FHB: Truganina, Tarneit, Altona Meadows, Point Cook

Osman , can you shed some light. Enlighten us with your thoughts. any particular pockets in PC (i.e. close to town centre, close to schools, etc)

Regards
 
According to the RP data point cook has grown 32% over last 3 years. Do you think Point Cook still has room to grow?

PC land values were coming off a very low base relative to land in more established areas. Add migration levels into Melbourne, the demographic choosing these areas to live in, the mini-price burst we had in 2009 and early 2010, then it is not surprising that values have increased that much.

My gut feeling, is that prices will still rise but not at those levels. 4 br homes, 2 bathrooms and double garages cost ~$450k+ on land sizes between say 400-500sqm. That is still affordable relative to more established areas.

I am a strong believer of the storey behind 'going west' (in Melbourne) for property.

Disclosure: I have bought in PC.
 
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PC land values were coming off a very low base relative to land in more established areas. Add migration levels into Melbourne, the demographic choosing these areas to live in, the mini-price burst we had in 2009 and early 2010, then it is not surprising that values have increased that much.

My gut feeling, is that prices will still rise but not at those levels. 4 br homes, 2 bathrooms and double garages cost ~$450k+ on land sizes between say 400-500sqm. That is still affordable relative to more established areas.

I am a strong believer of the storey behind 'going west' (in Melbourne) for property.

Disclosure: I have bought in PC.

i bought in PC too. there are a lot of people buying there - anyway land settles there end of the year or next year. my friend bought a 550sqm home land package 600K - with build cost etc etc would cost him more around 650K.
 
i just the other day inspected a few businesses in point cook town centre, and was very surpirsed and shocked, and felt sorry for the number of businesses that were closing down/about to close down and were for sale,

basically, EVERY fashion female shop is in deep trouble, regardless of price range

-kennys cardiology is closed
-Baskin Robbins is closed
-the bric a brack shop next to BR has got the "landlord has reentered" sign on it
- the chinese grocery is going under
- there are 4 businesses of the food court for sale
- I spoke to 3 owners of hte food court ,and simply asked "how is business" they said " up and down, a bit slow here and there" but was very surprised when I asked "keep at it, are you able to pay the rent" and most people don't like to admit problems, but all of them simply said a firm "NO"

and this is what I found out in a 1 hour walkabouts of the town centre
 
I just purchased my first property in PC last week.

i am in Ponsford Drive , which is a good pocket from what i have seen. Its in the Innisfail estate and my property is right in front of a school, YMCA center and a park.

Its 5 min walk to the IGA and the massive asian supermarket and about 1.5 kms from the PC town center.

I think i got a decent price on the house i purchased, asking price was around $630 ~ $650k , land size 660 sqm block, double story 40 square home, only 8 months old. So was a perfect home for me.

I ended up paying $570,000 for it, got my building inspection done the other day and it came back all clear. Property was built my Clarendon Homes.

I have been looking for the last 3 - 4 months and the areas i looked at were

- Derrimut , Good location but not much stock, drawback is that its surrounded by heavy industrial area and loads of trucks in the area.
- Deer Park Very close to everything, not many new houses in the area and prices for a 40 sq home were over $650K
- Caroline Springs i think caroline springs is a nice area but over priced in many aspects, i scanned 20 properties in the area and the REA would not budge on the price .
- Tarneit Had look at around 10 properties in the area, just did not feel comfortable driving thorugh leakss road / sayers road , too much farmland there and way too much land still to be realeased, lots of flooding
- Truganina this is your entry level suburb i think , most of the FHB will be able to buy a decent property here for around $400k, but there is no appeal in this area.


Point cook seemed to me more reasonable and i eneded up buying exactly want i wanted, there were lots of houes to choose from and you can definately negotiate a price in the current market as there seems to be less competition. There were other houses similar to what i purchased still selling for over $620k mark, so i feel very happy with my purchase.





Osman , can you shed some light. Enlighten us with your thoughts. any particular pockets in PC (i.e. close to town centre, close to schools, etc)

Regards
 
I think i got a decent price on the house i purchased, asking price was around $630 ~ $650k , land size 660 sqm block, double story 40 square home, only 8 months old. So was a perfect home for me.

I ended up paying $570,000 for it,

Dude you smashed it. Is there something wrong with the block? Like it’s weirdly irregular or something? Very good price for what you got, and the Innisfail estate is nicely located.

i just the other day inspected a few businesses in point cook town centre, and was very surpirsed and shocked, and felt sorry for the number of businesses that were closing down/about to close down and were for sale,

basically, EVERY fashion female shop is in deep trouble, regardless of price range

-kennys cardiology is closed
-Baskin Robbins is closed
-the bric a brack shop next to BR has got the "landlord has reentered" sign on it
- the chinese grocery is going under
- there are 4 businesses of the food court for sale
- I spoke to 3 owners of hte food court ,and simply asked "how is business" they said " up and down, a bit slow here and there" but was very surprised when I asked "keep at it, are you able to pay the rent" and most people don't like to admit problems, but all of them simply said a firm "NO"

and this is what I found out in a 1 hour walkabouts of the town centre

Cool story bro.

