Land 15% below market value, 20km from Melbourne CBD

[gurbs]

Hi all,

Due to personal circumstances, I am having to sell land that I have put a deposit on in Wyndam Waters. The settlement is around May 2004 .

Below are a few links to the estate. There is going to be a lake in the centre of the estate which is going to stretch for almost a km. Two recreational facilities are planned to be built for the exclusive use of the residents, and also a supermarket is going to be built as well. It is an excellent oppurtunity. Wyndham waters is only 20km from the Melbourne CBD, and it takes about 15mins to to get into Melbourne.

Comparable block sizes are now being sold at around $152K. The block sizes are 474 sq. meters. The two blocks are adjacent to each other.

http://www.wyndhamwaters.com.au/



Feel free to contact me on [email protected] if you have any further queries.

Regards,
G.

 

[liverpoolharryk]

Gez, land seems to be more expensive up here in Brissy than in Melb. $152K for land only 20km to CBD, you would pay at least 200 - 220k up here that close to CBD.

 

[Bill.L]

Hi Liverpoolharryk,

The reason why the land price seems cheap is found in the Oliverhume link.

"It has a plentiful supply of land "

The other thing I noticed was that the average price of land was about $80,000 in 2003(this from the little gif image graph). At which $152k seems expensive to me for 474 sqm.

As usual do your DD.

bye

 

[gurbs]

Hi Bill,

I appreciate your reply. Olive hume is a marketing company. They do not set the prices. The developers are Urban Property Develepment, and they determine the prices for each stage.

The reason the price appears cheap as opposed to Brisbane is because it is on the western side of Melbourne, where prices have always been cheaper than the Easter side. If you went 20km East of Melbourne, the prices would start from $220K for the same size land.

The reason there has been such a huge increase in land prices in the area is because people are realizing that the west is not so bad. You can buy a block of land, build a decent house for the same price as a 30-40 year old home in the Easter suburbs.

Also, Wyndham Waters is not just an ordinary estate. Its land is at a premium to other estates around because of the setting it is being built in, and he environment they are creating. Included in the land price is about $5000 worth of land scaping. The estate is going to be something to rival Point Cook, where the same block of land sells for $180K.

Like my origianl post says, I am offering it at a substantial discount to current market price. Any offers over $128K will be considered.

Happy investing,
G.

 

[Bill.L]

Hi Gurbs,

Before a moderator comes along, I thought I would point out a couple of points to you.
Firstly this is a forum of mostly like minded people who have an interest in property investment and share their thoughts and views with each other.
Occasionally some of the contributors have something for sale/and or know of a deal.

It is considered very poor form to just become a member of the forum to flog something. You have not been a contributor to the forum in any way other than to flog off your blocks of land. Why should anyone here take anything you say seriously??

Back to your "deal"
Because a developer is trying to sell blocks of land at a certain price does not make 15% off that price a good deal. In 20 years time when this is an older estate, what would make this development worth any more than an existing 4 bed house near the plaza at Hoppers Crossing that can be purchased today for around $200k(this includes house,land 600-800sqm and landscaping)??

 

[gurbs]

Hi Bill,

I can understand you point of view. In reply to your post, I was a member of this form for nearly 2 years, when it got upgraded etc. I used to log in under kermut at that time. I haven't logged into the board for quite some time, because of work comitments, and also was out of the property scene for some time. I tried to log in using the old username, but could not remember the password, and the email addy I used at that time is redundant now.

When writing the post, I knew there would be some people who would feel as you do. However, when my situation came up, I remembered this forum, and that I had done a deal under this category once as well. I have attended several meetings that were organized thru this forum years ago.

I guess, everyone is free to feel as they wish.

Happy investing.

Regards,
G.

 

[Marina]

HI,

The land at Wyndham waters is unique in that there is more than 2 kms of lake frontage, and 1000 mature trees will be planted. There is a planned retail centre with super marketss, food outlets and specialty shops.

Gym, tennis court, pool, sauna and steam room for exclusive use of the residents.
Also bike trails, walking trails, boardwalks and child minding centre .

There are stringent design guidelines that will ensure contemporary streetscapes. They will also have a state of the art
swale water system.

'This estate started selling in April of 2003 and 50% of the estate has sold out. I think 500 Blocks. With each release prices have gone up and they keep getting snapped up.
Prices were 95K and now they are starting at $155K up for the smaller blocks and more for the larger blocks. (estimate)
Display village will be opening up towards the end of the year with 30 display homes.


I bought 3 in this estate early on so I have made my gains.
I was one of the early birds that went on gut instinct. I knew It was going to be successful, but am still stunned at the reaction it has received.

If you know Sanctuary Lakes, it will be similiar but without the golfcourse.

NOt your average estate. Lifestyle living they call it.

Sorry about the long post, but I am so excited about this estate.

Marina.