VIC Post up on new land releases in Melbourne

Finally, New Gate in Tarneit have a new stage being released this weekend. Priced exorbitantly. Just got a call from their sales guy who gave me the following numbers:

420sqm block for $335k.
375sqm block for $305k.

Put a house on say the smaller one for say $220k for a total cost of ~$525k. Dunno if the val's going to stack up. For that sort or money, I'd just cough up another 30-40k and buy in Altona Meadows or someplace more established. Heck, even Werribee's cheaper than that and probably better value long term.

 

Got today the list of prices for next woodlea release.

 

I dont think there is any value in buying blocks at the market price now.
I came across some awesome deals, if only I had money.
Now, i suppose marks the end of cycle when all the end users are running into the suburbs and estates where investors bought earlier this uear and already gained 40-50k in just last 6 months, leave alone a year, land has grown to nearly 800-900 per square metre even in the remotest of the suburbs.

Now, the buying is becoming tricky and one need to see where you can add value, buy cheaper and lesser than median or at least the current market price.

Regards

 

http://files.clickdimensions.com/sa...9f5&esid=e3cd9e28-7d93-e711-a013-0050568d4f89


Botanical first release Mickleham

 

Agreed. While there may continue to be more growth, buying at these levels is far riskier.

For me I have always bought under $200k I just kept buying smaller blocks but I struggle to bring myself to pay more than this. It's getting harder to buy below $200k now.

 

Agree with this 100%...last few blocks I bought were for 140-155k.....no chance now.....

 

Agree, 1/2 years ago you could buy and build a 3/2/2 on a 250/300m2 for 280k/330k. The equivalent close to the cbd was $500k, the difference was worth the distance. Now for the same you pay 450/500k, it doesn`t make sense anymore, you can buy something similar (well, not new) much closer the city.

 

You disclosed a gem.

 

This post by @sash is GOLD, follow and you won't falter:

 

So Botanical had their first release today, 3 hours ago to be exact, and apparently they've received over 1000 applicants for 30 (ish) lots. The demand's not abating!! When and where will this end..



Lol @ masterplanned community, don't they say that for every estate!

 

Great marketing....to take money off the uninformed!

 

What the... and I thought my land was expensive 2 years ago
I wonder how far the price can go up before they become unaffordable

 

Rathdowne in Wollert have a release coming up this Saturday, the prices are mental out there too.

North facing 400sqm block is priced at $315,900.

I mean WTF..

 

Are there still any areas where land can be grabbed for less than 200k? I have been watching some of the land releases in weribee and surrounding areas but none of them are less than 250k for a 300sqm block. This is for long term hold as investment

 

Not Werribee no, though @Connor said he did see a block or two come back on the market $190k or thereabouts last week or so. Sub $200k blocks only in Atherstone (Melton) or towards Bacchus Marsh or around Geelong. Doubt anywhere else.

 

Below $300k is the new below $200k.

I Have never bought a land Lot for more than $200k. I bought my last one for $175k on 30th of June 2017.

I have paid $128k, $133k, $145k, $149k, $160k, $163k, $175k, $199k but I've never paid over $200k....

Maybe It's a psychological barrier for me... I just keep moving further out and/or smaller.

 

Like wise.....96k.....97k.....125k....144k...149k.....140k....155k...133k....build costs also well under 200k...157-177k so far...turnkey.

 

Have to agree, I've just put a block on hold. 204k and anticipating a 175k build. Just waiting on a couple of quotes.
Should owe about 385-390k finished. Comparable packages are starting from 430k to 450k.
Land prices have definitely gone up, but so have end values. Still getting the numbers to work in some areas. But certainly not anywhere.

 

How do you guys manage to secure lots? I don't know if it's just luck or some wrong strategy that I'm unable to win those land allotments through lotteries (3 tries in different estates)