VIC Truganina

Discussion in 'Where to Buy' started by teetotal, 7th Feb, 2016.

Join Australia's most dynamic and respected property investment community
  1. Mitesh Dedhia

    Mitesh Dedhia Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    85
    Location:
    Melbourne
    When are you moving?
     
  2. EN710

    EN710 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    3,218
    Location:
    Melburn
    Need at least another year. Land not titled yet :oops:
     
  3. Hamster

    Hamster Active Member

    Joined:
    9th Feb, 2016
    Posts:
    29
    Location:
    Melbourne
    Too much. It was our first IP and we purchased a display home for $398k which was rented back to us for 2 years at 7% by the builder. Was nice then and great depreciation also, plus because the quality is good we should get a better return in the long run, but CG has been slow. In addition we probably purchased right on the back end of the boom after which prices declined for a few years.
     
  4. melbournian

    melbournian Well-Known Member

    Joined:
    2nd Sep, 2015
    Posts:
    3,038
    Location:
    melbourne
    398K for 500sqm block is a bit too expensive in 2011 for tarneit. it should have been below 300K or low 300Ks. My places in point cook 2014 although smaller block were done for 360-375K and now are in low 400Ks.
     
  5. Hamster

    Hamster Active Member

    Joined:
    9th Feb, 2016
    Posts:
    29
    Location:
    Melbourne
    At the time we did a lot of research in the area (including Point Cook) and to be honest I don't remember prices being much less than what you are quoting paying in 2014 for a standard 4x2x2. You have to remember that prices came off quite significantly from around mid-2011 (around the time we purchased) and then really only went past them again mid last year. We also saw properties in a particular pocket of the Eastern Suburbs (where we live) sell for $1.1M+ April 2011, in 2014 similar properties struggling to get $950k, end of 2015 back to $1.25M. So timing is of the essence...
     
  6. Connor

    Connor Well-Known Member

    Joined:
    31st Aug, 2015
    Posts:
    437
    Location:
    Melbourne
    Biggest problem with Truganina/Tarneit that I came across when looking for my latest IP purchase was access to freeways. Often around school hours am and pm just getting to the Princess Fwy would take 15-20min. The 'main' roads just cant take the traffic volumes that the new estates and industry places on them. So despite me loving the location and proximity to the city via google maps, spending time there put me off for the moment and I bought elsewhere. I'd love to see wider roads and better fwy access, its in a great loaction.
    It's actually quicker to get into the CBD from my place in Werribee/Hoppers than Truganina at peak times.
     
  7. melbournian

    melbournian Well-Known Member

    Joined:
    2nd Sep, 2015
    Posts:
    3,038
    Location:
    melbourne
    i don't live in the west as well but well yeah everything has moved in melbourne. if you talking glen waverley, what was 800K is now 1.5mil. I build in 2014 though i bought the land around 2012 and waited 1.5 years to be titled. i think it's coz you bought the H&L together.
     
  8. Mitesh Dedhia

    Mitesh Dedhia Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    85
    Location:
    Melbourne
    This was one of the reasons why I bought my PPOR in Derrimut. Access to freeway!
     
  9. MJS1034

    MJS1034 Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    425
    Location:
    Sunshine Coast
    HI MTR :)

    When you say so many "affordable" areas close to Melbourne CBD would you say under 450k?

    I'm in the process of deciding wether to purchase in Melbourne or Brisbane and as you say I believe there is also less long term risk purchasing in Melbourne but am struggling to find a suburb in Melbourne under 450k and close enough to CBD and train line.

    Obviously there are suburbs out there like Sunshine, Broadmeadows and ST. Albans that fit in that category but are in very average areas and am finding it hard to want to purchase in these type pf areas.
     
