VIC first IP in Werribee

That is a pretty small amount to lose, what happened ?

The pricing on a lot of new places in that area looks pretty keen to me.

 

New estates does not necessarily mean otp it could be new land being sold or new land bundled with houses can be considered otp. If u are deadset on buying in the west get a minimum 300sqm with minimum 10.5 meters frontage. The margin of making any gain is achieved by hangling or negotiating the price of new plot of land below market price and then looking for a builder spec or volume. By organising both these urself there is ard at least 50k savings u can obtain as oppose to buying land and house directly by the developer. Otherwise just buy an older house in Werribee.

 

Thankfully the bank didn't value them . Lost holding deposit. So grateful. Felt huge at the time!

That was in Western Sydney pre-boom

 

If you are patient enough and are able to wait, my suggestion is to try Tarneit. You might find something within your budget.
Its closer to city/motorways. Closer to the employment precincts around Laverton/truganina.
Surroundedby new houses/estates.
Your rental yield will be low initially (4-5%)
You'll have to wait for 3-4years for a decent (50K-100K) CG but when it'll come, it'll come good especially when there is no more land around the area.

 

Do you mean the valuation fell short ? or you just decided not to go ahead ?

2k is not much, a flight or travel and failed B&P with solicitors costs when buying wont leave much from 2k, it happens.......


@teetotal do you know the area and Tarneit well ? I would have thought the Werribee and Hoppers corridor would have been better & the Tarneit pricing seems more like Point Cook in places, so would be better there that all the others ?

 

Yeh, back then at 23 it felt like a huge amount of money. That's besides the point. The point is, it was the best thing that ever happened for us at the time.

 

Werribee and Hoppers corridor is definitely cheaper but Tarneit is not much dearer either atm comparative. There is an older part of tarneit towards hoppers which is reasonable.
I am saying Tarneit because of its proximity to new estates which means basically new crowd full of owner occupiers mostly building their dream homes.
And closer to work opportunities.

 

I was trying to understand what happened. I know people who have killed it buying OTP in Sydney, one person I know did so well, it is kind of irritating as now they think they know it all and only been around for one cycle & I have to listen to it and all the tips .

 

Yes, Werribee proper is a pretty mixed bag I feel it will improve, there is some new estates planned and under way, you probably would be better off in a newer place like Tarneit, likely to get a better tenant.

 

Just got back from Melbourne....I finished off my color appointment for my house I am building in Mickleham..another new estate.

Here are my thoughts about Werribee.....prices are going up steadily. Mostly because it is one of the few places within 30 klms of the city where you can buy a H&L package for under 350k. This along with all the infrastructure in place it will go up steadily. To give you an example....the house I bought in 2006 for 130k is now ...worth almost 300k......the house in Hoppers bought for 170k is now worth over 350k. Just look at all the infrastructure going in.

MY thoughts are to buy a small block 260-350sqm for 145-170k and build a 3x2x2 for 180k turnkey. The 263k 12.5 by 21 deeps present some opportunities...buy the land for 140-150k plus a house for 180k and for 33k you have a new house!

The people saying you can't make money on new housing estates don't know what they are talking about. On completion I am making on average a 20% gain. You just have to be selective and know what you are doing.

 

Agreed.
Be selective and chose the right place.

 

I also did well out of a new housing estate.

For your budget it may also be worth investigating major regional centres such as Geelong and Ballarat.

 

It is different in Melbourne for otp. Agree - I know ppl buying in Sydney like Chatswood off the plan and sold 300-500k more than their purchase prices within a very short time span. In fact there are many still doing the same now

 

@sash does this sound like a good price?
View topic - Land for sale 10.5 x 26 mickleham $130k • Home Renovation & Building Forum

 

Thanks @melbournian . I am not deadset on buuying in west Melbourne but that is the only area I have come to know off in terms of growth. Any other area to suggest withi range of 400k plz? I am looking for a land of 350+ sqm which is costing around 185k + with building cost around 200k....but not sure how different it would be from the otp houses available in the same area in same cost...

 

Thanks @sash that's what I am targetting now...though a land 350sqm is hard to come by at the price of 150k, still will keep trying..any areas to suggest in these suburbs??

 

i am in the process of selling an IP in point cook around the 440ish mark. Total outlay was around 365K and 1.1K per month positive for the last 18 months rental at 370 per week. i think as long as you can get the rental right, with the right price for land and the right build. You don't necessarily have to build at 180K - 200K. just keep the house 165-180sqm as a 3X2X2 and you can get these anything btw 129-165K and if you can cut costs by knowing how to get some stuff organized and done yourself (like driveways - concreting - builder may charge 8-10K when the actual job is only 3-4K). My friend bought in wyndham vale for like 300K. like 5-6 months ago so maybe another area to considers. I like point cook in general as there are lots of migrants moving in and new schools opening etc. maybe look at the suburb of officer.

 

Land in East Ballarat? There is a very small release of about 10-15 blocks there that are protected from future large land releases by the new state forest that was declared in 2014. I would choose that over the West anyway.

Also, Geelong. Cheap land around Armstrong Creek. There is lots of land but it's in an area that people actually choose to live rather than a compromise area like Werribee. i.e. it's 10 mins from the beach and 10 mins from work in Geelong.

Bay View estate in Clifton Springs has affordable land releases walking distance to the beach... could be worth investigating I've read in several locations that coastal properties are expected to do well... I have no idea if that is correct, haven't looked into it or thought about it that much, but I do know Torquay did very well this year and looks like it might be at the start of the cycle. You could look into a new house and land there for that price? Low yields though.

Personally, I like the idea of H&L in Ballarat East.

 

Sash
what do you thing of Infinity Estate in Caroline springs/taylors hills compare to Tarneit and Werribee

 

HI @sash. Once completed do you hold or sell? If you hold how does your serviceability work for further purchases? I'd imagine the yield may be quite low.