VIC Wheelers Hill and Wantirna South

Hi all,

My last post was about getting a unit at Doncaster East within walking distance of EDSC. However that seemed to have fallen thru. I met the agent's apparent asking price of the Vendor. But now they are saying the vendor wants more. Anyway, it was a bad first experience I faced buying property overseas.

Nonetheless, opportunities came up. Another agent recommended a TH at Wheelers hill and Wantirna South. Strongly recommended Wantirna South. But when I was staying in Melbourne, Wheelers hill was well sought-after.

Would like to seek your expert views on these two area. My objective is still the same.

1. Must be easy to rent out at a reasonable rental

2. Opportunity to enjoy moderate capital gain over the next decade or so.

The aim is to move to Melbourne on a self funded retirement visa. So it has to be a place I'll be comfortable living in.

 

Thanks Y Man,

In your opinion would it be hard to rent out? Assuming that rental is reasonable. That would be the major concern.

Otherwise, I'm pretty familiar with both areas having lived in Glen Waverley before

 

Good advice. Thanks Y man

 

Wheelers hill is more prestige, I grew up in Mulgrave so know the area very well, even at this time its a highly sought after market for owner occupiers. As with Mulgrave, Wheelers Hill rental is predominately students with a car that are looking for a cheaper place to rent other than in Clayton or Glen Waverley. If the property is in the price range of 400-500 per week then it is easy to find a tenant but north of $500 week then you are in the territory of Glen waverley/Mount waverley pricing.

Wantirna South again a good owner occupier market but nothing much in the suburb to temp renters to move in other than the Knox SC. Why not look at Mitcham or Nunawading near the station?

 

Thanks Wellknown,

Much appreciated. Yes. You are right. My concern lies with the fact that it's more an owner occupied area, hence rental won't be that popular.

I have no good reason why not Mitcham or Nunawading, except for the fact that I haven't look there. But I shall start now.

Thanks for pointing the direction

P

 

Hi Y-Man,

Just to touch on this again. If you were me, where would you look then?

The criteria is that I can only buy off the plan or resell units.

Happy to hear your reasons why and certain grateful to.be pointed the right directions

P

 

I have been living/working around Wheelers Hill area for the last 10 years. Earlier this year, I bought a 4 bedroom home in Wheelers Hill and got tenanted within 4 days of settlement. I have a plan to move there next year.
Yes, as others said it's predominantly a owner occupier suburb. The reason for me to buy there is to stay close to schools, doctors, shopping centre and freeway. My kids are still in primary school but I know they can finish their university from home if they want to. Monash university is just 10 minutes away by bus.
But yes, buy a house if you want CG in longer term. TH may give you good rental return, however CG would be limited.

 

Thanks 3rd Drop....

Between you and me... Monash is the best uni on earth, especially Clayton campus. Ha ha. That was my campus two decades ago.

Yeah. I understand that CG for TH would be limited. I'm hoping that it would be better than say an apartment. Being foreigners, it's hard to buy a house, unless I'm looking at really far places.

Your rental experience is a good one. Very much appreciate the sharing!

Thank you

 

Do you have to buy new due to visa restrictions?

800-900K can get you a good house in parts of Wantira/Wantirna South in the school zone

 

Hi Kaibo,

Actually I have to buy new due to the "no residency visa" reason. Ha ha.

Off the plans are really a big tad more expensive than established. Sigh...

Also given that my stamp duty is 15%, I'm hoping to find something around 750k. But if it's a development that had been registered two years before. The dutiable value is almost half. Then I can stretch the budget slightly.

P

 

I hate to recommend apartments but had been offered apartments at Sky One - Golden Age to be assigned to me and for me to take over the contract with 90% of the price left (original buyer already paid the first 10%)

Being a local it's the best location in box hill (right on top of box hill central/station/market) with a relatively reputable builder as opposed to the lottery out in smaller developments.

Also consider the new development on top of Glen.

Both right at the train station in great secondary school zones. Even after cost like body corp I think you will be better off here but at that price you will only get a 2 bed 2 bath but do try to get a car space as well

 

I guess if you can get it at 90%, it’s not a bad way to start.

Just wondering... in general if some one buys a TH say 12 months ago and now trying to resell it before settlement. How much would you be offering?

Reason I’m asking is because the Wheelers Hill one is actually a resell. Current owner paid 790k and now looking to off load for 850k

Ok. I go check out the Glen. I don’t quite like the Boxhill one. Saw it last week

 

I like those area too... But I don't think i can afford any other TH in Donny East... Donvale and Donny itself seem more affordable, but i am unsure of the rental demand, since it is not within EDSC zone...

 

Thought it seemed reasonable if it was reversed. If you go down this path make sure you engage a lawyer as don't want double stamp duty and other associated dramas

 

Sigh..... Can't get a discount on the stamp duty, making this TH out of range now.

So the only remaining option left is a TH across Knox Shopping Mall.... The corelogic stats for Wantirna South doesn't seem that great....

What do you guys think?

P