Need advise pls – MIRVAC – HOME AND LAND PACKAGE – (GLENFIELD – NSW)

[etarafder]

Hi All, My first post here – would love to get some expert advice on this
I am looking to get my 2nd IP – Budget around 500Kish. I am keen to get a Home and Land package – I was looking at Mirvac’s project at GLENFIELD – NSW or the same package at Middleton Grange OR Spring Farm – My first preference is Glen Field
AT glen field I can get a 4 bed room 2 double garages etc – stand alone home for 509K – I can utilize the full stamp duty waver at this point
I am typical buy and hold investor – will keep it at least for 5 years
Please let me know what everyone’s thoughts are
Many thanks

 

[Propertunity]

Generally speaking I am not a fan of new builds in new estates. It is just my aversion to risk speaking.

In your case the builder is Mirvac and they have a good reputation - so I'm not overly concerned on that point.

But most new estates attract FHBers like yourself.

One or two increases in interest rates and 50+% of the suburb goes on the market - not good if you intend to refinance equity out of your IP there for your next purchases. I was around when IRs went to 17 and 18% and in some new estates EVERY house in the street had a "For Sale" sign up.

If the market tanks, Mirvac can discount their new builds to attract customers. The problem for you, if you're a distressed seller, is that you are only 2-3 streets away from where they are selling brand new for cheaper than you are trying to sell your second hand one.

IMO, in your position I would keep away from being next door to Macquarie Fields (remember the riots there?) and buy 2nd hand in an established suburb closer in. There is plenty of stock within 5 - 8kms of the Parramatta CBD in the $450-500K price bracket.

Also 5 years is too short to see a whole RE cycle through. You should really have a time horizon of 7 - 10 years just to be sure, whatever you decide to do.

Just my 2c.

 

[qonyx_sydney]

Hi All, My first post here ?€“ would love to get some expert advice on this
I am looking to get my 2nd IP ?€“ Budget around 500Kish. I am keen to get a Home and Land package ?€“ I was looking at Mirvac?€™s project at GLENFIELD ?€“ NSW or the same package at Middleton Grange OR Spring Farm ?€“ My first preference is Glen Field
AT glen field I can get a 4 bed room 2 double garages etc ?€“ stand alone home for 509K ?€“ I can utilize the full stamp duty waver at this point
I am typical buy and hold investor ?€“ will keep it at least for 5 years
Please let me know what everyone?€™s thoughts are
Many thanks

I attended an auction on the weekend in the Mirvac estate.

It was a 2 storey, 4bed, 2bath, 2car, internal 200sqm, land 300SQM, . It sold for $725k

Just a heads up so that people are aware of how the market has moved since the OP

 

[vik77]

I attended an auction on the weekend in the Mirvac estate.

It was a 2 storey, 4bed, 2bath, 2car, internal 200sqm, land 300SQM, . It sold for $725k

Just a heads up so that people are aware of how the market has moved since the OP

Hi Qonyx... are you talking about 16 mary ann drive, glenfield?

 

[qonyx_sydney]

That's the one

 

[D.T.]

I attended an auction on the weekend in the Mirvac estate.

It was a 2 storey, 4bed, 2bath, 2car, internal 200sqm, land 300SQM, . It sold for $725k

Just a heads up so that people are aware of how the market has moved since the OP

Given it was 4 years ago, sorta expected?

 

[JohnHenry]

Generally speaking I am not a fan of new builds in new estates. It is just my aversion to risk speaking.

In your case the builder is Mirvac and they have a good reputation - so I'm not overly concerned on that point.

But most new estates attract FHBers like yourself.

One or two increases in interest rates and 50+% of the suburb goes on the market - not good if you intend to refinance equity out of your IP there for your next purchases. I was around when IRs went to 17 and 18% and in some new estates EVERY house in the street had a "For Sale" sign up.

If the market tanks, Mirvac can discount their new builds to attract customers. The problem for you, if you're a distressed seller, is that you are only 2-3 streets away from where they are selling brand new for cheaper than you are trying to sell your second hand one.

IMO, in your position I would keep away from being next door to Macquarie Fields (remember the riots there?) and buy 2nd hand in an established suburb closer in. There is plenty of stock within 5 - 8kms of the Parramatta CBD in the $450-500K price bracket.

Also 5 years is too short to see a whole RE cycle through. You should really have a time horizon of 7 - 10 years just to be sure, whatever you decide to do.