Every time I go to PC town centre its chockers, can’t get a park out the front... although I only go to the coles / bottle-o / fish place area, so the other areas could be dead
 
I just purchased my first property in PC last week.

i am in Ponsford Drive , which is a good pocket from what i have seen. Its in the Innisfail estate and my property is right in front of a school, YMCA center and a park.

Its 5 min walk to the IGA and the massive asian supermarket and about 1.5 kms from the PC town center.

I think i got a decent price on the house i purchased, asking price was around $630 ~ $650k , land size 660 sqm block, double story 40 square home, only 8 months old. So was a perfect home for me.

I ended up paying $570,000 for it, got my building inspection done the other day and it came back all clear. Property was built my Clarendon Homes.

Dude you smashed it. Is there something wrong with the block? Like it’s weirdly irregular or something? Very good price for what you got, and the Innisfail estate is nicely located.

I have to agree that there is something wrong with it, not the house, the locaion. We are renting in Ponsford Drive until our McMansion of 22sq is completed in a much quieter corner of the estate.

Ponsford Drive has a school fronting it on one whole side. From the moment we moved in here (just over a year ago) it has been nothing but trouble. Excessive traffic, children - everywhere, noise - specifically their alarm going off at god awful hours of the mornings on school holidays with nothing to do but call the police multiple times to get it attended to.

Boardwalk Blvd and Tom Roberts Pde are used in the evenings by hoons to do burn outs. It beats paying at the speed way to watch it.

On the upside, I know they house you mean and its quite nice.
 
I have to agree that there is something wrong with it, not the house, the locaion. We are renting in Ponsford Drive until our McMansion of 22sq is completed in a much quieter corner of the estate.

Ponsford Drive has a school fronting it on one whole side. From the moment we moved in here (just over a year ago) it has been nothing but trouble. Excessive traffic, children - everywhere, noise - specifically their alarm going off at god awful hours of the mornings on school holidays with nothing to do but call the police multiple times to get it attended to.

Boardwalk Blvd and Tom Roberts Pde are used in the evenings by hoons to do burn outs. It beats paying at the speed way to watch it.

On the upside, I know they house you mean and its quite nice.


the block shape is fine guys, i know its in front of a school but i don think it will be too much of an issue. I have previously rented in front of a school and had no issues with it. Plus i will be at work from 8 - 5 , so will not be seeing any of that.

hoons are everywhere , to be honest, Derrimut is full of them and so is caroline springs, all the new estates will have some hero trying to do burnouts n stuff..
 
Hey guys,

Just wanted to contribute a little bit to the conversation,

The suburb that is right next to Williams Landing and Point cook - which currently has MUCH better access to public transport, (see beginning of zone 1.) and also a much easier route to get onto the freeway is LAVERTON. There is almost no 'busy' roads in or out of Laverton apart from the Aircraft station level crossing, which is easily avoided, and also no sign of drastic future increases in population in the suburb itself, as there is no more land.

Laverton is possibly the cheapest option in terms of $$$ / m2 this close to Melbourne - at the moment a 800m2 block will sell for around $350,000 with an old 3 bdr brick house on it. I currently have my PPoR in Laverton and I know of 5 SEPERATE lots that are in the process of sub division 400m from my house. A corner allotment can easily fit 3 dwellings, whilst most other blocks can fit 2. It seems almost every month we are receiving building notices in the mail.

Only downside is that that these houses are built pre 1985, you can't claim proper depreciation and while it's still populated with foreigners and 'dodgy' people I think the prices will rise out of reach to a lot of these people soon and well, the quick and cheap trains and the short drive to the city largely overcome those factors.

I recently did a stint in the Engineering Services (traffic sector) at Wyndham city council and wow. Someone earlier in the thread was talking about the Sayers Road duplication, there is no plans to duplicate Sayers Road past Derrimut rd - and there probably will never be. Sayers Road is owned by Vicroads and duplicating Sayers past Derrimut will put excess pressure on the already high traffic intersection of Leaks and Fitzgerald. This was from Vicroads themselves, so I would say there will be nothing done past Derrimut for at least 5 - 10 years. If you're familiar with the area you'll also be familiar with the Forsyth/Old Geelong Road intersection (REAL LIFE NIGHTMARE). This will be cleaned up and signals will be added over the next 5 years, in my opinion increasing the value of the new estates along forsyth - which I can't remember the name of.

