Epping / Truganina - VIC

Where should I buy House & land ?

  • Truganina

    Votes: 4 33.3%
  • Epping North

    Votes: 2 16.7%
  • Other(s)

    Votes: 6 50.0%

  • Total voters
    12
  • Poll closed .
For reasons I can't explain, I need to put down deposit on a House & Land Package within the next few days, avail the FHOG & hopefully settle here in the next 12-16 months.

Budget: $400K for a 4br House on a ~ 500sqm Land (min. Frontage 14m)
Location: proximity to CBD via public Transport

Considering Land releases have become scarce in Melbourne, and finding a 500sqm block for less than 200K is no longer a reality ....Most of my research into various suburbs/ new estates ranging from Point-Cook to Cragieburn (Melbourne - VIC) have finally led me to two choices:

1) Truganina (Land ~ 200K to 210K)
- Whatever's left can only be bought as a House & Land package
ranging from 415K - 430K
Next release in July, and prices for land are 220K onwards

2) Epping North (Land 240K upwards)
- Still has land blocks available, and can be bought by itself,
- Can I really build a 4br house on a 500sqm block for 160K- 180K?

I would really like some suggestions on these two areas, and also if buying a package over land only has any negatives ?

Cheers
 
Ruddprime

There is absolutely no shortage of land, there is squillions of hectares of the stuff to the west of Melbourne.

Truganina blocks were as low as $130k pre FHB Boost.


Negative equity is on the horizon for those paying $200k for a piece of dirt in Truganina.
 
For reasons I can't explain, I need to put down deposit on a House & Land Package within the next few days, avail the FHOG & hopefully settle here in the next 12-16 months.

Budget: $400K for a 4br House on a ~ 500sqm Land (min. Frontage 14m)
Location: proximity to CBD via public Transport

Considering Land releases have become scarce in Melbourne, and finding a 500sqm block for less than 200K is no longer a reality ....Most of my research into various suburbs/ new estates ranging from Point-Cook to Cragieburn (Melbourne - VIC) have finally led me to two choices:

1) Truganina (Land ~ 200K to 210K)
- Whatever's left can only be bought as a House & Land package
ranging from 415K - 430K
Next release in July, and prices for land are 220K onwards

2) Epping North (Land 240K upwards)
- Still has land blocks available, and can be bought by itself,
- Can I really build a 4br house on a 500sqm block for 160K- 180K?

I would really like some suggestions on these two areas, and also if buying a package over land only has any negatives ?

Cheers

Don't know much about either suburb, but if you are buying as a PPoR it doesn't really matter in the long term for the cap growth aspect (well, yeah it does, but you get what I mean).

As an IP, I'd be looking at it from the cap growth aspect as well. Also, land has no rental return and no depreciation deductions - a cashflow ouch.

The biggest neg for these types of states is that they are commonly what I call "Edward Scissorhand" estates - all basically the same, but just a different colour.

Not my cup of tea, but at least you are being sensible and sticking to a buget and an area that suits it, unlike most FHB's who want a 4 x 2 and DLUG with granite everything, 1.5km's from the CGB with a Beemer in the drive. pfffft.
 
There is absolutely no shortage of land, there is squillions of hectares of the stuff to the west of Melbourne.

Truganina blocks were as low as $130k pre FHB Boost.


Negative equity is on the horizon for those paying $200k for a piece of dirt in Truganina.

Could be so if they are borrowing the whole lot and want to flip it within 2 years.

If it's a PPoR dream home, then they will probably live there for several years, and all will be fine.

These areas will be the next Glen Iris (well, not quite, but you get what I mean). When I was a kid, we lived in G.I for about 2 years - it was an outer suburb almost. Now, it is/was the geographical centre of Melb, and you can't afford to buy there if you are a FHB.
 
There is absolutely no shortage of land, there is squillions of hectares of the stuff to the west of Melbourne.

Truganina blocks were as low as $130k pre FHB Boost.


Negative equity is on the horizon for those paying $200k for a piece of dirt in Truganina.

Whilst I agree to that statement, unfortunately it's buy now or pay even more in July scenario for me (and for the rest of FHB in Melbourne ).
And as mentioned, it could become the permanent PPOR ,so CG won't matter that much, but my question still stands which of these areas would anyone here opt for , given the same requirements ?
 
There is no chance you can build a 4br for 160 - 180K (unless you go owner builder route)....The builders may possibly advertise this price but you only get a shell of a house and if you actually want to live in it then expect to pay at least 50K - 80K more than the base price.
 
There was an article about New land releases in a weekend paper lift out a while ago and I jotted down the ones that were closest to Melbourne CBD because I figured that If I was ever going to buy OTP (I'm not) then the closer to the CBD the more likely good growth would follow...transport, education, shopping and health infrastructure etc being already in place or nearby so on and so forth. These are the areas

• Vallley lake keilor east
• Avondale heights
• Maribyrnong
• Lancaster gate bundoora
• Clayton west
• cheltenham

The two places you mentioned might be your only options but if not a look at these places might be worth your while.

I had a quick glance at http://www.vicurban.com/cs/Satellite?pagename=VicUrban and you should be able to research these areas there. I have no idea how far along these projects are so they may not meet your deadline. They may also be out of your price range.

