Any thoughts on Craigieburn, Victoria?

[godette]

My husband and I are wanting to buy our first IP. It's very exciting but I'm terrified of the risks as we are not young nor are we hugely rich, though largely debt-free. We were recommended one of the new developments in Craigieburn - Malcolm Creek, being developed by Stockland. However we live in Perth and had never even considered going interstate until this investment broker mentioned Craigieburn to us. We have absolutely nil knowledge of Melbourne (zero, nada) so are extremely nervous about buying there. There is a thread in this forum about Craigieburn, but that's about five years old. Most of the posts there said there were better places to buy property in, but I was wondering if that has changed and if the development there has made it a good investment option.

Otherwise we'll stick to Perth. Flat or not, at least we're very familiar with the market here and may decide to stomach out negative equity for a while for future growth.

Thank you very much for any help you can give.

 

[simo74]

My husband and I are wanting to buy our first IP. It's very exciting but I'm terrified of the risks as we are not young nor are we hugely rich, though largely debt-free. We were recommended one of the new developments in Craigieburn - Malcolm Creek, being developed by Stockland. However we live in Perth and had never even considered going interstate until this investment broker mentioned Craigieburn to us. We have absolutely nil knowledge of Melbourne (zero, nada) so are extremely nervous about buying there. There is a thread in this forum about Craigieburn, but that's about five years old. Most of the posts there said there were better places to buy property in, but I was wondering if that has changed and if the development there has made it a good investment option.

Otherwise we'll stick to Perth. Flat or not, at least we're very familiar with the market here and may decide to stomach out negative equity for a while for future growth.

Thank you very much for any help you can give.

Stick to Perth and the market you know.Oh and get a new investment advisor. Out of all the opportunities that exist he recommends Craigieburn. I visited Craigieburn once, had to take a dettol bath when i got home.

 

[Casserole Dish]

LOL, I don't think Cragieburn is quite as bad as simo has described! My parents used to live there and they appreciated a reasonably quick trip to the city on the train. That was a few years ago.

Unfortnately the shops and infrastructure seem a bit hit and miss and there are a lot of new estates going up and everything is now spread all over the place.

There is a bit of a problem with the local youth (just recently a young guy was caught doing burn outs on a playing oval, that sort of stuff).

I think the advice from the old posts still stand, there are definately better places to invest in a first IP.

I could recommend Sunbury or since it's your first, you don't have to get all complicated about it, just get something in your own state and get a feel for investing that way.

 

[Bon]

I think you missed the boat on Craigieburn... Perth is probably a better bet than Melbourne seeing as Melbourne has finished its boom and Perth is more likely to boom before Melbourne.

 

[Bigtone]

Ur investment broker is not a broker he is a salesman and will be receiving a big commission for the sale.

Don't buy off him.

You would be far better off buying something yourself or paying a buyers advocate

 

[Kristine..]

G'day godette

Welcome to the Forum!

I think that if Delfin and Stockland are investing in Craigieburn, you may want to think more about it.

These companies only involve themselves in really big, growth corridor projects. The communities of the future. They bring with them all the infrastructure, the shops, civic facilities, public transport, schools and work to make a success of the new area.

However, as with any really big project don't expect to see rapid growth. It takes five years to make a decent wine and ten years to make a really good wine

It will also take ten years to show the strength in the new and seriously important developments in Craigieburn

Take a trip to the Display Villages at Craigieburn or via www.nearmap.com You will be dumbstruck when you see how much area these developments are now covering. There are also quite a few prestigious private schools which have bought tracts of land in the Northern Growth Corridor. The bogans of today are the private school parents of tomorrow.

Hope this helps

Regards
Kristine

 

[Kristine..]

I think you missed the boat on Craigieburn... Perth is probably a better bet than Melbourne seeing as Melbourne has finished its boom and Perth is more likely to boom before Melbourne.

Dear Bon

What rot. Melbourne has not finished anything.

