Purchasing land in Box Hill (NSW) for investment

Hi all, could you please advise if it is a good idea to purchase a 500sqm land in box hill for investment purpose ? My initial thought was to build a house for PPOR but I was worried about commute as both me & my partner work in CBD and we have two kids. So, I felt it might be very tough for commute & pick up ,dropping kids to child care/school. So, I am now thinking of buying the 500sqm land ($575K) and wait for an year or two till the suburb develops with respect to school, commute & then decide whether to resell it or build a house for PPOR. Can you please advise if that's a good idea for investment ? Or do you have any other suggestions for investment ? Thank you very much in advance.

 

Box Hill ( NSW)

 

Sorry, I didn't know about Box Hill, Vic. My question was about Box Hill, NSW.

 

What do you expect to change in a year or two? Meanwhile no rent, and interest is not deductible, and you dont have a ppor.

 

Thank you very much

 

Agree. I was thinking that the land prices might go up during the next stage land releases from the estate.

 

what might lead land prices to NOT go up, and how have you assessed the probabilities?

2 years is ridiculously short considering it might cost you 5%+ after tax in costs to hold it.

 

I have seen in few estates that the subsequent stage releases of land are costlier than the previous ones. So, I assumed that the same thing might happen here as well.

I completely agree with you. Looks like the best option for me now is to : look for a house/lot as a PPOR or buy a property which is currently leased (IP).

Thank you very much.