VIC Aurora Epping/Wollert

Not sure mate, I think you're better off calling them directly and asking. I still receive emails from them about new releases and it's my understanding they've recently relocated to a new office.

Make sure you get there early if you want to grab a good plot.

I didn't end up buying land in Aurora. Bought a place in Mill Park instead which I'm really happy with.

Cheers

 

If you know the street addresses of the earlier releases, look them up on Realestate.com and see if any have hit the market.

I'm sure a couple would have, its been 10 years since the first stage release.

Reaestate.com may not list the sold price, just the asking price, if thats the case ask your broker to do a desktop on that property, and the recent sale history for that property will come up.

 

Hi

 

Hi Tobe
We're planning to invest in a 4 bedder brand new house for $395k in Warralily estate -Armstrong creek.It is part of Geelong.There are trains running to Melbourbe which takes about an hour.As per my limited research,the growth drivers of Geelong seemed to be pretty strong.It will turn out to be a cashflow neutral /slightly positive investment.However our ultimate notice is to get enough capital appreciation in the next 5 years or so.What are your thoughts about investing in that area?

I do apologise, I don't know enough about the area specifically to give advice. I just do loans, and I have a small residential investment portfolio.

that said, an hour into Melbourne by train is about what franskston, Pakenham, ferntree gully, Werribee etc take to reach the city, so perhaps you could compare your price with those suburbs. Will there be capital appreciation? Not sure. I know I first heard about armstong creek as a development 5 years ago, and its been good alternative for FHB's priced out of Werribee/tarneit point cook.

Will there still be development/new estates coming up over the next five years which will stifle capital appreciation in Armstrong creek?

What are the alternatives? An old 2 bed house/ex commission in the outskirts of Melbourne? a small apartment in middle ring suburbs? $400 would probably get you a fairly good house in an established suburb of Geelong.

This is for investment? or are you planning to live there?

 

When I was looking in the area (early last year) I did consider buying something that was already built as some had already hit the market, instead of going through the hassle of buying land, waiting for it to be titled and then building. But in the end Aurora just didn't stack up for me.

Only one road in and out (very congested during peak hour) and the construction of Coles and town centre were repeatedly delayed. Not to mention that it's a fairly new estate and would take some time to see any decent capital growth with the amount of land that is still available.

Cheers

 

It is for investment

 

I am not an expert, but I can't think why Armstrong creek would grow faster on average than a nearby established suburb in Geelong.

 

Good points here, i myself live in the Epping area and have posted in other posts about it. I think people who purchased in the earlier releases back in 2007 would have done really well, and people who have purchased in Epping central years ago would have done great. My land value personally has doubled since the time i moved there and established house prices have also steadily risen. Its not anything crazy like those speculative eastern suburbs but its realistic and not poor performing in any sense. One reason for is it is an affordable suburb that is well serviced and due to its ever improving infrastructure it will do well imo. I have noticed a lot more younger and also established middle age fhb interest in Epping/Wollert and also know renters simply moving away from more expensive suburbs in the east, and living in Epping / Wollert now.

In November, the Federal govt has also approved the Hume fwy / O'herns rd interchange and business investment in Epping central also seems to be picking up pace. Costco Epping is finally starting building works, right behind The Northern Hopsital, and RiverLee a Malaysian developer has also started some building works on their site right next to the hopsital along Cooper St. Pacific Epping shopping centre is also doing very well, and in the near future should see an expansion. Together with an very fast growing population in the municipality, its all good signs and make me very optimistic for the region

 

Haha yeh i have been there a few times myself, and interesting that you mentioned the Chinese because i have seen an increase in the Chinese/Asian population at Pacific Epping and also attending auctions. One of the record prices for a 3 bedroom house in Epping was sold to a Chinese family for $730,000. Not sure who bought that 699m2 block for $520,000 though.