VIC Hoppers Crossing and Westmeadows

Discussion in 'Where to Buy' started by nonsleeper, 6th Aug, 2017.

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  1. nonsleeper

    nonsleeper Member

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    The past week I missed properties in both of these :) So this is more like a synopsis of what I've been through.

    Westmeadows: the one at 7 Miram Court went for private sale asking for 490-510K for 622m. It seemed the owner needed quick money. I went for an inspection on Monday; there were a few others yet none were interested. House looked decent and functional; there were tenants until next July or so.

    I put an offer of 510ish and would have been able to get it. But I cancelled offer after reading about the development of a new runway in Melbourne Airport. I also drove there back and forth in different times, i.e., dawn, morning, afternoon, evening, to see if we could go with the noise and concluded we didn't want to be stuck with it long-term. Also, the price trend there looks quite inconsistent recently. For example, a nearby 700m lot got sold for only 460ish in May.

    So we wouldn't live in it as PPOR, but did I pass a good deal in there, considering financial gains? What do you think about the market around Broadmeadows, especially on the inconsistent price trend? Will the runway development has effect on it in say next 5 years or so?

    Hoppers Crossing: We were quite interested in the one at 12 McCormack Crescent and were there yesterday for auction. House looked good, also with tenants until next February. Indicative price was some 390-420 I believed, and we prepared to spend around 500 for it. It went up to 540! I'm not sure if the indicative price was set lower (to draw more bidders) or it was overpaid, but this week also generally looks good for the market in HC. The question is: Do you think that the fever has spread to the suburb (and maybe Werribee)?
     
  2. Beelzebub

    Beelzebub Well-Known Member

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    For what it's worth you will end up not noticing the planes. I grew up in the area and lived right underneath the flight path. the planes would fly so low sometimes that you could make the detail out on the planes, and I was none the wiser, I never noticed them. It was only after moving away and returning to visit family that I noticed how noisy they were.
     
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  3. ellejay

    ellejay Well-Known Member

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    I've got an ip in Hoppers. The market's been going nuts there for a while I believe.
     
  4. Westie

    Westie Well-Known Member

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    Like @ellejay said, HC is crazy as. The traffic on Sayers Road, Palmers Road, Leakes Road is sure to drive a lot of people nuts in peak hour and is becoming crazier. 2-3 km bumper-to-bumper are common on Palmers and Leakes.
     
  5. ellejay

    ellejay Well-Known Member

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    I think you could say this for most large cities across the world. I've sat bumper to bumper in cities in Europe, US and Aus. Doesn't seem to stop people wanting to live there. Anyway Hoppers has a train station which helps.
     
  6. FHOG

    FHOG Member

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    Hi Property chat people,

    Westmeadows looks attractive to me as it is reasonably close to the city (20kms), there are schools, 5 minutes away from train station (Broadmeadows), close to freeway and has nice parkland.

    What are your thoughts on the Westmeadows area?
    Do you think it will provide capital growth and is it a good rental market?
    How much would you pay per square meter?
    How do you think the Merrifield development will affect the area? New Housing & Commercial Land | Merrifield Melbourne
    Do you think the airport runway will effect the area?

    I look forward to your response

    Ed
     
  7. nonsleeper

    nonsleeper Member

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    I also guess that HC will do fine. Schools are decent, shops are easily accessible, 30min to CBD on train, neighbourhood is relatively safe and quiet and infrastructure seems to have 'soul'. I don't know what others think, but I don't have much more expectations as a place to live.

    But it looks like people are recognising it :(
     
  8. Greyghost

    Greyghost Well-Known Member

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    I would buy westmeadows paying 'overs' rather than get a bargain in hoppers..
     
  9. sash

    sash Well-Known Member

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    this the key access to trains will increase the value suburbs as melbourne grows.
     
  10. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    A lot has changed in Hoppers Crossing which is making it more appealing to buyers. It also went un-noticed for a long time that its proximity to the city is good.

    Regarding the estimated selling range of 12 McCormack Cres:

    There is still a lot of underquoting going on in Hoppers Crossing, as well as interesting interpretations of "comparable properties suitable to be listed on the statement of information".

    Of the properties listed on the statement of information, all sales are more than 6 months old. This in itself would be problematic if Consumer Affairs were to look at it. Technically the statement of information can be produced at the time of listing, though I think the rules will get amended to require the statement of information to be redone within a certain number of days of the commencement of the advertising campaign (since some vendors will sign up ... or "list" with an agent and then spend a couple of months before being ready to go to market). Some agents seem to think it is acceptable to use "comparables" that have a different number of bedrooms, a significantly different blocksize, or in significantly different condition.

