VIC new land estates in melbourne

Discussion in 'Where to Buy' started by Sasy, 16th Feb, 2017.

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  1. adrian_christian

    adrian_christian Well-Known Member

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    Clyde North is going absolutely gangbusters right now...
     
  2. Drekko

    Drekko Well-Known Member

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    Hi
    Would you still recommened Craigeburn for budget of 450-480k? for IP?
    What about Manor Lakes?

    Thanks for any info ;)
     
  3. Masih

    Masih Well-Known Member

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    Hi @Pat1983

    I replied to your PM but for others Yes Craigieburn is good but very expensive now. Mickleham and Donnybrook are probably better options. Mernda and Wollert are not too bad either. Mernda will also have a new train station by 2019. Victoria's largest business park is being built in Merrifield estate in Mickleham.

    Melton South is receiving a lot of attention now. A new train station is being built in Cobblebank (formerly part of Melton South) in front of Atherstone Estate and another train station is being planned for southern side of Thornhill Park Estate.

    Just to give a price update, a 400m2 in Aston Craigieburn is now selling for $381,000.

    400m2 in Berwick Waters Estate is selling between $380,000-$400,000.
     
  4. Drekko

    Drekko Well-Known Member

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    Craigieburn is out of my league unfortunately

    I am looking into Armstrong Creek
    or Wyndham vale

    Melton South was kind of where I first wanted to go but people here and there say Ive missed the boat as its already gone through a boom? I dont know everyone has different opinions....
     
  5. Masih

    Masih Well-Known Member

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    Armstrong Creek is good but Melton is better as it's part of Metro Melbourne with similar prices and it's closer to the CBD. Yes it's grown in value but there is still growth left as it's the last affordable area left in Melbourne.

    But if you can find something affordable in Wyndham Vale then that's even better than all of them. Especially if the $30 billion Werribee Education City is built.
     
  6. ashish1137

    ashish1137 Well-Known Member

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    Wow,
    You are comparing armstrong.creek with melton. I personally feel there is no comparison between the areas.

    Armstrong creek is a lifestyle driven area while melton is an affordable market area.
    The demand and rents clearly depict that.

    Regards
     
  7. Knights of Ni

    Knights of Ni Well-Known Member

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    Yeah...they are about $30 Billion short on funding... but other than that the artwork looked great.... no chance this gets built.
     
  8. sash

    sash Well-Known Member

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    Mate....you have that one totally wrong.....

    The demand in Armstrong Creek far exceeds supply...houses for 4x2x2 are approaching 600k on a 500sqm block of land.

    Even a 3x2x2 is now well into the 400s for a 260sqm block.

    The cheapest homes in places like the Villawood estate are now very high 3s and soon to be at 4s only.

    I own a place in Melton South...and the demographics is nowhere near as good as Armstrong Creek which is mostly middle to upper income families.
     
    Chill2205 likes this.
  9. Joseph Attia

    Joseph Attia Member

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    Yes my understanding is that if you keep the titled land for less than 12 months than you are up for 50% capital gains tax for what ever profit you make. Otherwise if you can hold onto it for more than 12 months its 25% CGT.

    Some people buy the land, build on it and live in it for 12 months (usually FHB) than rent out or sell to ensure they pay no CGT
     
  10. sash

    sash Well-Known Member

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    No....the actual contract for 12 months begins on contract signing...so if it took 12 months to settle you can sell it and take the 50% cap discount.
     
  11. Masih

    Masih Well-Known Member

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    And that's exactly my concern. Prices are getting on the unaffordable side in Armstrong Creek because of the growth it's already had. Why would people continue paying so much to live 1:15 hours away from Melbourne when they can get similar sized house and land for cheaper in Melbourne.

    The same demographics exist in Mickleham. Both have average weekly household income of around $1,800 but Mickleham is in Melbourne and close to the airport and prices for 500m2 with 4x2x2 is around $550k-600k mark.

    In the new estates in Melton South you can get something similar for $450k-$500k. Last week I helped a high income earning Engineer purchase a house and land there and finalising a purchase for a project manager. Melton South is changing as well in terms of demographic.

    Here are some stats on these suburbs according to Corelogic:

    Melton South up 27% in 12 months. Average days on market = 35


    Melton up 26% and 29 days


    Armstrong Creek up 6% and 85 days


    Armstrong Creek has had a good run so far but not sure how much longer can it continue for?

    In saying all this, I think there will be good demand for affordable stock (under $500k) in Armstrong Creek so if anyone wanted buy there then it would make more sense to buy that rather than something for $600k.

    But for now we'll just let time decide to see who was right.
     
  12. Masih

    Masih Well-Known Member

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    By Melton I'm mainly referring to the new estates especially Melton South. Demographics will definitely be better than old Melton. You're right that Melton is an affordable area and I've seen a huge demand for affordable properties over the last 6 months or so especially from Sydney.
     
  13. ashish1137

    ashish1137 Well-Known Member

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    I will still go with Armstrong creek (right product at right location).
    Rentals are way higher than Melton. saying that, Melton is changing demographics, Armstrong creek is good demographics.

    Both places have equal amount of land available in vicinity. I would be more close to beach than city. But that is me. :)
    It is all about priorities.

    Regards