Melbourne West Growth Corridor

[mimimao]

Where can you get a house in Box Hill for 600k. You are looking at around 700k as a starting point (and even this might be lowish).

I was thinking the same...600k sounds so low for box hill houses...

Interestingly enough I IPs in Altona North, Point Cook, and Box Hill. And I totally understand when people talk about the stigmas in the west. Well it doesn't really matter too much imo. Different properties attract different people. Not all people are wealthy enough to live in Albert Park or Kew. Most people start off with something they can afford then move on to things they really desire.

Sure leopards and tigers are stronger and more powerful than ants and mice. But never heard of the extinction of the latter because of the existence of the former.

Same applies in real estate.

 

[Aaron_C]

Your analogy is flawed because you can't kill land. You can, however, kill predators.

 

[jock]

I vividly remember shitting myself in Box Hill on more than one occasion years ago and for good reason. Wasn't a nice place, the wheel turns. Proximity to the city will ultimately change these perceptions over time as it did in Box Hill, it will just take more time out west due to the stigma.

 

[Property Meister]

just had a chat with a couple of werribee residents,

seems like the property market for investors who bought in the last couple of years is pretty much stuffed

One guy reckons vacancy is 20% (obviously some exaggeration)

 

[ermat]

only a small exaggeration. Point cook vacancy rate os 10%. Tarniet is 14%.

 

[Africandaisy]

only a small exaggeration. Point cook vacancy rate os 10%. Tarniet is 14%.

I think the take home message from this is for me is that I need to research how much new land is being released before I invest in a particular area, as this can unbalance the supply and demand equation. And/or make sure the property I buy has something that has scarcity value in that market, eg. proximity to the train station.

 

[Deltaberry]

Several western growth corridor investors here have talked about their hypothetical rent if they had no vacancies. But then they go on and talk about how they have something like 20-30% vacancies. So much for the high yield theory of the growth corridor... a theory indeed.