Buying land | Melbourne

Hello all,
I have a budget of 150K with which I want to buy at least 300 sq mt plot. Can anyone suggest me good outer suburbs where I should target my buying. I am new to Melbourne so I am clueless about different suburbs. I don't want to invest for profit, rather I want to build my dream home on that land. So the area should be safe, livable and close to the city.

Thanks!
MP
 
Don't know about close to the city for that price but you could buy around 20km from the CBD in Tarneit for that kind of price for 300 sqm. It is a new subdivision, lots of nice new houses going up.
 
What about up north Roxburgh Park, Craigieburn. Any good deal over there. I am bit reluctant to go towards Western suburbs as they are notorious for crime
 
Roxburgh Park, Craigieburn, Broadmeadows are no better than some of the worst parts of the western suburbs I'm afraid.
You're probably better off trying to buy something small in Melton or Bacchus Marsh.
 
You wont get anything for that sort of money these days anywhere near the areas you are talking about. Or if you do, its cheap for a reason, its full of fill, or on a slope etc and means you will have to pay a lot in site costs.
Buying land and renting somewhere else while yo pay the land mortgage and save for the house for a year or two isnt the best idea IMHO. Your better off buying a small apartment, and turning it into a rental when you can afford to build the dream home.
 
Hello all,
I have a budget of 150K with which I want to buy at least 300 sq mt plot. Can anyone suggest me good outer suburbs where I should target my buying. I am new to Melbourne so I am clueless about different suburbs. I don't want to invest for profit, rather I want to build my dream home on that land. So the area should be safe, livable and close to the city.

As others have said, $150k for land will get you into a suburb without the greatest of reputations (or with none at all if a new subdivision) and some distance from the city.

However you state you want to build a 'dream home'.

So I take it that you're willing to compromise greatly on the location but not at all on the house itself.

That's a choice some people make; suburbs like Greenvale and Lysterfield are full of large and expensive 'dream' houses in B-grade locations with few services (though usually on blocks larger than 300 sq m).

However have you considered if you'd get better value by compromising more on the house but compromising less on the area - eg by buying established in a better area with better access, lower crime and liveability?

You lose the 'custom built' aspect of a new home (something you pay dearly for but which is not necessarily going to be valued when you sell - and the chances are that within 20 years most homeowners do sell and move).

But my own and others experience is that even though the home you buy is a compromise (people's dreams always seem to exceed their budget) you do grow to love it and the area if you've bought well.
 
what about going closer to mornington peninsula, frankstone, hastings, balnarring, they are all one hour away from melbourne
what about geelong? what are they like anyone?
 
However have you considered if you'd get better value by compromising more on the house but compromising less on the area - eg by buying established in a better area with better access, lower crime and liveability?
Thanks Spiderman and others. I agree with your facts. This is what I'm thinking - Buy cheap land in a developing area (with less facilities and connectivity at the moment). Keep on paying mortgage and wait for 3-4 yrs for the area to develop - roads built, trains connected, police stations & schools constructed.

Once the area develops and people start moving there, then start constructing the house. So I wanted to know about those upcoming areas which govt is planning to develop in coming 3-4 yrs.
 
what about going closer to mornington peninsula, frankstone, hastings, balnarring, they are all one hour away from melbourne
what about geelong? what are they like anyone?

The problem with Mornington is rising sea levels (which threaten to drown houses in coming years) and Tsunami (which always hits coastal areas). Also coastal areas are much more colder than up north. :(
 
The problem with Mornington is rising sea levels (which threaten to drown houses in coming years) and Tsunami (which always hits coastal areas). Also coastal areas are much more colder than up north. :(

Alright, here.... $200k for 7 acres. No tsunami.


http://www.realestate.com.au/property-other-vic-strathewen-7270549

The Y-man

ps. Please note, I am acutely aware this post may be seen as taking advantage of a terrible tragedy. However, it is a property proposition I have seriously considered, as I imagine planning / permits will be modified, clearing regs will be changed etc. If we look at places like Beaconsfield Upper, I feel this is something that needs to be looked into as an investor.
 
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