NSW Suggestions for Land in Riverstone

I am looking to buy land with delayed settlement into next year.

Saw an option in Riverstone (Western Sydney, NSW). 3km from Riverstone station and 6 km from Rouse Hill town centre.

Land is being sold by landcom.

Price - 390K for 302sqm.

1) Is it a safe location to live in ? I will be living there.
2) Good option for future growth ?
3) Is the price okay or expensive ?

 

Hi Sanjay

• Is this for a home or are you looking to invest?
• What has motivated you to buy something which settles well into the future?
• What is the supply like in the area?
• Have you reviewed your borrowing capacity?
• What if your circumstances change and you can no longer borrow? A lot of people were caught out in recent times, when they 'booked' to purchase land which was not being titled for a long time - some were looking to flip, and lost deposits unfortunately. Either the valuation didn't stack up or they could no longer borrow.

IMO this is high risk.

 

Thanks for your reply.

- I will be looking to live in this property
- I need time to save up for my deposit. Hence looking to buy something with delayed settlement
- I have checked my borrowing capacity with a broker.

Would you recommend to just keep saving for my deposit and then buy an already registered land or established home ?

 

In my view yes, keep saving then purchase...what if you want to live in another area then? e.g. because of work? It may work for you...but you need to be aware of the risks as per my post above.

 

Riverstone used to be a little rough, but it's cleaned up alot now and quick a nice area to live in depending on which estate youre buying into.

My client purchased in the estate just off Garfield road towards the Windsor road side and loves it after downsizing from stanhope gardens

Per Sqm is about right on new developments around the area, considering The Ponds is around $1500per sqm.

 

The area of riverstone that is north east of Clark street and Garfield road will be in the suburb of Rouse Hill in the next 12 months because of a boundary change. This is expected to increase the value of the land/housing in this area by a small amount as they are increasing the size of rouse hill regional park to be in the centre of this area. So a new park, the removal of the pet food abattoir and the change of suburb name could bring a surprise price increase in this square. The two largest land owners have held back from selling their subdivisions until these three advantages take place.

 

Would that become part of hills or stay in blacktown? I heard rouse hill is divided between 2 councils

 

It will remain Blacktown council. Council makes no difference To value in that area. There is a shortage of land to develop in this area and a few meetings are being held this month to expedite Release of stage two of the Rouse Hill Area. This has been delayed due to the delay in closing the abattoir and planning for the park extensions. Stage 1 and 3 have already been released for some years.
There was a recent murder of a 39 year old man for his car by a gang of teens and theft is rife in the remaining acreages. Police are not even investigating theft lately as it is so commonplace.
The completion of the suburb and the removal of the many fibro shacks awaiting demolition for development will clean up the suburb substantially.

 

I was looking at Rosebank estate by Landcom which is near Junction road off Windsor road.

Do you know if that is a good estate ?

 

Lol you could be asking for subdivision purposes but it just reminded me someone I knew was so proud of being under Hills Shire Council and looked down on Blacktown Council

 

I Personally cant say if it's a good estate or not cause i dont live near there or go there much.

But it's definitely away from the centre of Riverstone which still looks a little rough

My clients bought the next road up and they love it from Junction and enjoy it there cause its quiet.

It's a new development there isn't much around there.

 

strange you know only one person like that

 

I try to control the quality of the people I accosiate with, this particular person got slipped through due to being my in law's family friend......

 

good on you... you would be enjoying quarantine a lot

 

Is there a link to this proposal of extending the boundary of Rouse Hill? Can you share please? Thanks.

 

No it was at a meeting of stake holders with the geographical naming board of NSW and Blacktown council. It is not going to be publicly released until the park extension is announced as last two times they announced a name change it was booed loudly by the locals.
Previous name changes were that The original geographic hill of Rouse Hill was to be renamed Vinegar Hill then it was slated to be called Wran so they kept it quiet all three times to avoid embarrassment.

 

I see.. thanks. I thought the suburb name change to Wran was rejected? According to this map (not sure if there is a more recent one), the proposal is Rouse Hill will remain unchanged then part of Schofields and the area around the Tallawong Metro to be renamed Tallawong. Then the area you pointed out to be named as Grantham Farm.

source: Locality proposal - Geographical Names Board of NSW

 

Knew someone with the same attitude, calling ‘the hills’ north Blacktown would set them right off!

 

lol... didn't know that. I am going to pull that one off on someone

 

@Sanjay Wadhwani Where did you end up buying? I was also looking for a similar option of a delayed settlement. After a bit of research I opted for Box Hill. Did you end up buying in Riverstone?