Just my 2c.

Many thanks for the sharing Mr. Prop.

Me too, I've been considering between Schofields and Edmondsons Park Off The Plan house & land package, my friend who is now the RE agent telling me all of the positive side of the area growth, especially in the Parramatta area (near Schofields).

So they mention that the Capital Gain for this two new area is for real once the new train stations and the business park has been build completely.

Because so far, I'm not a big fan of OTP or brand new IP due to the overstock risk.

 

[vik77]

Hi Qonyx... are you talking about 16 mary ann drive, glenfield?

I live in 10 Mary Ann drive and 16 mary ann drive sold by my friend. We both bought these houses in April 2009 for $445k....so not bad growth in 6 yrs.

Mine is little bigger land 320sq so I am expecting 750k

there is another house on the market ..i think 9 Mary ann drive and they are expecting 780k as its 400sq land. I know those owners as well and they initially expected 750K but now that 16 Mary Ann is sold for 725K so they have also increased their expected price.

 

[itxrd]

Generally speaking I am not a fan of new builds in new estates. It is just my aversion to risk speaking.

In your case the builder is Mirvac and they have a good reputation - so I'm not overly concerned on that point.

But most new estates attract FHBers like yourself.

One or two increases in interest rates and 50+% of the suburb goes on the market - not good if you intend to refinance equity out of your IP there for your next purchases. I was around when IRs went to 17 and 18% and in some new estates EVERY house in the street had a "For Sale" sign up.

If the market tanks, Mirvac can discount their new builds to attract customers. The problem for you, if you're a distressed seller, is that you are only 2-3 streets away from where they are selling brand new for cheaper than you are trying to sell your second hand one.

IMO, in your position I would keep away from being next door to Macquarie Fields (remember the riots there?) and buy 2nd hand in an established suburb closer in. There is plenty of stock within 5 - 8kms of the Parramatta CBD in the $450-500K price bracket.

Also 5 years is too short to see a whole RE cycle through. You should really have a time horizon of 7 - 10 years just to be sure, whatever you decide to do.

Just my 2c.

What a brilliant reply

 

[katelynn]

I live in Mirvac estate.
I thought there were very low rental vacancy in this estate. But the one in Atlantic bvd has been vacant for more than a month even though keep dropping price (from $595 to $550)

http://www.onthehouse.com.au/report...732/95_Atlantic_Boulevard_GLENFIELD_NSW_2167/

 

[qonyx_sydney]

I live in Mirvac estate.
I thought there were very low rental vacancy in this estate. But the one in Atlantic bvd has been vacant for more than a month even though keep dropping price (from $595 to $550)

http://www.onthehouse.com.au/report...732/95_Atlantic_Boulevard_GLENFIELD_NSW_2167/

I've noticed higher and longer vacancy rates in the newer suburbs

I put this down to the following
- Large number of investors which is pushing up the available # of properties available for rental
- These newer suburbs are is also the First Home Buyers belt, so there are a higher number of people that are preferring to buy
- I also live in the Panorama/Vista estate and have noticed a number of the original residents have moved out to purchase larger homes and made their original house a rental (ie. the duplex/townhomes are very small)

 

[JohnHenry]

I've noticed higher and longer vacancy rates in the newer suburbs

I put this down to the following
- Large number of investors which is pushing up the available # of properties available for rental
- These newer suburbs are is also the First Home Buyers belt, so there are a higher number of people that are preferring to buy
- I also live in the Panorama/Vista estate and have noticed a number of the original residents have moved out to purchase larger homes and made their original house a rental (ie. the duplex/townhomes are very small)

Which suburbs that you mean ?
is it in Southwestern Sydney or Northwestern Sydney with the House & Land package offering.

 

[qonyx_sydney]

Which suburbs that you mean ?
is it in Southwestern Sydney or Northwestern Sydney with the House & Land package offering.

Specififically in the local area... Prestons, Glenfield, edmondson Park, Horningsea Park.

I'd be surprised if it was extremely different in the northwest, however don't know for sure.

Some simple searches on rental availability should pick this up

 

[JohnHenry]

Specififically in the local area... Prestons, Glenfield, edmondson Park, Horningsea Park.

I'd be surprised if it was extremely different in the northwest, however don't know for sure.

Some simple searches on rental availability should pick this up

You could be right mate, So yes, some area is still new like in Schofields even Marsden Park was not opened for display house yet two weeks ago during the public holiday.