VIC IP in Harpley (Werribee), VIC

Greetings,

I am new to this forum. I am from Sydney and currently looking at buying my first IP. I intend to buy this property in around 30 kms radius from Melbourne CBD.

I am looking a the rental around 4.5%, average/high demand rental and capital growth.

What do you think is the prospects of Harpley. Its a new suburb, about 3 kms from Werribee. I have read in the news that there is going to be a 'high tech city' built in Werribee in coming years.

Pls let me know.

Thanks in advance,

Jonty

 

Land land land

 

Is that a good location to invest?

 

I think what GG is trying to say is that the abundance of land in that area puts a ceiling on capital gains in the short/medium term. Lots of land = cheap land (no scarcity) = cheap OTP houses = limited CG for existng houses.

 

Its on the way to the Tip also
To much land in and around Werribee (See Google) and other comments by posters
Its next to Riverview estate, Main St is to far away and so is train station. Unless they have shopping centre going up (unlikely) small estate from memory.
Rental yield = OK
Capital Growth = maybe in 10 years
Closer to werribee CBD would be better

 

I wouldn't factor the tech city into decision at all. That would be an extremely speculative approach. Also, unlikely that thing will ever get off the ground and if/when it does, in reality, it will be nothing more than a business park.

 

Hi Jonty,

Is there any more information you can provide? There really isn't enough information in your post to give an informative or useful response. If you have selected it purely on the basis of the tech centre, I don't think this is enough research and analysis to move further forward at this stage.

How did you come to this particular areas as a potential investment location?

 

Thanks everyone for your reponse so far.

Hello Lisa,

I am from Sydney and have very limited knowledge about areas in Melb. I was looking at few suburbs, which were recommended by the real estate people in Sydney. These suburbs were about 30 mins from Melb CBD.

The reason I want to buy in Melb is because it is tipped to cross the population of sydney in next 15 years. Hence, many people will be migrating/moving in to Melb.

I was also looking at Craigieburn, Broadmeadows (exiting properties).

Hence, looking for looking a the rental around 4.5%, average/high demand rental and capital growth.

My budget is < 420,000. I am looking this property for medium - Long term.

Experts - Any suburb (type of property ) recommendations.

Thanks

Jonty

 

Hi,
I am from Melbourne West and used to be a real estate agent in the area, the issue in the wyndham corridor is that there is allot of vacant land being chopped up and so many new estates being built. Also this is a propose not a thing that is going to happen straight away.

Look at the NBN and East West link projects!!!

 

Hello JP

What am I looking for in NBN and East West link projects??

 

Not sure about NBN and East West Link is dead.

There is a West Link project (called the Western Distributor) which is being talked about by the current Labour Government and Transurban. Google "Transurban Western Distributor".

To get any property CG appreciation benefits from the WD, however, (assuming it goes ahead) you would need to be looking around Sunshine, Braybrook, West Footscray areas. These are the areas that will be close to the proposed tunnel entrance based on the draft maps of the proposed route released to date.

http://www.afr.com/business/infrast...ive-part-of-east-west-project-20150430-1mwmoi

 

You wouldn't want to be too close though. I am aware of properties "close" to the new Tarneit railway station that have suffered severe damage (eg substantial cracks in the concrete slab) to their structures due to the proximity to the project. All that digging and drilling has an impact.