Love
Kristine

 

[Kristine..]

Ur investment broker is not a broker he is a salesman and will be receiving a big commission for the sale.

Don't buy off him.

You would be far better off buying something yourself or paying a buyers advocate

Dear Bigtone

Well, der!

Gosh, I knew I shouldn't have gone to the Dentist last week.

He had the cheek to charge me a fee!

Fancy someone thinking they could actually get paid for the work that they do. Much better to work for nothing as you do.

Of course, if godette shouldn't buy from the salesman because (gasp!) he will get paid for the sale,and as you are morally opposed to anybody getting paid for doing anything so therefore godette couldn't directly engage a Buyer's Agent to go out and find her a suitable property as this would mean that godette would have to pay the Agent a fee, how would you propose that godette, and all the thousands of investors like her,find and buy a property or an investment of any kind?

Words fail me!

Cheers
Kristine

 

[zapoix.]

godett
live in south eastern sub melbourne my self long way from C/Burn.
pass by it on my way out of town though A very big estate and as kristine said big money has gone into it by developers and may take a long time to show any money for you
I would have to agree with a few people and stick with Perth for first IP near home much easier for you and it will give you good peice of mind.
Good luck first IP is always the hardest

 

[Bigtone]

Dear Bigtone

Well, der!

Gosh, I knew I shouldn't have gone to the Dentist last week.

He had the cheek to charge me a fee!

Think he must have over medicated you , you appear to be hallucinating, you are reading things that were simply not written or even implied

Fancy someone thinking they could actually get paid for the work that they do. Much better to work for nothing as you do. "Where did i say i worked for nothing and that people should not be paid for working for you?"

Of course, if godette shouldn't buy from the salesman because (gasp!) he will get paid for the sale,and as you are morally opposed to anybody getting paid for doing anything "i said that where?"so therefore godette couldn't directly engage a Buyer's Agent to go out and find her a suitable property as this would mean that godette would have to pay the Agent a fee, how would you propose that godette, and all the thousands of investors like her,find and buy a property or an investment of any kind?

I will dumb it down a little, I was simply saying buying from an "adviser" that is being paid by the other party to your transaction is best avoided, better to do the research yourself or PAY someone to do it for you. If you or Godette still want to buy a crappy overpriced property in Cragieburn I will call developer and negotiate a $25k 'advisory fee' for selling it to you and you can have half of it back.




Words fail me!

As i said I think you were over medicated, speech will return when numbness wears off

Cheers
Kristine

---------------------------------------------------------------------------------

 

[redwing]

Dear Bigtone

Well, der!

Gosh, I knew I shouldn't have gone to the Dentist last week.

He had the cheek to charge me a fee!

Fancy someone thinking they could actually get paid for the work that they do. Much better to work for nothing as you do.

Of course, if godette shouldn't buy from the salesman because (gasp!) he will get paid for the sale,and as you are morally opposed to anybody getting paid for doing anything so therefore godette couldn't directly engage a Buyer's Agent to go out and find her a suitable property as this would mean that godette would have to pay the Agent a fee, how would you propose that godette, and all the thousands of investors like her,find and buy a property or an investment of any kind?

Words fail me!

Cheers
Kristine

Hi Kristine,

One of the risks though is always, is it impartial advice and representing the buyers best interest or the 'advisors'?

Hence the number of posts on the forum asking about whether anyone has used various companies or not

Or the OP's queries on Craigieburn to the collective wisdom on the forum

I dont mind paying a fee
But are you working for me or thee?​

Heck, the Investment Broker (whatever that beast is...do they represent every type of investment available?) maybe onto a winner, but you sure as heck want to conduct your own due dilligence before parting with any hard earned cash or equity

 

[Giddyup]

Otherwise we'll stick to Perth. Flat or not, at least we're very familiar with the market here and may decide to stomach out negative equity for a while for future growth.

Better to stick with a flat Perth, than a declining Melbourne.