    8 Merrett Avenue is a 3x1x2, constructed in 1973 and sits on 575m2 with zoning GRZ1. It has a brown original kitchen with brown mosaic floor tiles, original bathroom and what also look to be original carpets.
    8 Merrett Avenue, Hoppers Crossing, Vic 3029 - View Sold History & Research Property Values - realestate.com.au

    4 Oppy Crescent is a 2x1x2, built in 1975 and sits on 585m2 with zoning GRZ1. Sold Jan 2017 for $415k.
    4 Oppy Cres, Hoppers Crossing, Vic 3029 - View Sold History & Research Property Values - realestate.com.au

    32 Strathmore Crescent is a 3x1x2, built in 1975 (est) and sits on 563m2 with zoning GRZ1. Sold Jan 2017 for $406k.
    Clean but tired/dated look if you go simply by the pictures, but was quite dirty and in poor condition upon inspection.
    32 Strathmore Cres, Hoppers Crossing, Vic 3029 - View Sold History & Research Property Values - realestate.com.au

    In contrast, 12 McCormack Crescent is a 3x1x4 sitting on 589m2 with zoning GRZ1. It is of much more pleasant street appeal and of more recent construction, and a large modernized kitchen. Lots of vehicle accommodation, large entertaining area outside, and 2 large living spaces inside. Furthermore it is on a corner block.
    12 McCormack Crescent Hoppers Crossing Vic 3029 - House for Sale #125918378 - realestate.com.au

    On the one hand, the agent has used properties in the statement of information that are in the same pocket of Hoppers Crossing. However they are not very recent sales, and the properties used are not the most "comparable" that were available on record. There is absolutely no way a freestanding brick house was ever going to sell in that pocket of Hoppers Crossing for the price-range noted on the statement of information ($394k-$415k). Units, and semi-detached homes on small blocks in that pocket are already punching into the $400ks, as are homes on small blocks a few kilometres further from the station.
     
    Last edited: 8th Aug, 2017
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  11. sash

    sash Well-Known Member

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    it is rife seen a few agents quote low 4s in the mossfield estate. no chance a buyer will secure anything for that l more like low 5s

     
  12. Beelzebub

    Beelzebub Well-Known Member

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    I don't believe the airport runway will negatively impact the price in Westmeadows. It already sits directly underneath a flight path. The planes become unnoticeable (I've lived there). It's a bit like having a house impacted by noise from a nearby freeway and then having an extra lane added to that freeway, the noise impact isn't changed from the extra lane. In fact, if you are living in the area, the more planes that fly over, the less conspicuous they become. If there was no flight path and they were introducing a new one, that would be a different issue. In fact, it would be worth checking out the new runway, maybe the flightpath will be moved? If so that could be a positive.

    Also, Westmeadows was hit by the downturn in 2011 and still hasn't rebounded as you would expect. It seems undervalued to me.
     
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  13. Westie

    Westie Well-Known Member

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    @Beelzebub - it's hit almost $600k for 4 bedders, that's rebounded enough you'd think?
     
  14. nonsleeper

    nonsleeper Member

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    I'm also curious about the hit Westmeadows got around 2011. What happened to it then?

    For the noise, we actually found that in the particular place we were about to get it wasn't very bad. But we were retracted as we thought our kids might not go well with it in the long term.
     
  15. The Y-man

    The Y-man Moderator Staff Member

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    The other thing people fail to notice is how quiet the new generation of engines are. Comparing engines from 20 years ago is like a race car to road car.

    I always find it astounding how quite the A380's are when they go overhead at our place (with a very unique sound signature too for those into these sorts of things).

    Also, saving fuel is the main thing these days - engines are almost at idle on landing (unless you are doing a turn on the approach from south - i.e. coming in over sunshine/deer park way), and on full bore for as short as possible on take-off (again you usually take off towards the south, so the northern / eastern side doesn't get the take-off roar).

    The Y-man
     
  16. Beelzebub

    Beelzebub Well-Known Member

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    Wasn't a huge hit. Market across Melbourne as a whole dipped slightly due to the rise in interest rates and some other things. The suburb has rebounded but not as much and not as fast as other outer suburban areas.

    That being said, as a place to buy a PPOR at a good price point, you can't go past Westmeadows. Your kids won't notice the planes. I never did growing up and neither did any of my friends. Buy around Westmeadows Primary School if you can (Harricks Cres, all the streets off Raleigh St). That's the better part of Westmeadows. Then look across the other side of Mickelham Rd. Try to stay away from the Erinbank area. There is also the newish estate, which is very nice, but very expensive.