VIC Where to buy land in Melbourne

Hi all,

I am a long time silent follower and have only recently joined the forum. I have learnt a lot just looking at the threads here. There is so much fantastic information here which is really great!

I have been looking to buy land as an investment in one of the upcoming areas in Melbourne's western and northern suburbs. I already own an IP in Melbournes south east and have a PPOR as well. I am looking for capital growth and will mostly sell the land once it is titled. Have a budget of around $300-330k.

Which would you rate a better buy? The olivine estate in Donnybrook (in early stages, not as developed) or the jubilee estate in wyndham vale (train station 2.5kms, great project, very close to infrastructure in Werribee). I am also considering cornerstone in wyndham but feel it is well behind in terms of infrastructure compared to the other two. Or would you recommend a different estate or even a different investment strategy. Happy to hear everyones thoughts.

Cheers,
D

 

Hi

May I ask if the value of the land doesn't go up are you happy to hold onto it long term?, if the answer is yes then ok proceed to purchase land in the area you want. If you are however wanting to sell it or have to sell it once it is titled for the purpose of realising the capital gains I think it is bad timing to do this in Victoria and I would recommend looking at another state (not sure which one either).

P.S. Welcome to propertychat.

Regards,

alicudi

 

You're waaaay too late in both Jubilee and Cornerstone. Jubilee's better if you compared the two. Geelong and Melton appear to have some puff left.

 

Thanks for the suggestions guys. Still weighing my options up because the market is looking a bit flat at the moment. I will be visiting a few more estates before I commit.