VIC Morwell/Traralgon

No they've been extending for years and more money is being pumped in

 

Surely this must be a pricing error?

1, Hazelwood Estate Road, Churchill, Vic 3842

 

Nope that would be right, i reckon

 

Yep, they fixed the error.
It was listed earlier today with a selling price of $8,950,000....
Just one zero too many

 

Not sure what to make of that list, but the new estate releases in Traralgon are usually fully sold out and built out very quickly. Most of the estates in the other towns can and do sit there unsold and vacant for many years.

 

Is the Valley (Churchill) still a good area to buy in? It's definitely slowed down a lot (and evening dropping in some cases)...I'm just worried 300k+ will end up going back to 200k in a few years lol. My concern is that there's so much land there that long term wise, there's not really any value

 

Not sure on the accuracy of this, which estates and areas are you referring to?
I've been tracking new housing estates in Moe and most are moving quickly through stage releases as they sell out. The time to title land is usually the longest however its clear when titles are released to buyers as a wave of construction commences in a particular area or street.

 

I agree. They have slowed down a lot. I’m afraid when they jumped from 100k plus to 300k plus so quickly they are very prone to correction.

 

Not new estates, established areas in churchill

 

Maybe not a good time to buy then?

 

I have a brother who lives out in Traralgon. There are zero, nada, nil jobs out there and it is as flat and boring as it comes. Perfect place for a coal power plant though.

 

Surely this is pretty much every regional town and they're all priced quite similarly. I actually like Traralgon though and jobwise isn't an issue for me. I just don't want to buy at the peak

 

The median price of a 3 bed is around 375k, with a 20% deposit that leaves you with a mortgage of 300k.
You can literally have a 50k HOUSEHOLD income and still have repayments below 30% of household income, which is a common affordability measure.

I can't say whether Traralgon will continue to grow short-term, but I doubt it's going backwards and I think it's a solid long term bet considering growth expected for "Latrobe city" especially considering cashflow is still positive/ neutral.

 

What's Newstart these days? That my brother's household income and most of the others who live around there. End of the Hazelwood hit them hard.

If its comparable with other places i would suggest select them as they might have some kind of holiday potential. Dont hear people saying they will be spending two weeks in Traralgon very often.

 

But like you said, what growth if there's no jobs...

 

Of course you don't. It's not a holiday destination, but unsure what that has to do with the conversation.

 

It's in the top 4 of VIC's largest regional hubs, it has over 80k people.

If you think that every one of them works at Hazelwood and that VIC Planning has no forward thinking with regard to this, then there's nothing I could say to convince you.

 

Totally agree. Not everyone will have a job either, just like every other area in the country. Traralgon has been a good performer for me, with both growth and income.

 

Didnt say that, but the area really developed on the back of coal fired power. All of these power stations are disappearing and their demise could be expedited.
In the 90s the area was absolutely destroyed by Kennett and he didnt give a stuff about the damage he caused. Although we have a government with a brain in Victoria at the moment there is always a risk that the Victorian liberals get back in and neglect the rural areas to build a second Casino.

 

Good to hear