Is there rental demand on Melb new estates?

[casper007]

Can anyone tell me if there is rental demand on Melb new estates such as Caroline Springs, Mernda, Lyndhurst, Pt Cook, Tarneit Gardens, Cardinia Lakes, Ballarat and Bendigo?

What kind of rents can be expected for a 200m2 4 x 2 home?

 

[The Y-man]

Check the net....


eg
http://www.realestate.com.au/cgi-bi...0&fmt=&header=&c=24829013&s=vic&tm=1201250558

Cheers,

The Y-man

p.s. seems to be a lot available at C.Springs!

 

[sparky23]

Hi Casper007

New estates are generally planned to attract families and therefore provide all of the amenities. At the start of the development rental demand may not be as great but as more homes are built rental demand increases, so if you are looking at estates now that already have homes built and being lived in and you purchase a house and land package, in a years time when it is built demand will have increased, rents will have increased and prices of houses will have increased, my experience of getting in to new estates has been very positive.

Tarneit rents would be $300 - $350 and similarly for Bendigo as examples, I know of a Tarneit gardens home offering 7%

 

[natedog]

Hi Casper,
Have one IP 4 years old in Pt cook 4x2 havnt had a vacancy period for 3 years, rents for $320 halfway thru 2 year lease, market now would pay $340-$350

have another in Carrum Downs, 1 year old 4x2 rents for $365 per week, had a bidding war for the rent 1 year ago

Cheers,

 

[Michael Yardney]

There is much less demand for rentals in new estates and only this week I heard of a number of investors who have sold out at a loss in Point Cook because they have had such long vacancies that it brought their investment plans undone.

These estates attract young families and sure their are some tenants but in general they have poor capital growth and poor rental yields - look elsewhere

 

[long88]

Hi Casper007

New estates are generally planned to attract families and therefore provide all of the amenities. At the start of the development rental demand may not be as great but as more homes are built rental demand increases, so if you are looking at estates now that already have homes built and being lived in and you purchase a house and land package, in a years time when it is built demand will have increased, rents will have increased and prices of houses will have increased, my experience of getting in to new estates has been very positive.

Tarneit rents would be $300 - $350 and similarly for Bendigo as examples, I know of a Tarneit gardens home offering 7%

i have a chat with one builder in tarneit, and i can get 4,2,2 house on 500 sq land for around 310k, no rental guarantee, or 3,2,2 on 290k.

rent over there is around

and as far as i can see on the rental guarantee that offers 7%, their purchase price is inflated as well.

this is to me, same as give the builder who offer rental guarantee, my money, and they give it back to me.

how did you arrive at 7% ?

 

[casper007]

There is much less demand for rentals in new estates and only this week I heard of a number of investors who have sold out at a loss in Point Cook because they have had such long vacancies that it brought their investment plans undone.

Is it in an estate in Pt Cook which was flooded with poor quality rentals? I think it was a PEET estate?

Surely not all Estates have the same problems?

 

[DavidMc]

Things must be a little different over in the SE suburbs.

I recently did a rent review on some of my properties. There are a total of around 10 4/2/2 houses in the whole area of Narre Warren South on realestate.com.au and domain.com.au. Berwick is not too dissimilar.

Rents are around $300-330pw for 'regular' single story homes.

 

[tubs]

I looked at Point Cook a few weeks ago and came across your thread Michael about high vacancies.

Interesting to see its still the same.