VIC Tarneit land price

Just trying to understand the land price (psqm) and build costs in Tarneit at the moment (esp in the newer estates). I noticed a large no of nomination sales listed on Gumtree. Has anyone had experience buying off Gumtree and picking up a good deal?

I understand there isn't any incentive for the buyer to sell below 10% of the contract price (and losing their deposit) but I feel like given the large amount of sales listings there definitely must be at least a 20% reduction of the land prices by the developers to keep moving stock (by way of discount).

 

I have picked few deals for myself and friends.

Sellers are on the risk of losing the deposit. So out of the 30k they paid on 300k on an average, you are looking for a 15k to 20k drop max. Thereby only 10% to 15% (in some cases) on land.

Please note that build prices stay the same or would have increased by 2to 6% over the period land has been held.

A 22 sq fully complete turnkey home with inclusions is now sitting between 235k and 240k.

Good developers will not drop the peice and there is still movement in market though in selective areas.

Regards

 

I've been keeping my eyes and ears open for a good deal but struggling to find one. There was this offer that came up in the Westbrook estate, a 400sqm block, north facing, they paid $295k for it. Say you could get it for $275k or so. A 4x2x2 22sqm turnkey house on it would be about $250k with some bells and whistles. All up, $560k ish including selling costs, there'd be very little fat in the deal, considering new houses there sell for about $580k or so. Unless you can get the build done a lot cheaper, not worth the risk IMO. Thoughts @sash @ashish1137?

 

If it is a 20k drop on 300k, isn't that only a 6.7pc drop in price only. Other parts of Melbourne have dropped considerably more.

I was thinking the developers would be at least providing rebates for any resales from lots that could not settle in order to to keep movement in the market given how slow these are selling.

 

My bad.

Yes, about 5 to 7% drop on land. But you habe to consider that this land was bought back in 2018.

Example, i picked a land at 2017 nov price and planning to build and hold. Land settles in jan next year due to delays so get enough time before my current builds end.

There is a good 20% gross profit (excluding one time costs) by the time i complete the house.

You are much better of targeting nearby areas which were already low priced.

 

But what is to be achieved out of it?

Will be good to know what @Cactus and @melbournian are upto?


Regards

 

Apparently Albright Estate has reduced prices $35k. The website says $25k discount as well builder deposit paid.
Albright | Land for Sale in Truganina | Villawood Properties

 

I have been quoted by a custom builder $230K, 23 Sq, no fencing, no landscaping. Most of other inclusions upgraded.

 

Keen to understand why Tarneit?

Cheers,

 

Tarneit is a no go...ateocious. to much speculation has ruined vals.

 

How much when you add driveway, fencing, landscaping, overhead cabinets, blinds, clothesline and letterbox?


Regards

 

Why are you looking to buy there?

 

Build and flog.

Yep, 100%.

So no less than $250k, turnkey.

Build and flog!

 

More like build and capital loss! Can't see any money in it.

 

if someone defaults from the land contract, will they loose just the deposit (say 5-10 %) or are there are other additional losses?

 

Looks like the message didn't come out like it should've. I was trying to figure out how there was a decent deal and how @ashish1137 managed to eke one out.

 

Overhead cabinets and exposed driveway included. I will add another $10k for other fixtures. Total $240k build

 

Off topic, I’m in Melbourne now, Can someone tell me why in Melbourne you refer 100sqm as 10sq?

 

Square is a commom term used amongst professionals in nsw and vic. Not sure yet about other states.

1 square is approx. Equal to 9.17 sq mt, i think.


Regards

 

Okay, why? Doesn’t make sense to me!