FHB: Truganina, Tarneit, Altona Meadows, Point Cook

Hi all,

My first post after reading several threads.. I think its a great place to get opinions and ideas.

I am a FHB with around 80k savings and currently renting in Truganina. I am a self employed consultant in CBD and drive to work 4 days a week (off peak).

Trying to move into my own home by Feb 2011, so still undecided where to buy, what to buy etc.

Whether H and L package is a good option? or shd I go for existing house?

Pt Cook sells 448 sq m for $280k (Alamanda)
Truganina sells 500 sq m for $230k
Tarneit sells 500 sq m for $220k

Altona Meadows (3 br) sells for $380k+

Don;t really see much point going to Werribee or Wyndham Vale (as they seem bit far from where I am now)
 
advice

I bought land in Tarneit about a year ago. $140k for 540 sqm and built a 205 sqm house for $204k with many extras under a turnkey package (granite benches, aircon, alarm, driveway etc).

I think you will find many of the existing houses for sale in these areas are better value than buying land and paying for the build.

Even though FHOGs are greater for new and taxes are less, calculate the interest holding cost during construction, it adds up.

The increased land cost ($80k increase in the past year), isn't generally factored into 2nd hand purchases.
 
I am also focussing on Tarneit and Truganina for my PPoR. Does anyone know the approximate location of Metro stations in Tarneit and Truganina which are to be built in coming 2-3 years.

Also, how do I ensure that the place I am going to buy doesn't get confiscated by the govt for building railway tracks. Do the agents know from where the railway tracks will pass.
 
I am also focussing on Tarneit and Truganina for my PPoR. Does anyone know the approximate location of Metro stations in Tarneit and Truganina which are to be built in coming 2-3 years.

Also, how do I ensure that the place I am going to buy doesn't get confiscated by the govt for building railway tracks. Do the agents know from where the railway tracks will pass.

There is a bit of info, and a rough map here:
http://www.transport.vic.gov.au/web23/Home.nsf/AllDocs/509AFB12EE99851CCA25775800244678?OpenDocument
 
This one just sold, but is a fantastic example of the difference between buying existing and the cost if you were to build.

http://www.realestate.com.au/property-house-vic-tarneit-106671006

Cost already built around $420k

Land cost = $250k (647 sqm)
Build cost = $300k

Difference = $130k!! (less replacing the ugly carpet for $5k)

Very true.

Very few of the house and land packges we value in the area stack up. We compare the finished product to sales of existing houses/properties.

Buying a H & L package in the West of Melbourne is generally a good way to burn through $50k in equity - yes there will be exceptions.

Also, as for vacant land, look to resales of blocks, often much cheaper than blocks sold by the developers in those areas.

In Truganina, avoid the area off Westmeadows Lane .. it is a future ghetto in the making, dominated by IP's (this is just a personal opinion - others I am sure will beg to differ).

cheers

RightValue
 
You cannot seriously take this supersized McMansion, that is not representative in scale, design, quality or fitout for most newly built homes (at least from what you can tell from the pics), as being representative of a typical new build.

You could build a single story 4br, 2 bathroom, double garage for $180k and get a far better home for your money. The land, well lets say for argument sakes is $240-$250k and there you have a $420-430k home.

Given Tarneit is such a new area, the asking price must surely be breaking price ceilings for this type of property in the area. Its far too early to build such an expensive home that the area which at this point, cannot sustain.
 
I would hate to live in tarneit etc with the road congestion in peak hour drive up sayers rd at 4:30 6:00pm and see for your self not fun.
cheers
 
Does anybody think that Williams Landing is over-priced or its just me?

Have you checked out Laverton? In Laverton you can buy a house and land for the same price it costs to buy a block in Williams Landing. (Or very close, anyway).

Laverton has the train, (Zone 1) is established and the school is being extended. It's possible to buy a house on a large block which could be developed in the future.

Regards Jason.
 
I was out looking at some of the new estates in Tarneit and Truganina and learnt that there will not be a Metro station at Tarneit, but a V/Line station linking up with Werribee. For people wanting to go to CBD via rail will involve a switch at Werribee.

I own two properties in Point Cook and do like the way the whole area is coming up. Williams Landing is overpriced, it is already similar to Point Cook, if not higher. I've tried to get some reasonable sized blocks, but they are very rare and I am not interested in the majority. I've been told that the next release may have some bigger sized plots.
 
Property purchased in Tarneit

Hi All,

I have been a silent member on this forum (i.e. logging in every night and going through the forums).

I have just put an offer on a property in Tarneit in the Rose Grange Estate (one of the popular ones) and it has been accepted.

Its close to Baden powell college, 1.7 kms from Thomas Carr College, 1.1 kms to the proposed tarneit station and 700 m from the proposed shopping centre in Tarneit.

Property is currently rented at 300 pw and purchase price is in the range of 340-350K.

Its a 3 + study, 2 living areas, 2 bathrooms, 2 garage and approx 21 sqs. Land 435 sq m.

Any ideas of whether its fair price, or its a bargain?

Any feedback would be appreciated from the SS members or people staying in Tarneit or nearby areas.
 
seems okay but depends on house quality and what else is out there. I wouldn't think rents will go up much for the next few years
 
Hi Chb,

i agree with the rental part, it would remain more or less in 300-350 p/w range for next few years. However the intention is to keep it for long term.

I was looking at newish suburbs like Point cook, caroline springs, hillside, etc. most of them are out of my range (median prices of 380+ for all of them).

Only ones that fit my range (340K) range was Tarneit and Truganina. I have noticed land prices are going up in these areas, so thought of getting in now rather than missing out. (i.e entry point into newish suburb)

I guess the long term benefit would be:

in future it would be walking distance to train station
close 3-4 good schools (so families would want to rent it)
close to the city (as compared to other eastern suburbs)
once all estates are fully developed in tarneit, it would be place people would want to live in.

Do you hold interest in the area?
 
I live in williams landing so have had a browse of the areas before. Things have increased quite a bit from 2 years ago and I guess you've missed the boat in those areas. If you can hold on for the long term then you can't really go wrong if you bought a good house as it's still in the affordable range for most buyers. Can't come down much if something happens but has potential to go up if the market does well!
 
What would be a reasonable price for a brand new Henley made 26sq 4-2-2 house on a 530 sq m block in Tarneit? I am talking about Heartlands Estate (between Tarneit and Davis Rd)
 
What would be a reasonable price for a brand new Henley made 26sq 4-2-2 house on a 530 sq m block in Tarneit? I am talking about Heartlands Estate (between Tarneit and Davis Rd)

$400 ~ $420 k tops

i have done a lot of research in those area's .

I was about to purchase in tarneit , but decided against it due to the jam on leaks road, sayers road and lots of flooding during heavy rain

I am looking at point cook now
 
Hi Mr JK,

i would say between 395-425K range.. I agree with Osman regarding traffic jam, however sayers road duplication has been started so hopefully once completed, it would ease out the traffic issue.

This suburb has got a lot of people in a short time, hence infrastructure has not kept pace with growing population but if you want to hold it for long term, it would do well....

Houses (not house and land packages) values stack up nicely and I think its still affordable (however depends on your budget)

Regards
 
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