I'm not very familiar with Truganina but I've driven around a few of the Epping north estates (been looking in established areas of Epping) and at the moment it's pretty much houses in paddocks. Infrastructure is "coming" in a political promise sort of way. when it actually arrives is crystal ball stuff.

Wokka (amateur)
 
Whilst I agree to that statement, unfortunately it's buy now or pay even more in July scenario for me (and for the rest of FHB in Melbourne ).
And as mentioned, it could become the permanent PPOR ,so CG won't matter that much, but my question still stands which of these areas would anyone here opt for , given the same requirements ?

First they are playing the sales pitch.

Personally I don't think you will be paying more. These developers have holding costs so have to keep moving stock, and I don't think the demand at $240k will be there.

4bdrm rental's in Truganina average $300-310pw.

You shouldn't be be paying much more than $350k for a similar finished house on a slightly larger than average block.


Budget night tomorrow night, so it will be very interesting to see what the Rudder has got planned to flood our market with more housing supply.
 
First they are playing the sales pitch.

Personally I don't think you will be paying more. These developers have holding costs so have to keep moving stock, and I don't think the demand at $240k will be there.

4bdrm rental's in Truganina average $300-310pw.

You shouldn't be be paying much more than $350k for a similar finished house on a slightly larger than average block.


Budget night tomorrow night, so it will be very interesting to see what the Rudder has got planned to flood our market with more housing supply.

It might be their sales pitch, but the fact is that prices ARE increasing every few month, and each time it goes up by $10k. Right now, a house and land package for a 400 m2 land and a 22 square house is nearly $400K in Tarneit, and I know for a fact that the price will increase again by 1st of July.
 
Just something worth noting, back in the 80s and early 90s in the newer suburbs, not so old houses were selling for WAY below replacement values.

It doesn't matter what a house costs to build. Price is dictated solely by the level of demand. Fortunately, ATM we have demand but what happens down the track is anyone's guess.
 
I live out that way (Manor Lakes - moving back to Point Cook later this year) and read an article only recently about Truganina that indicated that as the entire estate is new and predominantly FHB, if mtg stress levels increase or work situations change it would have a greater negative effect on sale prices in this area as there could be a high number of forced sales.

On another note, there is little infrastructure in Trug - you have to drive to Wyndham Village which is practically in Laverton to do shopping or go to Hoppers Crossing/Werribee Plaza. Depending on your lifestyle and your family this may not suit. You would need to drive to Hoppers Crossing Railway Station for your commute. But unofrtunately land prices at the moment keep going up so you are stuck between a rock and a hard place.
Good luck with it!
 
On another note, there is little infrastructure in Trug - you have to drive to Wyndham Village which is practically in Laverton to do shopping or go to Hoppers Crossing/Werribee Plaza. Depending on your lifestyle and your family this may not suit. You would need to drive to Hoppers Crossing Railway Station for your commute. But unofrtunately land prices at the moment keep going up so you are stuck between a rock and a hard place.
Good luck with it!

Thanx for the heads-up, yes the demand is ever-increasing in the west.
A new estate - opened for release yesterday and sold-out within 3 hrs (24 blocks), didn't even get a chance to look at them. Damn these big builders gouging up all the land, and selling as expensive packages.
 
Fast growth

I have a house on 540 sqm being completed this month in Tarneit. I am pleasantly surprised at how fast land values have shot up in the area. I paid $140k less than a year ago. Now blocks this size appear to be getting snapped up for $200k, if you can get your hands on one and this is before the new rail lines have been built.

With recent amendments to sales laws to foreign investors, the West with brand new property that foreigners are allowed to buy, will appear more and more attractive as their attention focuses there instead. Note that for a similar distance out in Sydney, land sells for $300k+.

It looks like my land purchase in Wyndham Harbour could turn out to be a gold mine by the time it settles in 18 months. Demand has been very high in this development also, selling out very fast. If they continue to struggle to provide land at reasonable cost in Tarneit, Point Cook and Truganina, premium waterfront land will start to go sky high.
 
Fast forward today now, I am thankful that I didn't buy these places.

Look at Domain and see the number of houses that people are trying to sell.
 
I have a house on 540 sqm being completed this month in Tarneit. I am pleasantly surprised at how fast land values have shot up in the area. I paid $140k less than a year ago. Now blocks this size appear to be getting snapped up for $200k, if you can get your hands on one and this is before the new rail lines have been built.

With recent amendments to sales laws to foreign investors, the West with brand new property that foreigners are allowed to buy, will appear more and more attractive as their attention focuses there instead. Note that for a similar distance out in Sydney, land sells for $300k+.

It looks like my land purchase in Wyndham Harbour could turn out to be a gold mine by the time it settles in 18 months. Demand has been very high in this development also, selling out very fast. If they continue to struggle to provide land at reasonable cost in Tarneit, Point Cook and Truganina, premium waterfront land will start to go sky high.

i think you need to come down here. new land estates are not that easy to sell nowadays especially in tarneit, point cook and turganina.
 
These are seriously such rubbish places. People only buy there because that is all they can afford - there's nothing good about it apart from 'affordability;.
 
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