Caroline Springs vs Burnside Heights

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propMelb

The API June issue indicates Caroline Springs would be a potential growth area, then I checked the median price of Caroline Springs is similar with surrounding area Burnside Heights,but Burnside Heights has higher captial growth than Caroline Springs, also Burnside heights has higher rent and return. I know the properties in Arbour on the park which developed by known Sunland group are very attractive. My friend bought a double story townhouse under 300k, now rent it out at $370pw. how do you think the potential captial growth for Burnside heights or Caroling springs? coz my friend told me there are new off-plan house released in Arbour on the Park, I may grab one..:)
 
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We did take a look at Arbour on the Park, and at 310k, we thought we could get better bang for our bucks by looking elsewhere, so we left it there. But, overall, I do think the location of Arbour Estate is very good relative to the surrounding areas. What I didn't like about the Arbour on the Park though is that they're all smart blocks, and are subjected to canveats, so you are limited from further sub-division or addition/extention down the track. (Not sure if BC also applies?)

Rent of 370 a week is excellent! On Sunland's due diligence report it only quoted 280 a week. Who's managing the rental? Normal PM?
 
feihong said:
Rent of 370 a week is excellent! On Sunland's due diligence report it only quoted 280 a week. Who's managing the rental? Normal PM?
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Yes, my friend told me the normal PM managing his property. and he even got a higher application at $380,but for some reasons he gave it to the current tenant (totally he got about 5 applications over $360). the reason might be the property was built up by Sunland group with very good quality and floor plan. This is why I also want to buy off-plan from Sunland. Just not sure the potential growth for future.
 
I am in the process of securing a 4 bedroom, 2 bathroom (including ensuite), double garage house on 606sq m of land for $366k in Arbour on the Park which is OTP.
 
propMelb said:
an angent told me there will be the train extension in Burnside/Carolin Spring in next 2 years? is it true?
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I live nearby and I HIGHLY doubt Caroline Springs will see a train station within the next 5 years. There has been talk about it for a while but I'd say this is a long term proposal, say maybe 5 - 10 years I'm guessing.

Also, don't believe what agents tell you! :)

Ozi
 
ozi said:
I live nearby and I HIGHLY doubt Caroline Springs will see a train station within the next 5 years. There has been talk about it for a while but I'd say this is a long term proposal, say maybe 5 - 10 years I'm guessing.

Also, don't believe what agents tell you! :)

Ozi
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Thanks Ozi:)
 
Just be told by my friend, that the refinance has been done, valuation is 330K. 1 year, 10% capital growth with 6.4% return. that's great, I have reserved the same type property just now, hope it will keep growing up :)
 
propMelb said:
Just be told by my friend, that the refinance has been done, valuation is 330K. 1 year, 10% capital growth with 6.4% return. that's great, I have reserved the same type property just now, hope it will keep growing up :)
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That's a great result! Btw, do you know how much is the body corporate fee he's paying at the moment, if any?
 
ozi said:
I live nearby and I HIGHLY doubt Caroline Springs will see a train station within the next 5 years. There has been talk about it for a while but I'd say this is a long term proposal, say maybe 5 - 10 years I'm guessing.

Also, don't believe what agents tell you! :)

Ozi
Click to expand...

Oh...so it's like the railway to Doncaster..... :D

Cheers,

The Y-man
 
feihong said:
That's a great result! Btw, do you know how much is the body corporate fee he's paying at the moment, if any?
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Hi Feihong, got answer just now, there is no body corporate , even the council rate is very low, he got the first bill from council which is only $26. probably it's a brand new area, council has not worked out the value?but for buyer, it's great.:)
 
propMelb said:
Yes, my friend told me the normal PM managing his property. and he even got a higher application at $380,but for some reasons he gave it to the current tenant (totally he got about 5 applications over $360). the reason might be the property was built up by Sunland group with very good quality and floor plan. This is why I also want to buy off-plan from Sunland. Just not sure the potential growth for future.
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I dont know much about the area but we do deal with Sunland. I must say out of all the developers they are my favourites. Their quality is very good. Designs are pretty unique too compared to others.

Also their Sydney properties are very well located. I'm sure it will be the same case for Melbourne too.
 
Both areas seem to have had significant capital growth... my 4 bedroom house seems like it is worth $450-480k (house & land cost $366k originally) going by recent sales and similar size houses in the area. My rent has gone up from $360/wk to $375/wk - had to basically tell the PM to do this, but it looks to be in line with the market of $370-$400/wk.

Caroline Springs tends to "lead", with Burnside Heights lagging behind it.. if what I've seen in the last 24 months is any indication, Burnside Heights will catch up and then Caroline Springs will move up again... Burnside Heights seem to be moving right now.
 
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