Leakes Road IS A NIGHTMARE in the morning, in fact - ALL ROADS OUT OF WYNDHAM in the morning are HAVOC. If you were to buy in a new area of Tarneit it would take 20 minutes sometimes just to reach a freeway, the same goes for Truganina.

Point Cook was good, but the rush in my opinion is over, and suburbs they are now adding are similar to that of Tarneit - too far out, tailored to the investor that is well.. 'late'. The investor that still thinks they can get in. Inner Point Cook has some very attractive options, but no public transport - (And none planned? Don't know of any myself)

Williams Landing was touted from the very beginning as an investors dream suburb, shopping precinct going up, train station planned and all that close to a freeway and guess what? BANG, huge price. I cannot believe some of the prices there at the moment.

I'm not yet an investor, but I'm a very keen student. I like to keep up with things that happen around my suburb :). My 2 cents.
 
Hi Osman,

congratulations for your new purchase: good price, u have done well.

My settlement for the first IP would be in April, excited looking forward to it, however on the downside have not found many exciting threads on the forum regarding my investment suburb (Tarneit).

Happy to wait and see what happens...

Regards,
TV
 
that is frightening

i just the other day inspected a few businesses in point cook town centre, and was very surpirsed and shocked, and felt sorry for the number of businesses that were closing down/about to close down and were for sale,

basically, EVERY fashion female shop is in deep trouble, regardless of price range

-kennys cardiology is closed
-Baskin Robbins is closed
-the bric a brack shop next to BR has got the "landlord has reentered" sign on it
- the chinese grocery is going under
- there are 4 businesses of the food court for sale
- I spoke to 3 owners of hte food court ,and simply asked "how is business" they said " up and down, a bit slow here and there" but was very surprised when I asked "keep at it, are you able to pay the rent" and most people don't like to admit problems, but all of them simply said a firm "NO"

and this is what I found out in a 1 hour walkabouts of the town centre

What a shame, I like the shopping centre, probably dont support it as much as I should though. I believe the whole shopping centre is in fact for sale.
 
thanks mate, and congrats to you on your IP purchase.

There is another point i want to make, early January when the markets opened this year, houses were still selling quick, i missed out on a few properties , some due to dodgey agents playing games over the phone with a bidding war .

The only estate i saw properties in Tarneit was The Seasons, nice estate that one.


Hi Osman,

congratulations for your new purchase: good price, u have done well.

My settlement for the first IP would be in April, excited looking forward to it, however on the downside have not found many exciting threads on the forum regarding my investment suburb (Tarneit).

Happy to wait and see what happens...

Regards,
TV
 
i just the other day inspected a few businesses in point cook town centre, and was very surpirsed and shocked, and felt sorry for the number of businesses that were closing down/about to close down and were for sale,

basically, EVERY fashion female shop is in deep trouble, regardless of price range

-kennys cardiology is closed
-Baskin Robbins is closed
-the bric a brack shop next to BR has got the "landlord has reentered" sign on it
- the chinese grocery is going under
- there are 4 businesses of the food court for sale
- I spoke to 3 owners of hte food court ,and simply asked "how is business" they said " up and down, a bit slow here and there" but was very surprised when I asked "keep at it, are you able to pay the rent" and most people don't like to admit problems, but all of them simply said a firm "NO"

and this is what I found out in a 1 hour walkabouts of the town centre

You should walk through Moonee Ponds shopping centre and parts of Puckle Street. There are a number of stores that have closed and retail properties up for let. I suspect its symptomatic of what is happening to retail more broadly.
 
You should walk through Moonee Ponds shopping centre and parts of Puckle Street. There are a number of stores that have closed and retail properties up for let. I suspect its symptomatic of what is happening to retail more broadly.

fair enough,

I also did hear that the entire point cook town centre was for sale, not sure how true that is, but in the few weeks I spent at point cook, the number of rumours flying around about everything and everything was amazing

and yeah, the general sentiment of the retailers in the entire complex was not positive at all. i felt quite sorry for them, many of them were saying they were promised that a similar shop would not open near by and as soon as they opened, they had 2 on both sides open up! so they are not happy campers!
 
lol nice one. given their rental is about 13m they prob want around $180m for it based on 7% cap rate. But given the tenants are dropping like flies that ain't gonna happen!
 
hmm very interesting development. Looks like a bit of downside to Pt cook.

Pity my fren who just got married got some jobs in telstra bought like home land package for 600K and renting in Pt cook while buildling. crazy.

Lucky i only have 1 lot of land in Point Cook -but i did buy it to test a concept i am trying to implement (more like a prototype)
 
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