VIC FHB - Melbourne North - Wollert Feedback

Hi All,

We, a family of 3 are FHB looking for a PPOR in the Mel North area. I have very limited knowledge in property market but after looking through a few established homes and driving through the new estates that are popping up north of Epping, I am leaning towards buying a lot and building on it. I liked some of the estates in Wollert - Rathdowne, Aurora, Arramont etc. Can you please provide some feedback on the suburb and what I should watch out for?

My budget is ~$700K; Have saved upto $80K now for the deposit with the hope of saving upto 20% of the value in the next few months. Key criteria for us are proximity to partner's workplace (Epping), access to schools (toddler currently; so requirement for a good primary school will kick in 3 years from now. Looks like new schools are planned for this area), safety, quality of life (Shopping, parks, sense of community), reasonable access to CBD (some train connectivity).
Some of the questions on my mind include

1. Pros/Cons of going for a house build vs buying established property? I was told by sales offices of these estates that titles will take upto 2023 and that I should look for titled land being advertised on REA.
2. Another feedback I received was that I should look at only premium estates such as Aurora and Rathdowne in Wollert as other estates try to piggyback on the amenities provided by these premium estates. Any thoughts on this?
3. Given the delay with regards to titling, many builders recommended that I look for house and land packages. What should I watch out for if I go with a house & land package?
4. How should I select a builder for a House and Land package? The estates had display villages and while we really liked some builders like Porter Davis, they don't have any house & land packages here and our options seem to be restricted to other builders.
5. I saw a massive landfill in Wollert. Does that affect water quality in the area? also would love to hear your feedback on Wollert as a suburb.

 

I missed adding to the requirements - we are looking for a 3 or 4 BR home with double garage; land size preference ->350sqm

 

We are not rigid but our preference is a new house. If we find a good house that is in a decent school zone, would be happy to pursue.

 

Hi @Rambo78

Welcome to the forum. Loads of information here to learn and enhance your knowledge.

Answers:

1. See where buying established, titled land, or buying off the plan and building works per your
* timelines
* cost
* effort vs value
* if you are able to save some money by following any or all of the above.

2. Does it matter if estates are trying to piggyback? I would say, buy anywhere you get a land of your choice. Each developer has to comply with council's masterplan and buying in cheaper estate would just mean you don't get all amenities in that estate. Alternatively, you can buy in cheaper estate next to a premium estate and save on some costs. I have done that in the past and own in Amber.

3. I would recommend against house and land. I would suggest buy land that suits your criteria and then plan to build on it.

4. This is a very subjective question. What sort of build you need? A 22 square 4 bed home can start around 245k and no upwards limit. I would suggest go to at least 6/7 different custom and project home builders and see who gives what at what price. Building is not easy.

5. I don't think it impacts. Wollert is a good suburb and looking at the price, distance and amenities, I still see a lot of potential.

Regards
Ashish

 

Thanks Ashish. Great insights. with respect to home&land packages, are you recommending against them because the prices would be higher? I only started looking at them after I was told that titles would take 18+months.

 

This is great. Thanks. I think we were influenced by some of the displays. Thought some of the estates would be great to live in. But your point about prices makes us rethink.

 

He's recommending against them for the time it takes for a H&L from start to finish. By then, especially given how hot the market is now, things may have turned leaving you with a shortfall. Then, lots of delays with construction given how busy things are for builders. On the flip side, you get to build a product of your choice.