VIC Werribee Home and Land Package

Hello All,

Looking to purchase the following as IP

Location - Werribee
Home and Land package - total price $369K
Land - approx 220sqm ( price $184K)
Home - 3*2 ($184K) turnkey package

Does this make sense?

Or should I consider older properties around Werribee with a larger land component..500sqm instead?

My investment strategy has always been buying older properties with a large land component & hopefully subdivide later.

However, at this price point....my options are limited.

Please note that I do not qualify for any rebates....

Thank U

 

I'd still go for established, even if you couldn't subdivide...as with brand new you will be paying more for the building.

 

Hi @Kushanda

Both strategies work fine and longer term you end up paying similar.

Older properties you pay more in maintenance, you will pay land tax, rents will be low, less tenant preference, high holding costs, stamp o.oon land and build.

Newer properties, you get brand new build, least maintenance costs, high depreciation, less land tax, high rentals, low vacancy and no over capitalisation anywhere.

Go with what you like and what fits your bill. I have been buying similar assets and do not regret so far.

The only major difference can be if the zoning on your old property changes to medium to high density and you end up gaining double the value overnight.

Regards

 

Do you mean if zoning changes from medium to high density? Why is that? Due to apartments?

 

Due to population growth and other council changes. How likely is it. 1 in 100 chanve in next 1 to 15 years. I won't count on that.

Regards