Aquilo ( Charter Hall) development at Mentone VIC

[Suzannah]

Spiderman - you can't be serious with even mentioning these run down, shabby houses in the same breath as the Oak Ave town houses

http://www.domain.com.au/Property/Fo...did=2008416756 $585k
http://www.domain.com.au/Property/Fo...did=2008491831 $660k

 

[Peter Parker]

REALLY interested to know what other brand new 3 bedroom, spacious, beautifully finished, fully landscaped townhouses in the area you can buy for under 700k... PLEASE TELL US

brand new 3 bedroom

The day after you've bought, it ceases to be brand new. And a crane will go up across the road making yours even more secondhand.

Best way to overcome this is to not even be in the 'pick me - I'm new' game and leave that to the mugs. Competition sucks. Let the other guy have it. Ideally be the only interested party on a sound property, but it's OK to offer more than asking if you consider it value.

spacious

This characteristic is not confined to new properties. Indeed may be less likely due to probable smaller land size per dollar.

beautifully finished

An upgrade to an older property can achieve this, with the added (and enduring) benefit of a better location. Or if a house, knock it down and build one (or more) new ones.

fully landscaped

Available with selected (probably owner occupied) established properties. You might even get established fruit trees and flower beds as well.

under 700k

Prices seem to have dropped a little lately.

It may be a little smaller, but this one in the 400s is in a top location.

http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/Mentone/?adid=2009243005

20 years time I can imagine it having a similar value to new units that are dearer today but poorer located. After all both will be secondhand properties.

Again in the 400s, these are in OK locations but definitely not prime like the one above.

http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/Mentone/?adid=2009462646

http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/Mentone/?adid=2009413307

http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/Mentone/?adid=2009415083

For something new, this is handy, though a busier street than the first which lessens its appeal

http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/Mentone/?adid=2008856741

For a given budget, it's better to skimp on the things that you can change/extend in the future (eg an old kitchen, tired garden, smaller house) so that more can be spent on the things you can't (eg getting the best location for a given price class).

Maybe those used to suburbs with limited facilities and who have to drive everywhere haven't experienced it, but there's lifestyle benefits in not having to worry about driving, parking or even putting on shoes to walk down the beach. A bit like being on holiday whenever at home (and pitying inlanders still sweltering after a hot day).

Rather than it being a special excursion (that you'll return home as hot as you left because any shady parking spots were taken) using the beach, parks or bicycle tracks becomes part of everyday life. Something you might casually do on the way to the shops or for 30 minutes after you get up for example. Even if you didn't think you would very much before moving - something being only a few minutes walk away can change habits a lot - that's my experience anyway.

Such living grows on people, even if it's a smaller property, older house or inferior kitchen than they'd have got in a lesser location for the same money. If circumstances force them to move to a bigger place in an inferior area (eg a growing family) they'll still fondly remember the better location of where they were.

It may be similar for inner suburban properties, though you're often paying dearly for location versus space. Whereas with this Mentone example you may be paying dearly for an inferior location that may not necessarily even have more space to compensate. The only thing that might compensate is newness, which, as noted before, vanishes the day you buy it.

Even where you are in a suburb (especially if bayside or dissected by major roads eg Mentone) can make all the difference. Eg beachside Parkdale or Mordialloc beats the part of Mentone near Moorabbin Airport (whose residents complain about noise and want the airport closed).


Someone said that future gains depend on how well you bought. Thinking about value, especially what is enduring and what you can change, is extremely important.

 

[toony]

We have recently visited the display village at Oak Ave Mentone after fiercely looking around at many similar properties for 3 months and we are impressed!

We have been reading some of the other posts and are REALLY interested to know what other brand new 3 bedroom, spacious, beautifully finished, fully landscaped townhouses in the area you can buy for under 700k... PLEASE TELL US - when we say around the area, we dont mean the Heath Estate...which verges on creepy(sorry in advance to anyone who lives there)

Are you so impressed that you have bought? What do you look for in property investing? Do you live locally?

 

[Suzannah]

Spiderman - thanks for that info. sorry should have communicated that we are looking for a place to live not invest. the properties you refer to require a lot of work or are simply too small - or both. for your first link ) http://www.domain.com.au/Property/Fo...did=2009243005 - i hope that is not the master bedroom pictured? seriously that is more of a long study. what we like about this are the things i mentioned in my last post and nothing further to spend. just move in and enjoy. ok it's not the right side of the highway or the railway but we haven't got another 200k to buy something similar a few blocks away.

Toony - as per above not investing here, seeking the best (new) 3br property available around 700k. simply have found nothing that compares to this around Mentone, Benleigh, Bentleigh East, Parkdale, Cheltenham, even as far out as Mordy. no have not bought but seriously considering.

