VIC Thomastown/Lalor

Its the ugly ducking areas and proximity to CBD, suddenly people realise this market is undervalued, as you said though its been moving.
Yes, Higher density zoning close to zoning.

 

Hey guys, I read the discussion as I am interested to buy in the area. FHB with a budget of $400k max. Would like to buy a decent lot to develop in future. It looks like I missed my opportunity. I can potentially stretch my budget as I see this as a good area. We land size should I tackle? Do you reckon it is better to wait a bit or the prices are willing to rise in the next future?

@Rockys
Did you end up buying in the area?

 

Luca
Land has increased significantly, you wont get deve site for $400K
Here is a thread I started on my deve in Thomastown, may be interested in looking at the numbers
4 Townhouses development - Melbourne

 

Prices have really moved in the area over the last 12 months or so and you will struggle to pick up a house on decent land let alone a dev site for under 450k

 

Thanks guys, maybe I`ll stretch to $450 then but I really want to keep my budget low. Maybe I need to change area then

MTR, thanks for directing me to that post. Do you reckon the prices will go up in the 2/3 years? Maybe I need to change my mind and just buy a good block/house only as investment (first home anyway) w/o option for further developments but with a good Gross Rental Yield. Do you reckon I will be able to pick up something good in the 400k ball park figure?

Cheers,
Luca

 

As others have said highly unluckly now.
If I had my time again I would have purchased blocks that could later be developed, But happy where I have got to at my age.
I try telling my younger sisters... they never listen.. its all about the now and image

 

Bit of an update for Thomastown area as I bid at auction for my son on property below and it sold for 511K with myself and 4 other bidders pushing up the price,we maxed out at 480k unfortunately
10 Westville Court Thomastown Vic 3074 - House for Sale #121686418 - realestate.com.au

Note property below in same court and sold 8 months ago for 465K.
Sold Price for 7 Westville Court Thomastown Vic 3074

Seeing a 10% increase in values over that period and will continue to rise throughout the year

 

How big the block ?800sqm sold in reservoir for 560k 600sqm for 500k a week ago.

 

Apparently a development site sold near the rail last Saturday for $560K, I believe a 4 unit site.

I don't know if prices will continue to rise, all I know is today development sites are sort after by builders/developers

 

Block was not huge and very narrow at the front

 

There are still lots of sales within the 450-500k ranges though in thomastown. For 600sqm is a bit overpriced I think. This sold yesterday nearly 897sqm for 550k -21 mahoneys road reservoir.

 

I honestly think for first home buyers it is not the right time in Thomastown / Lalor at the moment unless you go for something under 400m2. Areas are suffering the ripple effect from Reservoir. Bigger block are tackled by developer. Still a bit of gain left for developers, was better to enter 1 year ago as someone did.

 

@Luca have to disagree if u can get a dev site 500-600sqm such as the one below 12 dec 530sqm for 431k that would nearly equal a house in pt cook on 350 sqm land but with potential sub div gain with grz zone area.

Sold Price for 7 Salisbury Street Thomastown Vic 3074

I went to reservoir auctions last 2 weeks sites mainly passed in and sold after not that many bidders and just onlookers like myself

 

The one today was brought buy a young family as the block would not have been great to develop due to shape of block.
Agree the 900sqm block sold in reservoir would be a better buy long term due to the land component.
Thomastown land value $511,000/620= $824 sqm
Reservoir land value $550,000/897= $613 sqm

Reservoir $200 less a sqm,someone got a great deal..

 

You can only get 2 in this Thomastown area, may not be as lucrative as other pockets.

 

True if it is 2 doesn't make sense as thomastown prices for units doesn't justify it. Different though 2 suburbs closer to CBD in Preston.

 

Yep. Realisation values concerns me in the outer north. Land is at premium, but doesn't translate when subdivided into new homes.
I'm presently working with local planning to obtain 5 in area close to Lalor shops, main road etc.

 

The real major dollars I think is in Doncaster and Doncaster east where townhouses can be sold for close to a mil which really translates to a better return on investment though entry costs are too high. Got a friend who quit his day job to do this full time

 

Yeah, I seen a property which I had called to get a price. Only had Plans for side by side townhouses 30sqs each for 1.6m. I almost fell off my chair. But it's only worth what the market is willing to pay.

 

Son has finally had an offer excepted of a property in Thomastown.
3 Bed 2 Bath 6 Car
Brick
550+ sqm
485K
Brought prior to auction as auction market has been very strong in area of late..