Hello guys, Was looking to invest in the western suburbs around wyndham vale. A neighbor of ours who works with a building company suggested we go with eynesbury. She said that Jubilee has already peaked (400 for 260k) In eynesbury, 445 Sq for 240k and only three blocks left in that stage. Land is titling in 2018 second quarter, and I might choose to sell it or hold it to build a house. Had a look at the suburb and looks wonderful to lead a family life there. Negatives being, no shops or for that matter even a petrol station. Closest is Melton although I went there myself and is under 10 min. They were talking about the proposed st Mary's road connecting Ballan road that would improve things to come and probably move the property prices upward. Also was told about future school and town center proposed. If anyone can throw some advice or suggestions that will be great.
Compare very recent sold prices of a new house with the one you'd build. Do you think your val's going to stack up? At a cursory glance, here's a list from re.com > Eynesbury, VIC 3338 Sold House Prices & Auction Results . The newest in that listing sold for $505k this past Saturday (plus agent fees). You'd build for $240k + stamps + $240k build + repayments + seller agents fees = ?? You might end up making some money as the land value appreciates. What worked for Woodlea and/or Wyndham Vale is the proximity to trains, doesn't Eynesbury have Melton for its closest train station, like 10 or so mins away?
Thanks for the reply. It is a 10 min drive to Melton, maybe more with traffic. At the moment there is not even a petrol station in the town. Look like all the hype of things improving is directly linked to the road connecting Ballan road. My main motive is to hold the land and sell it when it titles or when it appreciates. 400 Sq in Jubilee is for 250-260. Don't know if this is better bet with my sort of hold and sell idea. I don't know if there is still scope for land to appreciate in Jubilee.
A friend was looking there over 5 years ago. Something about the costs (own sewage plant/golf course) turned him off. Bought and built in Myrniong instead, a bit further out but cheaper and a great primary school.
I wouldn't. The owners of the estate have sold some chunks off to a Chinese developer. They are running low on funds as they paid too much for it and almost weren't able to settle. They are now trying to sell off the rest of the development but no one is interested as there is too much infrastructure to be delivered. If you like Melton, buy in Melton. If you like Rockbank, buy in Rockbank.
Thanks for the reply. This is what makes me wary about. Been following a few posts in different forums about this area from 2008-2010. And things haven't changed much so far. Still everything we were told about coming to the area are all proposed.
Found this Wyndham council permit application online for the road connecting eynesbury to Werribee Wyndham City Council - Advertised Application Details Also found this for the new school to be contructed there - looks like the council is going to acquire land for a new school in the estate : Mixed bag for City of Melton in State Budget Apart from this though, all other infrastructure will be just 'proposed' - so wouldn't count on that while making a purchase decision.
Thanks for taking time to reply. I have decided not to go ahead with the purchase given the current situation in that area. I loved the area and the feel, but from investing point of view I rather look elsewhere. The suburb I live in (Lara) is picking up quite well. But there are no new lands getting titled till end of 2018.
