VIC It's Werribee but not as you know it - high-tech city for 100,000 proposed

Thanks sash! So much wisdom from you.
Im becoming biased towards Melbourne heheh ive lived in the eastern area around noble park north and knoxfield and saw how the markets there moved!
I know some IT peeps who are recent migrants who are buying/bought into Werribee. Very strong income and very risk-averse so they buy only where price point is good, doesnt matter whether it's west as long as accessible to the city.

 

I know.......where else in Australia..can you get a place within 30 klms of the city for less than 370k....

 

Brisbane, Adelaide, Hobart, Perth, Darwin haha actually every city except Sydney

 

Brand new with 10% pa plus growth propects over next 2-3 years. Brisbane and others dont have growth potential though i thoughit will come post boom completion in mebourne outer suburbs

 

Melbourne?

 

True - look at point cook properties what was high 300Kish in 2014 was 400kish in 2015 and now 500Kish in 2016. to be honest, I thought there is so much land I would say 400kish is reasonable enough. More and more migrants (got like 4 Indians who graduated from uni applying for my place to rent - each has 2 jobs each a day). they don't earn much but it works out to be 200Kis all for all 4 of them (2 jobs a day) which in my opinion is good as they have money to pay for rent.

 

Yep....no chance of getting that in Adelaide, Brisbane or Hobart at the moment...though 4-5% pa is possible. I would say that Werribee and Melton are in for 10% pa growth over the next 2-3 years to catch up to where they should be in repsect to the Melbourne market. Even then Werribee would be in early to mid 4s as a median...and Melton would be in the mid 3s....affordability is the key driver.

The supply of new builds are slow...the time take from land purchase to the point you can develop on it...is mind bogglingly slow...take it from me...as I am experiencing this....it is not like apartments.

The other limitation...is that the earth moving companies are so flat chat that this is slowing progress even further...let alone the time councils are taking for land subdivision approvals....

 

Ohh that's what you meant. Yeah I agree Melb outer suburbs will go for a while imo

 

Yep...and potentially as they are only paying $100pw in rent...they will save and probably but something cheap as a first house in the same area. So the demand there is continuous...imagine if each of these 4 bought a home.....this is what I am seeing happening in Wyndham. The immigrants like shiny new houses...

 

yup - which is why demographics is important even Mt Druitt has demographics like these who save and build their money base.

 

I have lots of Indian friends being in IT and they are the ones who can save more than 50% of their income because:
1. IT is a very volatile profession. My friends have cash buffers amounting to 1 year of expenses if they are made redundant or contract has ended. I think this applies not only to Indians but even other migrants. Some even bring 200K cash from their previous investments/shares from India because some of them worked in the UK/US/Europe as expats...
2. They see renting as waste of money and wanted to get into the property ladder as soon as they can
3. Most if not all have very, very simple lifestyle. They usually have packed lunch and don't like flashy stuff.
BUT
4. They generally don't like taking out huge amount of home loan as their first home because of #1 above.

Having said these, I am now thinking whether FHBs may get turned off with the Sydney property market given the current conditions and are starting to see Melbourne as more viable option. My friends tell me that their colleagues in Melbourne are already owning houses and doesn't have to keep renting while we are stuck with renting at Sydney.

I've noticed that most Federal projects (DHS, Defence for example) are now mostly in Canberra, Brisbane and Adelaide. They could have chosen Syd or Mel as location. Maybe this is to boost the property market in other states but well, it's only a very small portion of the market and I am not an expert on these things.

Back to above, I think this is where my bias is coming from when it comes to Melbourne because there is a lot of Indian (IT or not IT) people in Wyndham Council suburbs for example. I know quite a few people who relocated from Syd to Mel because of the price point but both offering IT jobs. Sydney pays more though in most occasions. Maybe I'm wrong but Werribee has been a popular area even Sydneysiders are now aware of this and wanted to invest. My friends still could not forget the flood in QLD unfortunately.

 

Canberra too (make that 10kms for 400k range). And the schools and amenities are far better than what you'd be getting in Werribee or surrounds for that price point.

 

Seems like the plans for Werribee are back!

Is now the time to buy?

http://www.heraldsun.com.au/news/vi...s/news-story/de7f28255d509ed632b14d329b8b0d17

 

total hype... why show people walking on the street talking to each other? Is that tech city?

 

When will the developers ever stop creating so many land estates?!

 

we will have flying cars by the time this tech city built

 

Oh my God..... This sort of massive wet dream will NEVER happen! It's not even on a train line, nor any real public transport thought put in. Just a whiz-bang tender to try and get the land to play with later..., then subsequent plans will be massively scaled down when they realise it will never happen.... Councils and Cities around the world have thousands of these masterplans gathering dust.

 

i own a townhouse about an 8 min walk to the werribee station. I bought a townhouse as was worried there are so many land releases and new house/land packages. If i bought again there for investment i would buy the same thing. Anything long term within walking distance to a station/shops in Melbourne will be sought after and there are townhouses around 300k in Werribee right now within a walk to station.

 

Hows the vacancy rates? why do you think tenants would chose your townhouse instead of some brand new detached houses ?

 

Meanwhile one of the councillors (a big local property baron) is in a stoush with residents over a proposed Indian cultural precinct at Tarneit.

Khan faces online stoush probe - Star Weekly

Plus some local discussion (including on the education city proposal) at Werribee Now