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Wyndham vale/manor lakes in victoria

Discussion in 'Where to Buy' started by Peta Notari, 2nd May, 2016.

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  1. Peta Notari

    Peta Notari Well-Known Member

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    Hi all,

    What are your thoughts on wyndham vale/manor lakes in victoria? I am aware its a new area and that a new train line is going/has gone in. I cant work out though if manor lakes station and wyndham vale station are one in the same....ive heard them both be referenced.

    What do you all think about this area as investment potential? I am learning that the yields are significantly lower than brissy where we just bought a house on big land.

    Appreciate your help in advance...

    Thanks
    Peta
     
  2. sash

    sash Well-Known Member

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    Not bad but you need to buy at good price point.

    The whole Wyndham Shire is growing rapidly...as the price of land in SE Melbourne grows to the point where people can't afford it.
     
  3. Peta Notari

    Peta Notari Well-Known Member

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    Thanks...what is considered 'a good price'? I have seen some 4-2-2s on decent land for low to mid 300s with fairly young houses....i have only just started looking in this area so i dont know if that means there is something wrong with it or it its a 'good buy'. It would be a long term hold prospect.
     
  4. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    I don't know much about the area other than the fact we are financing a bunch of land and construction deals in WV and ML. A lot of the valuations are coming back low across the board with all valuers.
     
  5. larrylarry

    larrylarry Well-Known Member

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    Why is that so? Because there are no comparable being a new estate?
     
  6. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Im not sure Larry - the land component/valuation is coming back on par but its the construction portion that is consistently coming back low. The builder may be over charging or it may be something else. A lot of these buyers are overseas purchasers.
     
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  7. sash

    sash Well-Known Member

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    How big are the blocks? And who big are the houses?

    There are better areas in Wyndham to get into...go North...the demand there is much better.

    I find the rent returns in WV low.
     
  8. teetotal

    teetotal Well-Known Member

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    When I started looking into wyndham area, i first looked into Manor lakes. Visited it couple of times but found Truganina/Tarneit neighbourhood to be more promising from investment perspective. What i expect Manor lakes to do in 10 years, i expect same from Truganina in 5years.
    However all the Wyndham is on rise so Manor lakes does have growth potential, especially being quite close to Werribee and the train station.
     
  9. Luca

    Luca Well-Known Member

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    Hi Shanin, this is a bit scaring. Is it financing for construction or already built houses? Maybe the issues that volume builders are currently having with waffle slabs / reactive soils are affecting valuations (a lot of houses cracking).
     
  10. sash

    sash Well-Known Member

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    Nope a carry over from what happened to that are Manor Lakes /Bluestone lost 30% of their values when they correct thus the long memory and caution.
     
  11. Peta Notari

    Peta Notari Well-Known Member

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    Not sure about house size in sqm only no beds/baths etc except for one which was a 38sqm house (5-3-2) eould rent for $400-$420 but only on 300 something sqm block. Other block sizes with 3-2-2s or 4-2-2s are around 550-600 something sqm blocks
     
  12. Peta Notari

    Peta Notari Well-Known Member

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    Manor lakes and bluestone lost 30%?
     
  13. sash

    sash Well-Known Member

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    yes in terms of land. Established areas around werribee did fine
     
  14. Peta Notari

    Peta Notari Well-Known Member

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    thanks @sash. Can you suggest some suburbs....being interstate and having only just started my search for Vic IPs, I am lost.....looking for CG
     
  15. Luca

    Luca Well-Known Member

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    Hey @sash , just reading this old post as I am analysing H&L in Melbourne again. How did happen that Manor Lakes / Bluestone lost 30% and when? For what I can see if you pick up a good estate prices always go up. I cannot image how much the land in Officer is now, I still remember the +20k in 3 months :)
     
  16. sash

    sash Well-Known Member

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    Bluestone dropped from 110k to 80k during the GFC.

    Officer land bought Dec 2015 for 144k....now 195k....expected settlement Jan 2017

    Build cost locked in at 167,750......if I was to build same 17sq home today more like 187k
     
  17. Luca

    Luca Well-Known Member

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    Well, correction is correction...I know about officer, prices went crazy during the last year. I can confirm the cost on the 17sqm :) Even 190k I would say.
     
  18. ej89

    ej89 Well-Known Member

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    I know in the Harpley estate I've got mates who bought for 320k this year and got it revalued much higher just before settlement so unsure what's happening with Shahins clients. Maybe its estate by estate. I drove around there on saturday. Plenty of potential and its pretty cheap still. Point cook is 200k more for worse traffic and not far from Werribee
     
  19. tobe

    tobe Well-Known Member

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    Not sure what happened to Shahins clients but the usual MO for overseas purchasers is they are introduced to the builder by a third party who has the builder load another commission into the build price to pay them.

    Means vals are usually low.
    Many bank valuations system ask specifically whether the vendor, buyer and agent are in the same state as it's a 'tell' the build is usually loaded.