  10. melbournian

    melbournian Well-Known Member

    Joined:
    2nd Sep, 2015
    Posts:
    3,038
    Location:
    melbourne
    @MJS1034 i know how you feel - i went to reservoir the other day and didn't really like the feel of the suburb - i think you can pick up units there for 450-500K there (older build units). Depends if you want to purchase a house or unit (how old etc). Distance to CBD (depending to work). But if it is an IP - it shouldn't really matter where you purchase as long as you can make something out of it.
     
  11. MJS1034

    MJS1034 Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    425
    Location:
    Sunshine Coast
    yeah it will be an IP so your right in that it doesn't completely matter as I wont be living there. A little worried about the tenants if I were to buy in a suburb like Sunshine. I'm also looking at Suburbs like Chelsea, Seaford.

    Are you looking for PPOR or IP?
     
  12. MTR

    MTR Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    27,786
    Location:
    My World
    Its possibly about changing mind set, looking for value in ugly duckling areas that tick the boxes. Find out days on market, if there is a demand you may see some upside. It takes time to research but it also pays to network with agents.
     
    MJS1034 likes this.
  13. melbournian

    melbournian Well-Known Member

    Joined:
    2nd Sep, 2015
    Posts:
    3,038
    Location:
    melbourne
    only IPs - i think sunshine is ok they got a big vietnamese population and growing demand. i didn't feel that it was bad when i went there. Seaford is also good it is not like braybrook etc. Certain suburbs like st albans and even certain areas of braybrook feels so dodgy when you go there. i agree with @MTR you gotto spend time to search, look at listings, demands, streets, planning schemes etc but it's not always easy once you venture into a new suburb (it's starting from scratch).
     
  14. Kangaroo

    Kangaroo Well-Known Member

    Joined:
    21st Aug, 2015
    Posts:
    252
    Location:
    Sydney
    But the good thing is your property quality must be the top one. Given time, future buyers will definitely appreciate this high quality.
     
    Hamster likes this.
  15. gkp

    gkp Well-Known Member

    Joined:
    1st Feb, 2016
    Posts:
    87
    Location:
    Adelaide
    I don't see how Derrimut has better access to the freeway.
     
  16. Luca

    Luca Well-Known Member

    Joined:
    28th Jan, 2016
    Posts:
    1,008
    Location:
    Melbourne
    @MJS1034 Exactly the same situation here. Similar budget, even if I was looking for something cheaper 300/350k mark. Same areas, pretty dodgy. Have a look to Thomastown and Lalor too. I am also considering Brisbane and Adelaide.
     
    MJS1034 likes this.
  17. melbournian

    melbournian Well-Known Member

    Joined:
    2nd Sep, 2015
    Posts:
    3,038
    Location:
    melbourne
    That is right u merge into m1 and besides the traffic snail pace happens when u are closer to the city no diff to Williams landing pt cook or truganina
     
  18. Greyghost

    Greyghost Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    1,635
    Location:
    Brisbane
    All of these areas are just to cater for the masses.
    They are not investment grade suburbs.
    Yeah you might get some uplift as the next farm down the road is subdivided but how is that an investment plan?
    Rub your hands together because your building is loosing value and you get a tax benefit from it?

    I would rather pay tax each year and get growth that sit around getting a $2-$4k tax refund each year and hope for growth or a favourable valuation.

    I think if these areas are all you can afford, save your money and wait, or buy a unit in a better location for a similar amount.
     
  19. teetotal

    teetotal Well-Known Member

    Joined:
    7th Nov, 2015
    Posts:
    736
    Location:
    Sydney
    It seems like being it a display home you also paid for the finishes you didn't need.
    And i agree with @melbournian, the prices for avg. built, similar spec. house in 2011 were not similar to what you paid.
    With IPs, it has to be a balanced spend.
     
  20. teetotal

    teetotal Well-Known Member

    Joined:
    7th Nov, 2015
    Posts:
    736
    Location:
    Sydney
    Most major roads in the area are getting upgraded to 4-6lanes for the very same reason. See link in original post.
     

Buy Property Interstate WITHOUT Dropping $15k On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia