Caroline Springs - Melbourne

[rich2476]

Hi,
I am currently living in Sydney and prices are just too expensive so I am looking at moving down to Melbourne and buying a place in the next six months. Looking on the web Caroline Springs looks like a good investment, but I am worried about resale value eg In a few years time, why would someone want to buy mine when they can purchase a new property on the developement? As the development so due to be expanding until 2015. Do you think I would be better off buying in more established suburbs eg Ardeer / Sunshine etc?.
Any idea/suggestions would be appreciated

 

[Lamingtons]

If you intend to be working in the CBD, ardeer and sunshine is much better. They have better public transport. Caroline springs has nothing but the bus and people have to drive to Deer Park train station to get into the CBD or they have to drive. Like you said it is still developing and resale is not that good. It is really interesting down there, they even have a Wisteria lane modelled after the Desperate housewives tv series.

 

[MC1]

Nice estate where the majority of owners take a fair bit of pride in their homes.

22kms from city. Deer Park bypass begins at the doorstep of CS with no tolls and 100kmh run from Caroline Springs straight into the city.

Definitely need to sought a few infrustructure issues (trains etc) once these issues have been fixed, looks like a good deal long term and a nice place to live also, going by the residents I have spoken with.

 

[RightValue]

I value a lot of houses in Caroline Springs.

The people that live there really love it; many move within the suburb.

The new town centre is going to be good.

I would live there BUT for public transport ... busses suck .. -my wife does not drive.

As for the bypass... you hit real traffic at Millers road into the city in peak hours in the morning, then it is a crawl.

Land prices creep up in the new releases.. but values of improved properties are stagnant at best to easing a little ... (nothing like the east), to the point where house and land package home are soon to struggle to stack up on valuation (resales of existing houses are the comparables).

If you do not commute into the city in peak hour, you both drive and have a young family it is a great place to live.

Do not expect to make much money out of capital growth... land appreciates and can not really appreciate until it is scarce... to the west of the suburb is masses of farmland awaiting the next subdivision.

just my thoughts.

cheers

RightValue

 

[MC1]

If you do not commute into the city in peak hour, you both drive and have a young family it is a great place to live.

This is the reason I am considering moving their.

I am looking at "The Bridges" absolute beautiful area.

Regarding the farms to the west, I heard that Carolins Springs is at the border and cannot expand any further for at least 20 years. I was told this by a Delfin rep.

Can you shed any light on this Rightvalue?

Cheers

 

[RightValue]

Regarding the farms to the west, I heard that Carolins Springs is at the border and cannot expand any further for at least 20 years. I was told this by a Delfin rep.

Can you shed any light on this Rightvalue?

Cheers

Part of the Melbourne 2030 plan or whatever.. looks like it will be scrapped as demand for land is increasing due to immigration.

That said, Delfin has another few years supply, then there is the land opposite in Taylors Hill and south in Derimutt.

I will believe what the Delfin Rep said when I see it.

Delfin is clever in it's land releases, but as said, existing house prices are not moving up, if you do decide to buy you could get a pretty decent deal on an existing house as opposed to a house and land package even with the stamp duty.

plus there has been a bit of mortgage stress in CS... but the interest rate reduction should help out there.

cheers

RightValue