Bendigo - New Development Areas

[Bigtone]

You have to pay stamp duty on a new car, you don't on a new house, cars get cheaper to build , house building prices go up. Land prices don't always go up. Ive always found you can build your own house about 20k cheaper than I can buy one a couple of years old and save about 12k in stamp duty, The beauty of building a house is that you can claim the depreciation, but the value of the house doesn't go down. None of my new houses have depreciated in value after a few years. If you buy existing housing you are paying an extra 40k for the builders profit, plus stamp duty.

G'day Buster


Gotta say I disagree with every point you have made in this statement. Those experiences are 100% contrary to find I have seen.

Cheers

 

[Belu]

Ben what are the land sizes on those 4br places worth 330k new? Tiny?

550-650sqm, not tiny.

 

[buster]

G'day Buster


Gotta say I disagree with every point you have made in this statement. Those experiences are 100% contrary to find I have seen.

Cheers

You must be looking in the wrong places. Its a fact you can claim depreciation. Its a fact you don't pay stamp duty on a house if you build it yourself. Its a fact that Ive built houses for 40k less than what other vendors are asking for similar houses already built. It is a fact Ive built houses for 200k, where a 25yr old house costs 180k plus stamp duty and has no depreciation, With in one year the new house works out cheaper, and I claim 5k in deprecation each year after, tho the house has gone up in value 20k the first year and 3k every year after. It is a fact I bought a block of land with a 10k deposit to secure the prime block( water front) on an intended new development with settlement when building permit issued, ( 3yrs latter) and now 6 years latter, to buy the crappiest house on the smallest hemmed in block on that estate will cost 50k more than what I spent.

 

[m_yapa]

Thanks for the data

To answer the OP's questions, No, you cannot build a house worth $310k and get $400/week in Bendigo at the moment.

The current rental market is soft, due to a natural cyclical lull at this time of the year and an addition of a lot of new builds in the rental market. There are currently completing a lot of new 3/4 bed homes built for $300k, worth $330k and up for rent around $320-340/week. You would only be able to achieve $400 renting privately to people that the local property managers wont touch in my honest opinion.

Hope this helps and sorry to be a downer!

thanks for the details will look at other areas..

 

[ww2_nut]

Bendigo

I was wondering if anyone could give me a quick update on Bendigo?
Are prices stagnant?, taking off or on there way down?
Any feedback would be greatly appreciated

 

[Belu]

Pricing in Bendigo at the moment is varying depending on what you are after and where. It has developed a lot of micro markets. Development and sub-divideable blocks are having big swings at the moment as well.

As a general rule prices have moved up 3-5% each year for the last couple, before that they went up hugely.

What exactly were you looking at/for?