If you really want to buy in Craigieburn, wait 12 - 18 months. By then there should be decent number of people desperate to offload the house they built but cant afford any more. You should be able to pick up something 2 -3 years old at a discount compared to what it cost to build.

 

[virgo]

Melbourne

Hiya

Have you considered Sydney? (said in a small voice...as there is too much boom in this thread )

cheers!

 

[Rixter]

Godette,

First off, welcome to SS.

As an experienced investor I would strongly suggest investing here in Perth to start off with.

Stick to your chosen investment strategy, master it here, then diversify east into other markets if you feel you need to.

Remember "Property Investing" is not about " The Property", rather property is the vehicle that allows you to access finance to "work" your "investment strategy" and/or fund your lifestyle costs.

Its your chosen "Investment Strategy" that determines your predetermined property purchasing criteria.

The biggest mistake I see new investors and sometimes not so new investors make is they are 'property' focused instead of strategy focused. Its akin to putting the horse before the cart.

Feel free to contact me if you have further questions.

 

[MC1]

G'day godette

Welcome to the Forum!

I think that if Delfin and Stockland are investing in Craigieburn, you may want to think more about it.

These companies only involve themselves in really big, growth corridor projects. The communities of the future. They bring with them all the infrastructure, the shops, civic facilities, public transport, schools and work to make a success of the new area.

However, as with any really big project don't expect to see rapid growth. It takes five years to make a decent wine and ten years to make a really good wine

It will also take ten years to show the strength in the new and seriously important developments in Craigieburn

Take a trip to the Display Villages at Craigieburn or via www.nearmap.com You will be dumbstruck when you see how much area these developments are now covering. There are also quite a few prestigious private schools which have bought tracts of land in the Northern Growth Corridor. The bogans of today are the private school parents of tomorrow.

Hope this helps

Regards
Kristine

Good post Kristine, a friend og mine has done quite well following delfin land releases over the years

 

[godette]

Hello Rixter

Thank you for your reply, and also to all the replies I received for my post. I really appreciate the collective wisdom of this forum and the sometimes sooo funny off-shoots that result from replies.

I would like to take you up on your offer to contact you, Rixter, as I think you have made a very good point in your 'property vs strategy' post. It makes a lot of sense to me. Do you have an email address I could write to? Thank you.

 

[godette]

Okay then, assuming I stay in Perth, which is really where my comfort zone is, what do all of you think of Nollamara as a place to invest in? This particular unit is quite good. Close to public transport, schools, shops etc. It's a three bedroom villa and on a quiet street. Thing is, I don't know how much capital growth I can expect from it, as it is about 12 years old already, though in good condition.

Any thoughts?

 

[godette]

Stick to Perth and the market you know.Oh and get a new investment advisor. Out of all the opportunities that exist he recommends Craigieburn. I visited Craigieburn once, had to take a dettol bath when i got home.

It's quite possible he recommended Craigieburn because I don't have a big budget - only $350K and can only afford cash outlay of less than $200 a week.

 

[Peter Parker]

Okay then, assuming I stay in Perth, which is really where my comfort zone is, what do all of you think of Nollamara as a place to invest in? This particular unit is quite good. Close to public transport, schools, shops etc. It's a three bedroom villa and on a quiet street. Thing is, I don't know how much capital growth I can expect from it, as it is about 12 years old already, though in good condition.

The suburb, type of property and facilities seem sound enough.

The problem is that forecasting growth is like asking how long is a piece of string.

Property investment is open-ended. There are no guarantees and not always even probabilities.

I think about the best that can be hoped for is pursuing an approach to investing that will work under widely varying economic conditions and doesn't require everything to be 'just right' to work.

Eg a low yield property in a so-called 'blue chip' suburb requires huge capital growth for you to be ahead. Whereas something offering higher yield (even if in a less salubrious suburn) might be more robust.

Especially if there are some other twists along the way - eg purchased well, poorly presented, scope for modest value-adding etc.