A few ppl on here saying they withdrew because "something didn't add up" - can anyone elaborate on this? specific examples? the completion date of 12 months actually suits us,,, anything else?

 

[toony]

Spiderman - thanks for that info. sorry should have communicated that we are looking for a place to live not invest. the properties you refer to require a lot of work or are simply too small - or both. for your first link ) http://www.domain.com.au/Property/Fo...did=2009243005 - i hope that is not the master bedroom pictured? seriously that is more of a long study. what we like about this are the things i mentioned in my last post and nothing further to spend. just move in and enjoy. ok it's not the right side of the highway or the railway but we haven't got another 200k to buy something similar a few blocks away.

Toony - as per above not investing here, seeking the best (new) 3br property available around 700k. simply have found nothing that compares to this around Mentone, Benleigh, Bentleigh East, Parkdale, Cheltenham, even as far out as Mordy. no have not bought but seriously considering.

A few ppl on here saying they withdrew because "something didn't add up" - can anyone elaborate on this? specific examples? the completion date of 12 months actually suits us,,, anything else?

I am sorry but you sound like your one of the salesmen to me.

I grew up on the Voltri St side of Oak Ave on the racecourse estate. Now i live 300m to Aspendale station and another 100m to the beach. The kids will be going to the secondary schools in Mentone. For around $700k there are heaps better options than this area.......unless you want to be walking distance to Bunnings and the other bulk stores being built.

Best of luck with your projects. If its your PPOR why do you need any validation from us somersofters?

Just saw this one - best street in Mordy - 150m to white sand and 400m to shops and station. Ten times better than Oak Ave.

http://www.realestate.com.au/property-townhouse-vic-parkdale-108742846

2012 both worth $700k
2015 $900k for Mordy $750k for Oak Ave. As time marches the position is worth more than the current buildings.

 

[Suzannah]

Firstly def not a salesman god they would have this forum shut down wouldn't they? Def not looking for validation, just specific reasons why some of the potential buyers who held reserves pulled out. After all, it could simply be that they couldn't afford them and could withdraw without a penalty? yet to hear of a knockout blow that would stop our interest in it's tracks. I would like to know from those who have been sniffing around this development for the last couple of years if there is anything else?

Has anyone bought one of these properties who can provide good or bad feedback? Now that would be valuable.

At this stage we are thinking we can live with Bunnings next door, 5 minute drive to either Mentone or Cheltenham Station, $8oo BC so that some feral doesn't have head high grass & rusted cars in thier front yard. And the double glazing option won't affect us being a couple hundred metres away from the park, bulk delivery drive way, Nepean Hwy or Warrigal Rd.

In regards to the Mordy house and others like it, it really comes down to what you value. Def not our cup of tea, can't imagine buying something like that and thinking "well not as nice as the Oak Ave property, plenty of work around the house we now have to do to trick it up, didn't pay quite as much for it.... but our Mordy house may hold it's value better." That's not us - but can understand those who value that.

 

[toony]

Has anyone bought one of these properties who can provide good or bad feedback? Now that would be valuable.

I doubt you would find anyone on this site who would buy a property there for investment purposes. This is a property investors forum afterall. An investor would select the townhouse thats 150m to the beach in Mordy than the new townhouse in Oak Ave.

I recall as a kid when they developed the race course estate. People wanted a block of land there so they could build their own home. No-one wanted to buy in the Milan St, Plumber Rd areas as they were old houses. The smart money bought in these locations and built their own homes in a better location near schools, beach, shops etc.

I know you want brand new, no maintenance etc. All i am saying this will come at a cost to you. Both now (paying for brand new property) and in 5-10 years. They call this opportunity cost.

 

[toony]

I just read recently that the builder on the project has gone bankrupt. I therefore assume it will be a long time before a new builder is found and any of the townhouses are completed.

I also noticed there are a few completed townhouses for sale by local existing real estate agents. Did you look at those?

 

[Suzannah]

Leader Article

Yes their primary builder Wentworth Constructions is in liquidation but another starts next week. We have spoken to Charter Hall after this Leader article surfaced who said the article is sensationalising the matter when it is quite run-of-the-mill in developments - although never ideal. We have been informed that the project has been delayed 6 weeks. See article attached.

 

[toony]

So Susannah have you decided to buy one of these townhouses? Did you look at the ones being sold by existing agents? What were your thoughts?

 

[toony]

Bunnigs

I have also noticed a VERY BIG Bunnings being built next door. So big in fact i understand its replacing the existing Mentone one down the road.

Have you purchased? Will this effect your decision?

 

[Tools]

The Bunnings is apparently the biggest one in Australia. All of the stage one townhouses in the development look in to the carpark or loading dock of Bunnings. I wonder if the purchasers knew this when they bought?

Tools