Cranbourne West

What are people thoughts on Cranbourne West for investment? I am talking about long term investment (7+ years) and also what do you guys think of these 2 options below in this suburb. Which one would you pick and why? The budget is about 350k.

1. Buy a cheap land in first stage in a new estate, build 3-2-2 and rent it out OR
2. Buy old one across the street from new estate with more land

Interested to hear thoughts/comments/suggestions.

 

I own an IP in Cranbourne East (Hunt Club). Bought land + house package in 2007 for $265K, currently around $420K. It has had the same relying tenant all this time. Rent for 340pw, so not a great yield, but it has been cashflow positive for me since year 1 (due to depreciation in the first few years and due to low interest at the moment).

It was my first IP, very good for a set and forget strategy. These days I preferred established properties due to better growth potential.

I have noted 4Bed houses grew more than 3Bed houses (% wise), so if you can afford looked at 4Bed instead. There is still a lot of land around, so do not expect any spectacular growth in years to come. I base my projection for my property in 5% for the next 7-10 years.

Hope that helps.

 

Thats helpful, thanks. I am also looking for set and forget type of strategy so building new might suit me better. Still weighing options.

 

I have bought of the plan in Cranbourne North. Land won't be delivered until mid year but I have already experienced 20% increase in value. Just because there is lots of land to come, doesn't mean it will be delivered any quicker than the demand meets it. There is still growth to be had year on year.

 

PM'd you for some more info if you don't mind, thanks.

 

Hi Macdub,
Friends of mine have also purchased off the plan in Cranbourne North, this is mainly because the numbers stack up and the developer is holding all the costs until settlement. With a limited budget of $350,000 an off the plan site will be your best bet to make some quick equity at the cost of the developer, you should also be able to get decent rent being new, then onto the next one

There are a few sites currently around the area so won't be hard to find one.

Good luck

 

hi all,
what are your thoughts on 2 bed units near station like this
4/12-14 Fairfield Street Cranbourne Vic 3977 - Unit for Sale #122690186 - realestate.com.au

Do you think its a good idea if looking for long term 7-10 yrs? or its not worth the effort.
What are people thoughts on 3 bedder house with some land (400-500sqm) in cranbourne area?

 

Maybe. Just because the subsequent releases are priced higher than yours doesn't mean yours is worth more than you purchased for. Developers routinely offer rebates and incentives which cloud the real prices paid. To get an idea of current value you need to compare to recent resale blocks, not developer list prices.

 

Yes which I do. Since that post my assessment has proven very conservative. I am well aware of rebates promos etc. I have been working in the industry for over a decade. There are very few estates in Melbourne paying them at the moment especially in the SE.

 

having a bit of analysis paralysis! can people throw some thoughts (good/bad) on cranbourne area for 350-400k price range? any other areas in this bracket for long term investment?

 

Personally I would buy in an older nice part of Berwick- look for something on a 600m+ block. Nicer area, then you have the option to add a townhouse at the back one day and if you actually wanted to move into it it would be a nice place to live. Cranbourne West is not somewhere I personally would want to live (lived there years ago when saving for a house deposit).

 

hi all,
just wanted to know people thoughts on this
3 Calais Circuit Cranbourne West Vic 3977 - House for Sale #106164358 - realestate.com.au

would you buy this as an investment? Only thing that concerns me is that it has power lines going through front. Has anyone purchased near power lines?

thanks

 

How close are those power lines and towers? They seem close. Personally I wouldn't buy it near the power lines.

 

the lines go across pretty much in the front about 30-40 m away and tower is about 100m away

 

Get it valued from bank first, some banks do not like these kind of securities

 

Cranbourne I was actually looking at today. It ticks all my boxes except cashflow isn't that great and land availability. In saying that the population growth is high so it should meet supply and demand. I'm trying to decide if I go cranbourne or Carrum downs as carrum downs supply is low and demand is high.

 

Too close for comfort. Also would it be attractive to tenants?

 

may be not..it was tenanted though..also the price just got reduced..its struggling to sell

 

Cranbourne: plenty of new houses but could it be Melbourne's best-kept secret?


Any truth in this article?

or just another clueless journalist trying to dress up (no offence to cranbournietes)