VIC Thoughts on Rockbank h & l

What are your thoughts of doing a h and l pacKage in Rockbank at this stage in the Melbourne cycle ? Yes, I know Melbourne has been booming for quite a few years now but not sure if these outer areas have moved much.

I note that Rockbank is about 30km west of Melbourne and serviced by regional train....so 30mins into city. Also note that there is heaps of land around and they will keep releasing it.

 

Depends how cheap you can get your finished product.

Rockbanks pricing is moving quite a lot at the moment.

My concern would be that once Plumpton and Koroit PSP is approved that land would be more desireable. However pricing will take this into account.

Have you considered Werribee and or Armstrongs Ck?

 

Have a look here : Bridgefield | Land for sale in the Western Suburbs of Melbourne
I have no affiliation with them but spoke to them land starting 180 k

 

Have a look at this thread for analysis of Werribee new estate.

I found this article as I have also spoken to Bridgefield guys sometime back.

No Cookies | Herald Sun

VIC - Melbourne West area - the "Birdcage"

Adding H&L experts to shed more light on Bridgefield Rockbank @ashish1137 @MTR @sash

 

glad i have found this thread.
anyone of you bought in bridgefield? what are your thoughts on future rental and capital gain there? @Ash

 

I have been thinking of one in rockbank really distance wise is about the same as pt cook and is cheap. H&L could be good with some builders. Best price wise would always be the ethnic builders like the serbians, croations, turks, Lebanese. I always thought pt cook would just grow slowly but looking at the 95 million dollar sale in wyndham vale to developers. that's just crazy. it doesn't have the shops or the likes of footscray or other suburbs but it is a much cleaner place to own a home as the streets, landscape and surroundings are new.

 

is bridgefields any good? there are like 20 something housing estate being built in melbourne NSEW. would it put a cap on the CG you reckon?

 

I ask why?

 

lol... why bridgefields you mean? or why so many housing or why I asked that question?

 

Why Rockbank and any of those H&L areas?
Sure on occasion an investor may come out on top but for the majority.
Fundamentals are not there.

 

Just got a short val on a H&I in rock bank. There just aren't enough comparable sales there, valuer was using stuff from melton as comparable.

 

well I always wanted to buy in housing estate with amenities and family oriented community. In Sydney I missed out and cant and dont want to buy 60 km from city. Melbourne's new estates is within our range and we dont need to compromise any life choices for mortgage while renting in Sydney. sure its an investment buy now but have a plan to move to melbourne in 5 years time. Rockbank was highlighted coz of woodlea but I liked the plan and price of bridgefield .

 

so you reckon valuation will come lower next year when I settle..I am hoping by next year there will be more sales to compare with. Melton is bit cheaper right? woodlea estate has completed some houses wondering what price they were sold? my land is 147k house 3,2,1 may be 150-165? I will go cheap. so somewhere around 310-320k mark. is this too much ?

 

I know the suburb, what is either side of it as well.
Apologies for sounding frank, but your idea is not an investment based idea, it is a lifestyle one.
As for "family community", they only exist on the tv adds and billboards for the estates.

If you want to live in such a place why not rent there when you wish and invest where your money is better suited?

 

Sounds like a lazy valuer. There has been so much land selling in these areas I find it hard to believe they needed Melton for a comparable.

 

No that's bang on the money IMO.

 

Tell that to my portfolio & @sash @Sonamic @Ashish @melbournian andveven @MTR once upon a time. Many here making it work. It's not difficult just DIY don't pay for it done.

 

Perhaps. The valuer can only use settled sales in their comparables and most sales are still waiting on titles? For a h&l valuers can't use other h&l sales in the area. They have to rely on 're sales' of established properties. Hence melton.

 

I don't know anough about the area to comment on values. I do know how valuers work, and they need comparable sales. They can't use developer sales or recent builds until they are re sold. So for early stages in brand new suburbs, valuations can struggle.

 

I agree has to be settled stock but the rest seems strange to me. The most comparable stock is a brand new house same size on a new lot. Bit unfair to compare to a 10 year old home in 10km away.