VIC Burwood Brickworks by Frasers

I just attended the 1st introduction session for Frasers Burwood Brickworks in Burwood VIC. 50+ people in a small showroom for the session (2 session per night, 2 nights for the 1st release).

According to Frasers, they have sold 170+ apartments in three of their apartment buildings through their VIP channel (probably a lot of foreigners from China/Singapore/Malaysia). In this 1st public release this month, they will sell 1-2 bedroom apartments in two buildings ($400k-$700k) next to the shopping mall (under construction), 3-4 bed 2-3 storey townhomes ($800k-$1.15mil), and two blocks of land (through auction, the smallest block 450sqm indicative price range of $849k-$899k and the largest 570sqm $1.15mil-1.19mil). People in the room look quite keen. They are Caucasian/Chinese/Indian/Asian, age from 20+ to quite old (60+).

Frasers estimated delivery for this 1st release is end 2020 to early 2021. Location is pretty good, close to bus/tram stop, close to Deakin uni, within the MWSC zone but in between two train stations/lines.

What do the PC experts think about this project? @melbournian , @sash , @MTR , @The Y-man , @Peter_Tersteeg

*** The numbers are approx based on my short memory.

 

Timing is everything......

Not now
Not this product

 

My budget is $800k-$1mil with the view to use it as an IP for 5 years before making it PPOR.

 

I would run away from it as fast as you can.
37 Muyan Circuit, Burwood, vic - Property Sold Price , reasonable buy now but in the boom 6 years only up 15% when most people did at least double that

1/30 Cadorna Street, Box Hill South, Vic 3128 - Property Details is also a lot better

Don't trust all this pre-sale BS a lot of related party deals when sales aren't really sales and is used as marketing to stoke FOMO

 

I do not have any issue with where I am living now (Western suburb) or moving to Burwood, it makes no difference to me. This is more to do with my wife's request. She wants to move to a socially better area in the East with good public secondary school (my kid will go to secondary school in 5 years time). I want to live in a proper house with garden (love gardening) but wife just need a brand new or near new townhouse (less maintainance). She ultimately want a block of land to build our own house but it is hard to find a vacant block of land in a good area that falls within our current budget.

Personally, I do not find much value in this project especially at the current state of the market and thinking about the estimated settlement time 2020/2021 when we may see the full impact of IO-P&I rollover. But I also need to listen to the other half desire .

Regarding tram 75, I know the pain of using it to go to the CBD and back. It takes forever. I do not like tram at all except travelling inside the CBD only.

 

Thanks for posting the townhouse example. The growth is terrible for 6 year. One more reason for me to say no to my wife. I did some check about 5 year growth for townhouses/units in the area but mainly saw approx. 30%+ gain. And yes, I do not believe in any pre-sale talk, esp for apartments (still cannot believe who want to buy OTP apartment at this point in time).