VIC Is Williams Landing still worth investing?

The land prices in Williams Landing have soared and reached around $1075 per sqm. So for a small block like 300sqm, it is priced at around $325k, and for a regular 448sqm block, $470k - $480k.

The construction of the Williams Landing Town Centre has not even properly started yet, apart from that there is a shopping centre. Is the Town Centre still going to be a major driver for future capital growth?

Small blocks (300sqm or even less) that are on the market now from the Developer are close to the train station (10 min walk), not too far from the shopping centre (15 min walk), very close to the freeway, and there is also an unusually huge wet land park planned for that area. But does it justify the seemingly overpriced blocks?

The land in Williams Landing is now nearly sold out, and the next suburbs people are going to look at in the West would be Upper Point Cook, Truganina, Werribee and Tarneit. Is it worth investing in Williams Landing at that price now to get in before land all sold out?

 

Any ideas?

Is it just ridiculous to spend $320k for a $300sqm block of land in WL even though the land is nearly sold out in WL, and it's close to freeway, train station, shopping centre, parks, etc.?

 

Totally different suburb, but that sort of price per m2 is in Geelong West whenever a small block comes up. I used to work in Pt Cook and found traffic a real pain accessing it from Geelong, it seemed like you had to wait 5-6 sets of lights before being able to cross the Forsyth Rd bridge off Princes Fwy.

I reckon that sort of price point is more akin to inner areas....Williams Landing, while new doesn't grab me the same way. But then again i am not a Melbourne person.

 

Thanks for sharing your thought.

Williams Landing has better access to the freeway and it takes less than 5 minutes to get onto the freeway. I tested it in the 8am morning traffic from the area where land is still available.

But I'm concerned if this sort of money is worth spending in WL. I reckon many on this forum would say no. Any thoughts are welcome

 

I personally wouldn't be paying that sort of money for Williams Landing.
What are the drivers their? What is the long term potential of that suburb? What is the short term potential?

Infrastructure, schools, hospitals, parklands, restaurants, shopping?
How does that stack up to other areas where you pay 600k??
I an think of about 30 better suburbs I would be putting my money before their.

 

They have a huge town centre planned but not sure when to complete.. Target headquarter is also going to be relocated to WL. If you only look at Cedar Woods estate in WL not WL as a whole, median 4 bedders will be around $680k. Realestate shows $630k for a median four bedder because it factors in another estate in WL which is Wyndham Waters

 

Town centre will no doubt be a master planned dung hole
Not saying its a bad investment though. Everyone has different tastes

 

WL was ok when it was in the 300-400Kish but there are so many places to buy for 630K,
300sqm for 325K is a crazy price. i got mine around mid to high 100Kish in point cook 350sqm odd which really is just opposite the road

i would avoid it. as a PPOR it's not really that great either. 2015 racv WL as the most burglared suburb.

 

As you've stated prices in the area have already soared. From an investment perspective I really don't see the point of buying in now after all the recent growth.
Do you think there is much upside if you bought in now?

 

Town centr is actually pretty impressive. I think it will do alright longer term. Target, and Train station are massive for the Town Centre. Unfortunately Masters is a bit of a ghost building at the moment

That said there are prob better alternatives at the moment outside of WL.

 

However, if you ask the agents in Point Cook how much a 300sqm block costs there, they would say $280k-$310k. There are a couple of such blocks for sale at the moment for that sort of price on realestate.com.au..

5 Tuncurry Road Point Cook Vic 3030 - Residential Land for Sale #201682322 - realestate.com.au

Lot 1722 Creston Street Point Cook Vic 3030 - Residential Land for Sale #201685966 - realestate.com.au

Lot 2939 Walgett Street Point Cook Vic 3030 - Residential Land for Sale #201709682 - realestate.com.au

If you got your 350sqm at mid to high 100Kish, then it must have been many years ago?

 

WL has not got too many amenities yet, apart from a train station, a shopping centre (stage 2 completed), a childcare centre, a fitness centre, parklands, etc. 70% of the planned town centre have not yet started. So it's a question of when the town centre is to be complete.

We may argue that WL is overpriced, but so are lots of other suburbs such as Point Cook, Truganina, etc. where land price is also very high. Would you consider Harpley?

 

We've seen many instances where two properties at different sides of a road are priced very differently. Wyndham Waters, for example, is just right next to Cedar Woods estate. Both are in WL, but the price difference for the same type of house and land would be over $50,000.

That said, a 350sqm block in Point Cook is also very expensive now (see links above). If yours was mid-high 100Kish, then congratulations you got a good deal.

 

2012/13 ard there not that long ago and was ready titled end of 2013. I think if u look ard u can stil find affordable blocks

 

The thing is it PC hanged one or two years not doing anything as it dead like growth. When I purchased the lots they gave $500 Bunnings vouchers for free and hampers. There was limited demand. However as other areas become more expensive ppl started moving out. Demographics are different as well lots of Indians. If u ask me Werribee will move as once they find it more ex in PC and WL they will move further out. A little diff to the Chinese who in the case of Balwyn and GW would keep fighting a bit longer pushing suburb prices up. WL and PC are close to peak I believe.

 

Good discussion point. What about Altona? Its median reached mid $600k in 2014 and now it's high $700k. Are you suggesting that house prices in Werribee would catch up with WL and PC eventually? So why can WL and PC never catch up with Altona, and Altona can never catch up with Newport?

 

I'm not arguing that WL is overpriced, just expressing that when you look at it from an investment point of view, and taking into account its recent boom... Is there still room for continued growth in the near future? Or are there other markets that which offer potentially better returns/potential and sooner?

If comparing to Point Cook, which has also had a recent uplift in values. You can actually purchase a larger established 3-5 year old home on a larger block, for less $$, than you can build a new home on a smaller block. When markets do this it tells me that they are hitting their straps, and to think twice before investing in them.

Of course if you're looking for a place to live, or investing with a 10-15 year outlook, this means nothing. But definitely something to consider if investing and wanting to see your gains sooner.

 

Different demographics and the vibe. Altona has the beach and distance wise is much closer to CBD. It is more middle eastern and Australian in Altona and those suburbs were older suburbs where extended families have existed long before PC and WL and tarneit etc came along

PC and WL estates are newer which only started out the last 10 years. When I have an inspection for rental in PC 9 out 10 parties on the 1st day are Indians. The average income earning Indians are different in that if they will find somewhere else more affordable they will go for it if it means another 4-5kms. If u have dealt with a guju u know what I mean. I knew my previous apartment Cleaners for the complex could not afford point cook so they bought tarneit instead. I got 10 indian tenants across 2 houses in north east side by side and they moved purely coz rental was raised up in their previous tenancy

It is different suburbs to say Doncaster or Clayton or Ringwood where there are other facilities like major shopping centres Westfields, chadstone, Monash univerisities etc

There is also a lot of stock coming up in pc and WL area. Chinese developer dahua bought large acres of land to do 3000 lots to sell. So if supply exceeds demand what will happen ? If the population booms maybe it will absorb these lots but this is not the case for Altona or Newport where they are large parcels of lots coming up for sale

As long as the prices are cheaper in Werribee u will see a shift in prices more there

 

"There is also a lot of stock coming up in pc and WL area."

Not sure about PC, but there is not too much stock in WL. Where are the 3000 lots located? I thought even for PC there wouldn't be too much residential land after UPC is sold out?

 

I looked it up, so it seems that the area where dahua is going to develop is at the very south of PC.

If people are always happy to keep moving further and further out, is there still any point looking at Western suburbs? There are always land out there in the West, just a matter of distance to the CBD. Before Werribee can get real CG, people would move again into even further areas?