VIC Mickleham's booming property prices

Discussion in 'Where to Buy' started by andyboiii, 2nd Aug, 2017.

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  1. andyboiii

    andyboiii Well-Known Member

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    | Herald Sun


    Pretty happy I purchased a block in Waratah estate Mickleham in May last year (18x32m) for $250k. Now selling for $360k in the same estate in the latter stages. I'm a FHB.

    Putting an awesome PPOR on it with Burbank. All up, paying $538k for a 5/3/3 34sq single story... probably worth around $650kish today. Land hasn't even titled yet.

    Probably a bit premature, but I've purchased another block in Armstrong Creek that is due to title Mar/Apr next year. 4/2/2 (23sq house) on 370sqm for $380k turnkey.

    Edit: There's a link at the top of my post if no one has noticed haha
     
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  2. teetotal

    teetotal Well-Known Member

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    Nice !! There are always good opportunities in the early stages of new developments. Mickleham when started was selling even cheaper but you still bought it at good times.
    Any reason why you chose single story not double given that its quite big at 34sq.
     
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  3. andyboiii

    andyboiii Well-Known Member

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    Yes, I know. Kicking myself I never bought years ago. But hindesight is 20/20 vision so I'm celebrating my win haha

    Double storey's were way out of my price range, to be honest. I'm building this up-specced house for around $288k, which with most builders today would cost around $330-340 for what I got. A double storey when I bought mine probably would have cost around $330-340 as well. If I could afford one, then I would have... when I build my dream home one day, I will definitely do a double :)
     
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  4. TimothyR

    TimothyR Member

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  5. andyboiii

    andyboiii Well-Known Member

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    Thanks mate! Compare the price of that 606 Annadale Estate one to the one I'm building. That one was priced at $595k and I'm building for $538k... compare that floorplan to mine (hope this link works):

    [​IMG]

    Edit: this floor plan is has been changed. Kids Activity Room is now called "Bedroom 5" with double doors.
     
  6. TimothyR

    TimothyR Member

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    That's crazy! Nice pickup
     
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  7. sash

    sash Well-Known Member

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    i bought i 265sqm 12.5 by 21 block in 2015...for 125k....put a 17 sq 3x2x2 on it for 176k....so 301k total...that is now worth over 420k. estate was trillium so it commands a premium
     
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  8. andyboiii

    andyboiii Well-Known Member

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    Trillium is awesome, you did well. They always command a premium. I'm building in Waratah which is also a Villawood development, but doesn't have a yearly fee because there's no facility there. I also like Donnybrook Road because there's direct access to the Hume Freeway, which Trillium doesn't have.
     
  9. Westie

    Westie Well-Known Member

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    You've done well gents. I was browsing for land in Greenvale this morning and OMG look at these prices:

    greenvale area.jpg
     
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  10. ATANG

    ATANG Well-Known Member

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    Yeah, cousin bought one OTP in Mickleham as well, she was saying prices have gone up to 400k last year when i visited, i thought she was dreaming.... I dont understand, what are the fundamentals? It's so far and got nothing besides horses and cows lol
     
  11. Westie

    Westie Well-Known Member

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    Don't need fundamentals when people have FOMO. I had some of it too but gladly some top folks on here helped me reign it in.
     
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  12. andyboiii

    andyboiii Well-Known Member

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    I've lived in Craigieburn from 1988 to 2010 (I now live in Oak Park), and it's always been one of those areas that is undiscovered.

    Direct access to the Hume freeway, close to the airport, great amenities/services, Vline (Donnybrook) train station and metro Craigieburn line 7 minutes away, 32km from the city. When you compare 32km from the city to the west and south east, you're far better off in the North as prices are considerably cheaper.

    Also, during peak time, I'd rather drive down the tulla freeway/hume highway over the monash and the west gate any day of the week. It's much more quiet.
     
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  13. Connor

    Connor Well-Known Member

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    @ATANG @Westie plenty of infrastructure is going into these areas, but the main driver of price growth comes down to supply and demand.

    Melbournes booming yearly population growth has caused a shortage of land. 20000 new lots were sold over the last 12 months yet 27000 new lots are required to keep pace with population growth levels. Combined with the fact that most lots sold in 2017 won't be titling until 2018, it only eccentuates the lot shortage.

    I wouldn't say FOMO is causing this price growth. It's a combination of tight supply combined with affordable markets and demand from a growing population.
     
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  14. ATANG

    ATANG Well-Known Member

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    Yeah i take this point more. And it's not just happening to the north, anywhere is rising.

    Is this rate of migration inflow going to sustain?
     
  15. Connor

    Connor Well-Known Member

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    Up to the governments. I'm sure it will ease off at some stage. And prices will stabilise once they reach certain price points.

    But even at currrent levels, getting a house approx 30km from Melb CBD with arterial and train access for circa 400k entry prices... it's got to be a good long term investment.
     
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  16. andyboiii

    andyboiii Well-Known Member

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    Depends on the political landscape but, people will always want to move to Melbourne.

    Lots of opportunity and when you compare it to a lot of other places in the world, we live like royalty down here, so it'll never stop.
     
  17. arunricky

    arunricky Active Member

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    @Connor which area are you referring where a house could be bought for under 400K? I have been looking in west and I can't find any land under 230K and then there is cost to build the house
     
  18. vip_leo

    vip_leo Member

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    Honest Question | > How can one know about such new estate coming/development happening in certain area? so can get benefit(s) of blocking lot/package in early stage, so he can get potential growth by the time other stages release in future!! Anywhere we can register? any portal?
     
  19. Connor

    Connor Well-Known Member

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    You'll be able to do it in Melton. And possibly scrap it in in Werribee/Wyndham Vale. Where are you looking? Most of the 200-220k lots sell before they make it to RE.com

    I wish it was that easy.. Best places I have found are Government/council websites and developer websites. It usually involves sifting through pages of proposals and precinct plans to find the information you need.
     
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  20. Air_Bender

    Air_Bender Well-Known Member

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    Prowl through developers' websites and sign-up to be notified for any future development/land release. You could also contact their sales staff directly and give them your email and mobile number. They'll add you to their registry and notify you when something comes up.

    I signed up with Lendlease many moons ago when I was looking at buying some land in the Aurora estate and I still get emails/texts from them for upcoming developments/land releases.
     
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