are you looking at spending for this IP?

I think it's very unlikely you'd find a CF+ deal these days. Rents aren't that high while land costs are. Builds are getting expensive too given the shortage in material.

 

I think you habe answered your confusion already.

Regards

 

Sunbury is one of the most picturesque owner occupier friendly suburbs in the outer north/west. Melton...isn’t. For the same price I know where I would purchase.

 

Good point too.

OP, there have been numerous threads about Sunbury and Melton, I strongly suggest you rummage through them.

 

Sunbury new estates are all around a huge tip site that is getting and will get Cat C and PFAS from all over Melbourne. I cannot believe people like buying there. Existing in Sunbury is definitely better, especially if close to the station.

There is a lot of land to be developed between Melbourne and Melton.

I wouldn`t buy in any of the 2 locations.

 

Hi Westi,

I am thinking 550k. The land in kings field is going at 287k for 350sq and 308k for 400 sqm.

I am also looking at existing stocks .

Regards,
M

 

what areas would you buy in with 550k to spend for CF+.

 

I'd be surprised if you found anything CF+ for $550k, maybe new builds if you found a stunning deal. Get in touch with @ashish1137, that man's connected with the right sources to find you something worthwhile.

 

Easy exercise for you: start from the rent you need to achieve a CF+, narrow down to the suburbs where properties are renting for that amount, check the price of the properties renting for that amount until you find something at $550k. Please post it here when you find it so we can give you constructive feedback if needed.