VIC Investing in wyndhamvale Victoria

Currently got bank approval for a new land and home in Wyndhamvale Melbourne Victoria

Purely for investment, costing about 580K, 170K for land 430sqm and 410K for build.

Double storey house 10 Bed, 6 bath, 2 kitchen/dining/living arrears 370sqm house.
Potential rent 730PW.

Potential to rent separate upstairs and downstairs, else rent to one big family.

Separate rear /side lane access with inclosed stair case for upstairs.

My question is should I do this or look at investing this money in to an old house near Melbourne city, hoping for better return on investment.

Is there any other place to invest 570K and get better return than here in Wyndhamvale

 

Jeez, I'd never spend that sorta money in Wyndham Vale and that too for an IP. Too much land around there for people to choose from. VERY few people would want to rent a 10 bedder, that's like a hostel. For $580k, get a house in Carrum Downs, I reckon it still has some steam left. Check out the Meadow Heights/Bundoora area too.

 

I even think you could almost get into Macleod for that! I wouldn't be doing a 10 bedder- will really limit your tenant pool, plus you will face council issues if all tenants are not related.

 

May I know the estate Please? You got the land for a good price.

 

10 bedrooms???

 

Wyndam Vale sounds good, but a 10 bedder sounds weird! It's not like there's a University next door and you can fill it with students. Why not do a 4bed/2bath normal place?

 

You could not rent it out to 2 separate parties as u would need dual occupancy otherwise it would be difficult to itemised how much utility bills each one has as there would me only one meter. Without dual occupany Jemena or Aus grid will not issue 2 separate smart meters

The build ard the areas are 155-200kish average. 400-500k builds are for places in mt Waverley, kew, Canterbury etc. Wyndham cake is more metricon, av jennnings builds. Rental for 730pw is unheard of in that area as other have mentioned there are no universities in sight.

Also if council finds out you will get fined as you could be crossing over into a rooming house area. Penalities are high and just not worth it

 

What do you guys think about Wyndham Vale in 2022 for an Investment Property?

 

I’m more interested in whether OP built the 10 bed house

 

LOL 10 bed that's insane! I just bought a 400m2 land and house 4 2 2 config for 550k. Hopefully it works out good. I see massive developments in that area!

 

Congrats. I’m guessing you’re asking on here as validation for your purchase? Was it to live in or investment?

Either way, buying property is a big purchase - I think you’ve done well, especially as it’s 400sqm! Well done!

 

Yes, your guess is right. Wanted to validate my purchase, It's an Investment Property.
Thanks for your wishes!

 

Hi Carthik,
I am looking in the area, May I please know the estate you bought in?550k looks like a good price. Congratulations.

 

I bought it from New Land Estate in Melbourne's West | Manor Lakes Happy to help should you require more info.

 

Congrats and thanks for the info. When is the settlement timeframe and what is the expected rental yield for your new property ?

 

Wow. Whosoever suggested you the idea to build 10 rooms, they should seriously stop advising. I wouldn’t be surprised if it was the builder or someone from the land sales office who is helping to package it up for you

 

Land Settlement is due at the end of this year. The expected rent for a 4 2 2 config is $400 per week. Almost enough to cover the mortgage. Other expenditures can be covered under negative gearing!

 

Thanks Carthik. Looks like everything is sold. I could only find 2 small lots.

 

Sara, I heard that from another mate of mine too. There are plenty of releases coming up in the future. I recommend you to register your details on their website and contact Aneetha Gunawan their sales personnel.

 

Hi Carthik, Wyndham Vale has 6% rental vacancy. Does that bother You ?