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VIC Aurora Epping/Wollert

Discussion in 'Where to Buy' started by Air_Bender, 9th Jan, 2016.

  1. Air_Bender

    Air_Bender Well-Known Member

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    Hi there,

    Just wondering if anyone's heard about this development up in the Northern suburbs? The next stage of land release is happening soon and I'm just wondering if this is a potential growth area.

    I went for a drive the other day and checked out the area and I must say I was very impressed. The houses and parks there are beautiful.

    Anywho I would love to get some feedback from anyone who knows/lives in the area.

    Cheers
     
  2. jpcashflow

    jpcashflow Well-Known Member Business Member

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    Hi Air Bender,
    Hope you are well? This is another estate being built up in the area.
    If you are looking at living in the area then I would say good choice. As a investment different story. There is so much land being released that its not even funny. I would expected limited capital growth in the area.
     
  3. Air_Bender

    Air_Bender Well-Known Member

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    Thanks for getting back to me Johann. Yes, I am looking for a First home purchase, to live in.

    You are correct. They are releasing more land, (this week actually) just a little over to the north in Wollert. However, I wasn't too impressed with the specific area of the land being released. It's the area that's farther north and closer to the Craigieburn East Rd. So there will be a vast amount of undeveloped land between the Aurora Epping estate and this new estate which I just think is silly. I was thinking about biting the bullet and grabbing some of this new land, (with lots that are quite sizable and affordable mind you) just to get into the market but the more I think about it now the more doubts I'm having.

    Last Friday I went to see the 2 major developers situated in this estate and asked if the land closer to the existing estate would be released soon. The first one said it'll be a number of years before that happens and the 2nd developer said early to mid next year. I've attached a map and highlighted in yellow the specific area I am referring to. The area I've marked in yellow is not being released but the vast area just under it (just where those eagle wings start) is being released. Correct me if I'm wrong but won't that look really weird? Having a vast empty land situated between two estates?

    Irregardless though this new area is beautiful. Compared to some of the other estates I've visited the Aurora estate has to be one of my favourites. It's already quite populated and I can see why. There's a new towncentre going up as well as a coles store. There's also a rumor that the new Epping Costo will be built somewhere just to the east of the estate.

    For the time being I'll wait but I'm keeping my fingers crossed the land I want will be released sooner rather than later.

    Cheers
     

    Attached Files:

  4. jpcashflow

    jpcashflow Well-Known Member Business Member

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    Good luck with that as well :)... let us know how you go..
    The area has new shops being built and yes you are right a new town center.

    When you get a chance head down to Caroline Springs in Melbourne. I think there development model is the same as what you are looking at :)
     
  5. The Y-man

    The Y-man Moderator Staff Member

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    IMHO - No.

    As your own home, the growth should not be a priority in any case, so I wouldn't let that put you off.

    As an investment
    - too far from transport
    - only one or two (sort of) major road out (Pt Cook Syndrome)
    - lot of land around it yet to be developed (land banked by major developers).

    The Y-man
     
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  6. Air_Bender

    Air_Bender Well-Known Member

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    Will do JP.

    That's why I am interested in that particular patch of land. It'll be closer to the new towncentre and to the existing estate in general.

    Cheers
     
  7. Air_Bender

    Air_Bender Well-Known Member

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    I agree with your points Y-man. It is too far from transport and there aren't enough roads leading in or out of the estate. I can see why the area wouldn't suit potential investors but it wouldn't be too much of an issue for me as I work in Epping. It would literally take me 5 minutes to get to work.

    I'm kicking myself I missed out on the earlier Lots and I'm certain the new towncentre and coles being built will only increase the value of the houses in the area. I have approached a couple of RE agents to see if anyone's selling in the area. Doubtful but you never know.

    Cheers
     
  8. ross100

    ross100 Well-Known Member

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    Hi Air_Bender
    Do you know the price difference between the earlier lots you missed compared to the new estate.
     
  9. Air_Bender

    Air_Bender Well-Known Member

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    Hi ross100,

    I'm not 100% sure what the earlier lots were sold for but I can only assume they were similar in price to these new lots? (maybe even cheaper since they were all sold ages ago). The new lots are quite affordable (in my opinion). I've got the brochures from the developers at home but I'm pretty sure I saw lots like a 532m2 one going for around 230k, maybe slightly more. I'll get back to you when I have a look at the brochure tonight so don't quote me on this.

    To my recollection the lots being sold by Eden Gardens were slightly cheaper than Aurora (Lend Lease). Also, Eden Garden's lots are closer to the my desired area (refer to me earlier rant about this) and I was seriously considering going with them.

    Cheers
     
  10. The Y-man

    The Y-man Moderator Staff Member

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    Oh yeah, that reminds me of another beef about the are - small lot sizes in these new fangled subdivisions. Another reason why it will struggle on the CG front.

    The Y-man
     
  11. Air_Bender

    Air_Bender Well-Known Member

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    Fair enough Y-man. But if anyone is interested I have attached a cutout of the price guide from the stage 2 Lots (Lend Lease).

    I seem to have misplaced the Eden Garden's brochure so won't be able to show you the comparison.

    Cheers
     

    Attached Files: