VIC Melbourne's west or nth/west - WL/PC/Werribee/C'burn

Hey guys, I could use some advice which I'm sure lots of others could too.

I'm looking at my first IP, in Melbourne's west, primarily because elsewhere isn't cheap or I don't know the area much enough (eg Frankston/CD etc)

I've been living in the WL area for about 8 years and know the area well. With crazy prices of ~$1000-1100 per sqm in WL, do you think there's still potential? I mean how much higher could it go is anyone's guess. If an area's overpriced, like WL is, people will head out. Werribee and Wyndham Vale might go up next, I know Hoppers has had/is having a mini boom. Thing that worries me is both WV and Werribee have so much more land around for developers to release, there might not be enough growth. I've been thinking of land banking for a year or so, pay the penalty, hold on for a bit more. Then build and sell/rent out. In today's market, banking land may not be such a bright idea, maybe a few years ago yes it was. Hindsight's a b...ch, innit?!

What are thoughts about Craigieburn/Wollert/Epping etc? I hear Ardeer and surrounds are going up too. Damn, too much to consider. Can someone enlighten lesser mortals like me?! While I'm not terrified of making my first investment, some advice is greatly appreciated. If I stay where I am, I'll never get to where I want to be.

For what it's worth, I'm after CG and intend to hold onto the IP for years. However I may sell if I observe/think things aren't going so well.

 

i think you need to have a strategy of what you would like to do and achieve.

Melbourne at the moment is by many people's opinion here (not necessarily mine) has almost reached peak. There are numerous threads on here about Werribee and H&L packages.

Land banking and building may take a bit of time and it may be a different scenario in a few years in Melbourne.

Investing is a long term goal and your last line is concerning. Selling once things are not going well can be quite costly as there are a lot of buying costs such as stamp duty, holding costs, rates, insurance and land tax. I would continue to do as you are now and research, learn what exactly you are after, run the sums at 7% as interest rates will likely rise and look for a strategy that suits you. It may be difficult to expect the same growth we've had in the past few years

 

Sorry I should've replied to your post @couq. I've spent a lot of time learning from various folks on here and written my goals down. I think I've got an idea of what I want to achieve and work my way forward as I go towards those goals. In saying this, I've picked up a block of land in Armstrong Creek, so here starts my IP journey. This weekend I should be able to nail a house in Werribee and one in Norlane/Newcomb (that's if the smart cats here don't pick them up before I do ). Thanks again everyone at PC.

 

@couq @Westie There are deals in Werribee and other suburbs if u care to look and research thoroughly already saw one in a suburb 12km in cbd that has fire damage and is zoned for growth.

 

12 kms from Melbourne's CBD cant be fire damaged I'd think? Or did you refer to Werribee's CBD? I'd love to know what 'burb this is @melbournian!

 

It looks like you are confused and running in circles......

 

All those who are looking Melbourne?
Now is the time to make a move else wait for another year to see opportunities in other states and miss the boat altogether.

 

Exactly right maybe not as easy in Melb as before but rather than just following the herd interstate - if u research even at this very moment you can still see deals that stack up. Saw a house that is growth zone - tick 13km cbd - tick university - tick shopping mall - tick however fire burnt which has an order to demo the house so maybe will be sold cheap - not rocket science just requires searching

 

I saw that one.. that's

Don't tell them that. Its so hot out there I can't even get in offer in before stuff is gone practically as soon as its listed in the suburbs I want to buy! I need everyone to back off and let me quickly snap one up.

 

Haha ok I dun think I will go for it. Too much work in the demo. Though There are Always stuff that may stack up

 

Whoops I quoted the wrong post, sorry meant to quote the one telling people to get their skates on to buy in melbourne.

 

I saw one in Meadow Heights, I don't have the heart for fire damage, or the time/money to make good.

 

That is what I thought too - I already got my plate full.

 

Epping, Wyndham regions packed with potential for investors - realestate.com.au