Point Cook - any opinions

touchingcloth

touchingcloth

Does anyone get what is happening with the market in Point Cook?

The reason I ask is that recent residex data has suggested a 7% increase in the last quarter.

However, from my own personal experience of looking at the market there for a few months, it seems to have be on freeze since Feb.

I have a feeling though that many people buying in Point Cook are from out of town/country. I think word has spread about the area, and people are watching, waiting to pounce, as there is a lot of investment in the future development of the area (new rail station, werribee marina, Point Cook town centre).

Any comments would be appreciated.
 
Few developments which they said long back is in near completion stage.
1. New Point Cook Town Centre due to open Aug 2008. This has Target, Coles, Aldi, Banks, and 80 Speciality Shops.
2. New Palmers road exit from Princess Freeway is almost completed and will be opened with New Town centre.
3. New proposed train station is almost certain to start soon

Good thing about this area is more than 70% are owner occupied. Recently I had seen many of my friends who lived in South East had bought properties and moved to Point Cook. 7% growth might be correct but for the last two months not only Point Cook most of the suburbs are freezed or went down. Long term Point Cook has good potential to grow...
 
People for whom broadband internet access is a must need to tread carefully when renting or buying in the Point Cook area. DSL broadband services are difficult and frequently impossible to attain in many parts due to the use of RIM equipment on telephone lines. RIMs have limited capacity to provide DSL and most in the area are full or close to capacity. Failure to attain a DSL service leaves wireless and satellite broadband as the only options, which are frequently slower and more expensive.

I'm not knocking Point Cook at all, but think this is something to be aware of, as many people erroneously assume that wired broadband will be easily available in a new estate.
 
Sanctuary Lakes is a special case, because its a golf course estate designed by Greg Norman, so I'd be inclined to ignore discussions about it specifically.

We drove around there a couple of months ago and really liked it. A lot of people want to go there, the new shops and freeway access are good. But I did a search on here and found a post suggesting that vacancy rates were VERY high. That post was around 8-9 months old, so check out vacancy rates really carefully first. I've no idea what the current situation is.
 
There seems to be a lot of interest in the Western Side of Melbourne at the moment - extending from Laverton, Point Cook, Hoppers Crossing and Werribee.

My wife works in finance and has had numerous applications from first home buyers and investors buying into the area.

Interesting!

Regards Jason.
 
Jingo

I am hearing this also.....last year the area did 10-15%.

But this year unlike most Melbourne suburbs...it is still quite active. I think both investors and FHB are now seeing the value of these suburbs quite close to the city. Further the first home buyer stamp duty relief will also enable them to get in. The areas you refer to have great infrastructure as they are well established.

I thin this area is the new growth corridor....as Cranbourne and Packenham are a fair way out in the Southeast. The only thing they need as more transport infrastructure. The shops are being put in as they build the new areas....just look at Point Cook. About 10 years ago there was very litte...now it is about to get a new shopping centre and station.:D

jingo said:
There seems to be a lot of interest in the Western Side of Melbourne at the moment - extending from Laverton, Point Cook, Hoppers Crossing and Werribee.

My wife works in finance and has had numerous applications from first home buyers and investors buying into the area.

Interesting!

Regards Jason.
Click to expand...
 
Thanks for the replies guys.

I believe that the area is very family orientated and many families are moving from other parts of Melbourne as they become less affordable.

I have also looked into the local newspapers about the area and have found that crime is very low in Point Cook itself.

I wonder when Point Cook will reach fair value. Possibly another 10-15%?
 
Hey all,
Have had an IP in point cook for 4ish years now, always had quality tenants, apart from initial 4 weeks to get first set of tenants have had no vacancies.

vacant land prices are rising due to lack of supply of new blocks...i remember when there were a truckload of resale blocks for sale, this no longer the case.

Cheers,
 
sivakumar_sr said:
Few developments which they said long back is in near completion stage.
1. New Point Cook Town Centre due to open Aug 2008. This has Target, Coles, Aldi, Banks, and 80 Speciality Shops.
2. New Palmers road exit from Princess Freeway is almost completed and will be opened with New Town centre.
3. New proposed train station is almost certain to start soon

Good thing about this area is more than 70% are owner occupied. Recently I had seen many of my friends who lived in South East had bought properties and moved to Point Cook. 7% growth might be correct but for the last two months not only Point Cook most of the suburbs are freezed or went down. Long term Point Cook has good potential to grow...
Click to expand...

Just like to make a comment about the new proposed train station.

Under the announcement made by the State Government on 06/05/08
http://www.transport.vic.gov.au/DOI/DOIElect.nsf/$UNIDS+for+Web+Display/CA81EF26A064BC45CA2574400083349A/$FILE/2008BudgetMediaRelease-TransportInvestment.pdf

$92.6 million for a third track at Laverton to run “short starters” and allow for three additional morning peak-hour services on the Werribee line, cutting journey times by eight minutes and improving reliability for Geelong V/Line services;

The above spend will be over a period of three years and it also includes additional car spaces (250-300) at Laverton and Hopper's Crossing station. Unfortunately, the proposed train station at William's Landing did not make it to the table for discussion.
 
kingster said:
does the nearby RAAF airbase makes a lot of noise? like aircraft landing at 3am ?
Click to expand...

