VIC looking to buy first ip in harpley estate werribee ...like to know if there is any future growth

hi
i am looking to buy first ip in harpley estate or old werribee , my budget is 420k mark and as the land prices going up by every release the only option i have is h&l package 3+2+1(16sq)house on minimum 250sqm block size or buy a turn key townhouse 4+2+2 one similar size block ..being a first time investor i am bit nervous about the area and future capital growth .

 

Why pay $420k for something on a tiny 250 sqm block when you can pay less for an older place on 2 or 3 times the land size in a more convenient location with facilities already built? Eg

$280k 1 Budgie Court Werribee Vic 3030 - House for Sale #118664743 - realestate.com.au

$410k 177 Greaves Street North Werribee Vic 3030 - House for Sale #124621110 - realestate.com.au

$375k 26A Margaret St Werribee Vic 3030 - House for Sale #125106830 - realestate.com.au

A large part of future capital growth depends on how well you buy, especially in this market where there has already been a large increase in prices.

Whereas almost anything in the area bought in 2013 would have gone up by now this may not necessarily be the case for poorer value property bought today.

 

agree with @Spiderman buy old and find ways to manufacture more equity by either renovating or developing. which would also increase your cashflow.

but if you are looking for a H+L you could look at places like Mernda for similar price but bigger block and once the train station gets completed the prices would increase

 

Part of harpley's growth story is the lakes to be built in the estate by Lendlease. The last time that happened was in Caroline springs. Look what happened to the prices there today.

 

If you are after an established 3 bdr house in Werribee, you'd better hurry up. More and more people are looking in this area. With your budget, a couple more months of waiting and you may struggle to find anything with your budget.

 

I'm not convinced whether the lakes by themselves are sufficient for growth. Caroline Springs also has a town centre and schools conveniently spread along a central boulevard with a better than average bus service to Watergardens and the new station. It's also closer to the CBD than Werribee.

Other areas nearby can also claim water - eg Manor Lakes. Or even older parts of Werribee abutting the Werribee River.

 

Hi thanks for reply . Yes I have checked all the old properties befor I decided to go for h+l package which is my second choice but the only issue with exciting property is that agents and seller know there is a lot of buyers in market so they actually ask for more then the actual market value for example I made an offer for a property advertising for 390 plus so I went Upto 415k and then I got call from agent that vendor is now looking for 430k . That's why I am now looking for h&l package double story 4 bedroom house or townhouse .
Going to Melbourne tomorrow to see how is the harpley estate and near by area .
Any view for pakenham?

 

Hi thanks for reply. I love to buy the old one if I can afford one in Sydney where I can easily renovate and gain more equity but for interstate investment I like the one which is easy to maintain . And I m looking to hold it for long term .