VIC IP for 650k in Officer or Pakenham in 2021/2022?

Discussion in 'Where to Buy' started by Vdo737, 30th Oct, 2021.

Join Australia's most dynamic and respected property investment community
  1. Vdo737

    Vdo737 New Member

    Joined:
    8th Oct, 2021
    Posts:
    1
    Location:
    Melbourne
    Hi all. Quite new to this forum but just want to get a gauge on people's thoughts on whether it's a tad late in 2021/2022 to capitalise on an IP in Officer or Pakenham. What I am looking for is <650k for land size >400sqm. Looking to keep mid to long term and have a healthy rental. Capital growth historically speaking looks good and rental yield is about right for me.

    Keen to know people's thoughts on:

    - Areas to avoid in Officer and Pakenham
    - Should I be looking at Pakenham East or even to Traralgon?
    - Infrastructure and Vic Gov pipeline works for Officer and Pakenham?

    Conscious of not wanting to be paralysed from all the analysis that can I can pour into this but just want to get people's IP experience in this area of Victoria.

    Thanks
     
  2. Tass

    Tass Member

    Joined:
    28th Jul, 2021
    Posts:
    8
    Location:
    Victoria
    Hi there,

    Me too, I heard there is a newly suburb Pakenham East. I’m tempting to buy as Lendlease just release the land, but other estate will release in 2022. But Pakenham east is like a middle of mowhere…not close to the beach or anything. Officer is over my budget…
    Have you bought anything yet?
     
  3. Chris W

    Chris W New Member

    Joined:
    29th Jan, 2022
    Posts:
    4
    Location:
    Ferntree Gully
    Hi mate, I'm very curious about this too and have been considering the exact same IP options and pricing. If anyone with more experience can she'd some light on this please do!!
     
  4. applesathome

    applesathome Well-Known Member

    Joined:
    26th Oct, 2021
    Posts:
    267
    Location:
    VIC
    Just remember the area is new estate galore and endless supply out there with all the land. Go drive by and you'll see. Growth is good they want to turn Pakenham into a little satellite hub for that area, but you will always be competing with newer houses and estates over the next 30 years.
     
  5. Westie

    Westie Well-Known Member

    Joined:
    19th Jun, 2017
    Posts:
    1,136
    Location:
    Melbourne
    Few things with this:

    1. Buy well.
    2. Buy closer to amenities.
    3. Buy into a desirable estate.
    4. Not all land is created equal.

    As an example, Armstrong Creek and surrounds. Yep, plenty of land and they'd build all the way to Adelaide if they could along the GOR. But, not all land's the same and reflected in prices and demand (yes, I know rising tides lift all boats but this area stood firm in sale prices and rental demand all these years).
     
  6. kkkansal

    kkkansal Member

    Joined:
    10th May, 2021
    Posts:
    17
    Location:
    Melbourne
    I was going t book a land in Averley estate 410sqm for 319k but missed it due to fear of market going to sink. same land they releasing now for 390k. 70k increased in last 4 months. Amazing
     
  7. sash

    sash Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    15,355
    Location:
    Sydney
    I was told by people on here that too much supply of land in Officer. Land bought for 149k in 2017 for 289sqm...build completed in 2018 for 172k for 3x2x2 with 2.7m ceilings. So total is about 320k.

    Valued at 650k plus now in 2022......rents for 385pw. Essentially doubled in 4 years
     
  8. kkkansal

    kkkansal Member

    Joined:
    10th May, 2021
    Posts:
    17
    Location:
    Melbourne
    Mate bought in 2019 in Pakenham for 450k 4/2/2 448 land. now valued at 720k. 270k in 3 years. its insane growth in that area.