No. Its all civil aviation, predominantly light aircraft and historic aircraft. Its all very low key and not an issue for the housing in the area.

I know, because my B-In Law has a flying school there.
 
thanks for the reply.

I read from this post that the writer says that sanctuary lakes and point cook was a dump site many years ago, and that the grounds are not stable, esp the area in point cook where is near the sea. He also said about some shooting range in point cook and the bullets were in the ground for many years that could lead to lead poisoning.

Anyone could verify what he says? Esp people who lives there?
 
I think Sanctuary lakes was actually salt works....

kingster said:
thanks for the reply.

I read from this post that the writer says that sanctuary lakes and point cook was a dump site many years ago, and that the grounds are not stable, esp the area in point cook where is near the sea. He also said about some shooting range in point cook and the bullets were in the ground for many years that could lead to lead poisoning.

Anyone could verify what he says? Esp people who lives there?
Click to expand...
Sanctuary Lakes, I pretty sure was actually salt works, Cheetham Saltworks. My brothers girlfriends sister actually sold it to the Sanctuary Lakes developers for three million, and when they initially bought it, it was either an asparagus farm, or they were going to turn it into one, but then decided to sell. I think they originally bought it for $800,000, not a bad profit in five years. We live right opposite on the other side of Skeleton creek, near the Cheetham wet lands. I have heard stories about rust problems and concrete detiorating due to high salt issues, but who knows whats true. I know people who live there who havent had any problems.
 
dump site, lead poisioning

investwest said:
Sanctuary Lakes, I pretty sure was actually salt works, Cheetham Saltworks. My brothers girlfriends sister actually sold it to the Sanctuary Lakes developers for three million, and when they initially bought it, it was either an asparagus farm, or they were going to turn it into one, but then decided to sell. I think they originally bought it for $800,000, not a bad profit in five years. We live right opposite on the other side of Skeleton creek, near the Cheetham wet lands. I have heard stories about rust problems and concrete detiorating due to high salt issues, but who knows whats true. I know people who live there who havent had any problems.
Click to expand...

One more thing, the old dump site you are refering to would actually be in Altona Meadows where the 100 steps of Federation is now, just off Queen Street. Go there and you will see the best view of Port Phillip Bay in Melbourne, I'm not kidding, it was on Post Cards. The Riffle Range you are probably reffering to would probably the Riffle Range in North Williamstown, and to be honest with you I wouldnt live there, especially with kids.
 
investwest said:
Sanctuary Lakes, I pretty sure was actually salt works, Cheetham Saltworks.
Click to expand...

I can confirm that there were saltworks there - hubby was in the RAAF at Point Cook (now RAAF Williams) in the late 1970s and again in the early 1980s, and used to drive along that road to the RAAF Base every day. Can't say what happened to the area after that, as we left there in 1986.

Cheers
LynnH
 
RAAF Williams Point Cook still has the stop butts from its smg range down close to the water. google map stop butts the house at the bottom left if you zoom out a bit is built on what was the 300m range,(hence the name Rifle Range Road) their kids will play duelling banjos a lot lead has a retarding effect

Williamstown Rifle range was civilian at the end. and 12 miles away
The dumping site referred to by the poster (me) IS sanctuary lakes, the poster drove one of several dozen semi-dumpers putting the rubble from the demolition of the green govt buildings on spring street into the salt pans.
The lakes are flood control, they are not decorative. there are giant sump pumps in boxes over the estate to try and pump the water table down.
 
Thanks for the feedback guys. I never knew there would have such a history behind it. I would be careful when buying in that area.

Based on the posts in this thread:
1. South of Point Cook near the bay - RAAF Williams Point Cook - probable lead deposits
2. Sanctuary lakes - Salt works - previous dumping site - pumps pumping water out - lake are for flood control
3. North Willamstown - previous rifle range
4. Altona Meadows - 100 steps of Federation is now, just off Queen Street - previous dumping site

I was interested in the area before and now all my hopes are gone.

AlmostBob - do you reckon the area in Point Cook before Sneydes Road all the way up to Princess Hwy is OK ? Obviously Sanctuary lakes on the right should be excluded. Kindly advise. Thanks.
 
Lived there, in 'housing' on strezlecki (lived on Williams Pt Cook as well) Used to take my son to play in the RAAF Museum, 5 year olds love planes, and the vet college
They havent changed the ground much round sneydes Rd, anywhere on the western side of Pt Cook Road, or down at the bathing boxes, or the roads that border Pt Cook Homestead Park, or the older end closer to the highway, but Sanctuary Lakes should have big red warning flags over it.
Love a place at the Marina development, If I werent 180 degrees round the world away
 
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