Join Australia's most dynamic and respected property investment community

First IP in Werribee (Harpley) new estate

Discussion in 'Where to Buy' started by Bhavya, 25th Sep, 2016.

  1. Bhavya

    Bhavya New Member

    Joined:
    25th Sep, 2016
    Posts:
    1
    Location:
    Melbourne
    Hi All,

    Just looking for some insight/advice. I am looking at purchasing my first IP in the suburb of Werribee in the new estate of Harpley. I have spoken to a few people who have said it is a good area to be buying due to the following reasons:
    • Will have access to 3 train station (Werribee and Wyndham Vale both approx 3km plus a third one is proposed)
    • 2 Primary schools, 1 High School and Childcare
    • Its own town centre with 2 major supermarkets plus boutique stores with cafes and restaurants
    • New Bridge being built which give direct access to freeway (1km)
    • Total estimated homes 4000 (out of which 1000 are already there)
    • Total time frame for the project is 10 years and 2 years have already passed
    I am looking at a 4bed 2bath 2car, a 25sq home on a 480sqm block.

    My investment strategy is to buy and hold long term.

    The cost of the land is $247,000 and the build is approx $210,000

    Estimated rental return is $400pw.

    Would love to hear from some experienced investors or anyone that has any insight or advice about this idea.

    Thank you in advance for your input.

    Bhavya
     
  2. ej89

    ej89 Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    688
    Location:
    Sydney.
    Can you save money by going a 19-20 square home? If its a rental i wouldnt be going too big like 25sq
     
    Last edited: 25th Sep, 2016
  3. Barny

    Barny Well-Known Member

    Joined:
    16th Oct, 2015
    Posts:
    1,180
    Location:
    Melbourne
    Hell no 457k, Werribee is ok but not for that price. Buy any established house on a bigger block for that price. 457k also opens you up to other areas, even hoppers crossing which is closer to cbd. Buying new is great if costs are low, that's high for Werribee.
     
    Hodge, Gwynneth, Connor and 1 other person like this.
  4. Cimbom

    Cimbom Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    195
    Location:
    Canberra now Sydney
  5. ej89

    ej89 Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    688
    Location:
    Sydney.
  6. Connor

    Connor Well-Known Member

    Joined:
    31st Aug, 2015
    Posts:
    138
    Location:
    Melbourne
    If your looking at Werribee you could buy a decent home in the low 300's and get 300pw rent. You'll get good long term growth and will give you better cashflow..
    For mid 400's there are better options out there.
     
  7. Greyghost

    Greyghost Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,262
    Location:
    Melbourne
    What if an extra $10 per week outflow bought you a much superior asset?
    Can you afford $5-600k?

    Also, every new estate has 'x' amount of schools, shops, access, etc. that's how they sell them.
    What is your strategy behind buying here?
    Do you plan to buy again in the future? What is your forecast for growth to be able to pull equity?
    Don't get caught up in the emotional side of what appeals to you. It's a numbers game. Sure growth is found in the owner occ preferred areas but that's usually in reference to proximity to CBD.
     
  8. Luca

    Luca Well-Known Member

    Joined:
    28th Jan, 2016
    Posts:
    124
    Location:
    Melbourne
    Def too high and too big. Set you budget and then look around to find the perfect match
     
  9. G TOWN

    G TOWN Well-Known Member

    Joined:
    26th Aug, 2016
    Posts:
    91
    Location:
    Geelong First Home Buyer
    That Ardeer property looks very nice, well cared for, classic triple fronted style, nice part of town near Kororoit Creek and just off Ballarat Rd giving great access to the city.

    That Sunshine property on the other hand is in the most dangerous part of Sunshine, ex housing commission, near industry, and far away from the station and any main roads.

    As for the OP, how about buying something established south of Synnot? Near the highly in demand secondary college. Maybe go for something in a similar style to that aforementioned Ardeer property? A new house is only gonna date.