First IP in Werribee (Harpley) new estate

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

 

Can you save money by going a 19-20 square home? If its a rental i wouldnt be going too big like 25sq

 

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.

 

Something like this would be far better at that price point: 5 Valentine Cres Sunshine Vic 3020 - House for Sale #123082630 - realestate.com.au

22 Sunhill Court Ardeer Vic 3022 - House for Sale #123439658 - realestate.com.au

 

100%. Much better options out there at that price point

 

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.

 

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.

 

Def too high and too big. Set you budget and then look around to find the perfect match

 

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.