VIC Truganina

Land Land everywhere as far as you can see....
- Probably not going to last for long though.

This suburb is in the West of Melbourne about 20Km away from CBD, part of the growth corridor in west. Being so close to Melbourne CBD and being so affordable compared to the east side of Melbourne, it is attracting a lot of attention not only from locals but from interstate too.

Many times i have visited the area and new land estates there, it is often mentioned that a lot of people from Sydney are purchasing block of land there. These statements get some further affirmations when i get to find out some of my friends and friends of friends have relocated/planning to relocate to Melbourne (mostly Wyndham area). At the moment, the main attention given to the area is from First home buyers due to affordability. Investors don't seem to touch it as yet due to high availability of land causing low returns.

In my opinion, it seems to be a prospective capital growth area based on the activity in the area.

• Regional train line now passes through the suburb - 1 station opened close-by + 1 proposed.
• Employment opportunities for locals close-by. Link to the Truganina Employment Area Precinct Structure Plan here Truganina Employment Area | MPA :: Metropolitan Planning Authority
  • It is expected to create around 20,000 jobs in the area.
  • Area is also currently under investigation for $5mil Western interstate Freight Terminal project. Western Interstate Freight Terminal | Intermodal terminals | Freight | Transport
• Location of the suburb is well served by the close proximity of motorways in pretty much all directions. Close to CBD + Local roads getting upgraded to 4-6 lanes.

Has anyone else done any research in this area ?? What do you think of its future ??
I have purchased a block of land here, soon to be settled. Anyone else purchased in this locality ?
Any general comments about the area?

 

Also interested to hear people views on the area. I have places in Werribee that do there thing nicely.

 

an area i really want to play in, added this thread to my watch list

The only issue i have is that it is a bit of short term risk as large chunks of land are controlled by much bigger players. If i had a bit of money to take a mid term run i would play.

 

Hi @teetotal

I know the area well and think you've made a wise decision.

Remember that regardless of what decision you make, there will always be someone with a differing opinion. You've done research which has led you to logical decisions.

The argument that is often thrown around is that due to the fact there is vacant land in the west, it cannot possibly grow in value. Yet it does, and often out-performs affluent suburbs in other parts of Melbourne.

Something to remember is that while there might be land in the area, everyone is fighting the same battle... whether they be living in the North, East, South or West. Everyone (well not everyone but a huge portion of the population) are all trying to bash their way into Melbourne each day to attend their place of employment. What does this mean? Every stint of travel that would take you 1minute without traffic can blow out to 10minutes in peak hour. So every extra kilometre you are out of town becomes astronomical in peak hour. Once upon a time, the suburb of Werribee was an enormous place with a very big diameter. It's now been carved up into lots of different suburbs (Werribee South, Hoppers Crossing, Tarneit, Williams Landing, Truganina, Wyndham Vale and finally Werribee.) Mentally, it is easy to still think of Tarneit as being part of the same patch of dirt as Wyndham Vale. However not in peak hour. No. You're looking at a solid 15-20mins in no traffic on a Sunday evening. In peak hour, a heck of a lot more. Slowly but surely, the borders of what is considered to be inner ring, middle ring and outer ring are therefore changing. Truganina is in an area of lots of flat land with no trees, but ultimately it's close to the entrance to the freeway that feeds you into the city. As you have also noted, it also enjoys proximity to Tarneit railway station, and an affordability by comparison to plenty of other places. Council has also embraced a younger workforce particularly in the area of event management, and it's starting to show. Trendy events are popping up regularly. Will Truganina do well? Of course it will. But you already know that .

 

Absolutely. Its the basic supply and demand in play. Currently high supply is driving the prices down -> leading to more and more people chosing to buy here -> which means demand is increasing -> and it'll continue to increase until demand exceeds supply so much that the prices will not be affordable anymore.
And hopefully, by then you would have gained some capital growth. Its just a matter of time i guess.

 

I have no idea about the area in general, apart from a couple client visits (nice near area, looks similar to some new sydney westie suburbs). But i have done a few vals there of late and have seen some decent gains over the last 6-12 months. Not sure whether its savvy clients buying well or market movements (10%+).

 

How much are blocks selling for? And sizes?

 

Hi @Fullysickbro

If only www.realestate.com.au sort function worked correctly it would be wonderful.

As at today, as a guide, in exchange for $160k, you get approx 210m2 for vacant land. To get a perspective on what that means... if you were to manage to get permission to build a single-storey 3br house on it, it'd be a very small house with small rooms, and zero backyard.

 

Its definitely market movement. What I bought(land) for 250K is now selling for 290K in 6months time.

 

Approx. 260-270K for a 450sqm currently.

 

Those blocks are tiny. Thanks

 

Here is a link to a feature on the Bureau of Statistics website highlighting that Wyndham Council is demonstrating the highest population growth and immigration growth (which from an investor's perspective means demand for housing).

3412.0 - Migration, Australia, 2013-14

Ultimately, the really smart money went into the likes of Wyndham a decade a half ago when housing blocks were $35k (same blocks now worth over $200k but are of course not for sale as blocks as they are now occupied by homes... you have to go elsewhere for vacant land in that price-range). Very easy gains have been made by those that purchased up to and including that era.

 

Further affirms my point made in the post above.

 

Yes I receive a lot of enquiry from people presently residing in Sydney that have realised they can never afford to buy into the market and are thus intending to move to Melbourne.

 

I don't want to move to Melbourne!!! hehehe... yes someone recommended me to look at Truganina and I barely scratched the surface. Gotta watch this thread.

 

Truganina is the current hotspot in Wyndham. Lesser residential land to the suburb compared to other Wyndham suburbs + its considered better to have Truganina postcode than most other Wyndham suburbs (probably a market stigma, that i heard from some builders in the area).

 

I have seen several large industrial occupiers take up space in the new industrial estate. So on the plus side there are jobs.

 

Correct.
Its all getting connected with Laverton north where there are already some big companies setup their warehouses.

 

Truganina has room to grow as it is still ok priced if compared to pt cook maybe 30-40K cheaper for the lots of land. i think the hottest suburb in wyndham vale is obviously Pt Cook. It ranked the top 2 in the whole of Australia in the number of houses sold las year- more than 1000 i believe. that would be close to 80+ houses a month and more than a house a day is sold. I am ok with wyndam though it maybe good to invest but i'm not that keen to live in the area. Many people esp first home buyers buy in the areas (wydham vale) as a lot of the other areas are more expensive. if you ask - this is like mt druitt in sydney though without the stigma due to affordability reasons.

 

Sounds like a Kellyville/The Ponds in Sydney equivalent. In which case buy em while their hot!!