Werribee St Albans Albanvale among fastest growing Melbourne suburbs

Here this story...a lot....is he Southern European??

 

Yes, from Cyprus

 

Thought so.

Presuming of Greek extraction.....?

 

Turkish

 

Keep hearing this million dollar price tag now in Sunshine. I should have bought more.

 

Yeah...they calling residents ...Scumillionaires.....

 

i

it was near keilor plains station but it was a good size block over 900sm

 

That explains why...then...but Scumshine has grown a lot!

 

I can confirm.
Had my Albanvale property refi in July 2015 at $325k. Now $425k.

Could buy brick 3 bedroom houses on 570sq for 300-315k last year. Won't find anything worth buying (except rectangle commission style) for less than $380-$400 now.

 

Same thing is happening in Werribee and Hoppers.........dems the ripple out...

Glad you concur.....

 

Sash, how many years has werribee moved in price?...1 or 2 years so far

thanks

 

I distinctively remember sitting with a group of friends about 4 years ago telling them to buy in Sunshine and St.Albans.
Sure it was a standard Aussie BBQ where everyone is a property guru and we were all 10 beers in but regardless one of them said to me the other day "I wish I bloody listened".

Sad thing is I had money tied into a property and have had so far the last 4 years!!! I never got to act on my own advice and the ship has well and truly sailed.

That said, I couldn't agree more with @sash on Melbournes West. Any investor will do well to focus themselves their for the foreseeable future.

 

Hey mate, thought you were going to buy St. Albans soon?

 

As did I but then two things happened that killed me;
1 - St.Albans went too crazy for my liking.
2 - My PPOR build got somewhat out of hand and the lender gave a poor valuation eating up my equity. I now need to wait until completion mid next year so the valuer can actually see the house and value accordingly. Valuers have a really really tough time valuing something they cannot physically see. Particularly a home like im building

 

Ok cool, so if you had the cash/equity now and where in the position to buy, where would you buy?

 

I still think St.Albans is a great suburb, but for my strategy the numbers no longer work. After this recent development though I may need to re-think and simply join the masses of buy and holds! If that were the case i would still consider St.Albans, something on a smaller non development block that needs to a good renovation.

Failing that I had my eyes set on Jacana for a while. I have since spoken to a few BA's who are not too keen but i dont think they know what their talking about! haha
Since I spoke to them, development blocks have gone up 100k!!!!!!!! and that was under 6 months ago.

Seriously being stuck on the sidelines is killing me!!!!

So the short answer to your question is, I still see upside in Jacana.
450k may get you a run down heap that can be developed in the future.

 

Me likes jacana and hear ya regarding prices moving very quickly, actually I don't know any areas in Melbourne that aren't moving. Just got back from house hunting in Macedon and they have jumped 200k in the last 1.5 years. And they aren't any where near the city.
This cheap credit is nuts, I think anyone that can hold a place in Melbourne for another year will see great gains.

 

Hey guys, what do you think about some Werribee properties, in prime location, close to the station, for 500k? Sounds expensive, but if the location is good?

 

Nuttin surprises me about Werribee anymore....as I have said at some point the median will be close to 500k in the next 3 years. Would I buy something 30% over median now...the answer would be no.

On my way to sign-up for a sub 150k block of land near the station......will build a house on it in 2018...I expect the val to come in at 400k plus. Cost to build sub 180k

 

Even for 550sqm blocks?