anyway - i picked up 360sqm block of land on the last stage in featherbrook in low 200s - so that's good. The only release would be 2 years from now. The only estate without so tough design authorities. Planning to put a prefab home on that block all the way from china.
Point Cook Vs the East
- Thread starter darkage
- Start date
Hi all,
heres an indicator of the last 8 years in Point cook....
2002........bought 700sqm block for $96k......
if you could find one the same size today it would probably go for 370k+
600sqm + resales going for round $350k at the moment.
Is it crazy...or still good value??
I guess time as always will tell!
nath
What's cbf? Not good at acronym.
Found this really exciting demographics forecasting tool:
http://forecast2.id.com.au/Default.aspx?id=124&pg=5230
If you change the area from Wyndham to Point Cook (LHS), you can see residential development will peak in 2011, followed by a decline in the rate of development (see graph).
http://forecast2.id.com.au/Default.aspx?id=124&pg=5230
If you change the area from Wyndham to Point Cook (LHS), you can see residential development will peak in 2011, followed by a decline in the rate of development (see graph).
Can't be f....... ?
residential development forecast
That's likely to do with the fact that there is really not much land left that can still be developed within Point Cook.
Could we perhaps then interpret that as supply decreases, hopefully demand will increase gradually?
That's likely to do with the fact that there is really not much land left that can still be developed within Point Cook.
Could we perhaps then interpret that as supply decreases, hopefully demand will increase gradually?
More land packages coming out on featherbrook side.
I think my sister inlaw bought that said block.
Hi, thats pretty much exactly what my sister inlaw paid for her 700sq block back in 2002, my girlfriend had the chance to buy the block next to her a year or two later for $130,000 but didnt, she's kicking herself now. My Girlfriend lives in Rowville, thinks Point Cook is much prettier, would move over here if it wasnt for their work being on the other side. There is great energy in Point Cook, I would buy in Point Cook any day over Rowville.
Good post...affordability and infrastructure will drive the prices up in the West.
Bernard Salt has made quite a few developers rich....so if he is saying it is a goer...I would be noticing it.
Bernard Salt has made quite a few developers rich....so if he is saying it is a goer...I would be noticing it.
Not that I have anything against the west, but I wouldnt put any weight on a report paid for by a football team to say how good it is to live in the west.
The numbers about population growth are simply that, numbers. You cannot argue against the source, the ABS. The interpretation about those numbers and trends are by one of the leading demographers in Bernard Salt.
Its just one source of many giving evidence of a fundamental change in growth areas of Melbourne.
Do you believe the information presented is incorrect or being misrepresented by the author? The involvement of the Western Bulldogs is irrelevant imo.
As the Western Bulldogs have a relatively small supporter base, their long term planning and strategies must take into account the changing population base and locations. Given this is essentially in their back yard, they could be a great beneficiary of this fundamental change in the new growth patterns of Melbourne.
True... and I'm sure if I paid Bernard enough money he could interpret that data to support what ever cause I wanted to push. Point is, he works for KPMG and was paid by the Bulldogs to write a report to change peoples perception of the west. Hardly independent unbiased analysis.
Very interesting thread.
I am of the opinion that that east is a more conservative approach. I can see why people would argue for the west however buying property where the area is already established and further developments to Ringwood region (see Melbourne 2030 strategy) makes me feel that the east is far more desirable. My mother always said "it's better to take the pigeon in the hand than rooster on the roof", meaning it's better to buy where there is already trains and infustructure than to buy where there will be a hope of one day there will be trains and infustructure. Although Rowville doesn’t have trains, there is plenty of affordable stuff out east that do, Mooroolbark for one, is an area that I have been looking into, 40 mins by train to the city and very cheap and also close to Ringwood and east link. 400sqm for 160k (started another thread for Mooroolbark but no replies
)
I am of the opinion that that east is a more conservative approach. I can see why people would argue for the west however buying property where the area is already established and further developments to Ringwood region (see Melbourne 2030 strategy) makes me feel that the east is far more desirable. My mother always said "it's better to take the pigeon in the hand than rooster on the roof", meaning it's better to buy where there is already trains and infustructure than to buy where there will be a hope of one day there will be trains and infustructure. Although Rowville doesn’t have trains, there is plenty of affordable stuff out east that do, Mooroolbark for one, is an area that I have been looking into, 40 mins by train to the city and very cheap and also close to Ringwood and east link. 400sqm for 160k (started another thread for Mooroolbark but no replies
)There's an article in the Age today about Point Cook:
Melbourne's Mumbai the place to buy
SIMON JOHANSON Point Cook, one of Melbourne's newest suburbs tells an old migration story
Quoting from the article:
The de Silvas represent a new breed of buyers and part of the changing face of the real estate market in Melbourne's west. Young, professional, family-oriented and educated migrants are buying into new growth-area suburbs, research shows......Buyer advocate Mal James said Williamstown was traditionally regarded as the best suburb in the west. About five years ago interest shifted across to Yarraville and Altona, and it was now moving to Maidstone and beyond, Mr James said.
Forumite
Melbourne's Mumbai the place to buy
SIMON JOHANSON Point Cook, one of Melbourne's newest suburbs tells an old migration story
Quoting from the article:
The de Silvas represent a new breed of buyers and part of the changing face of the real estate market in Melbourne's west. Young, professional, family-oriented and educated migrants are buying into new growth-area suburbs, research shows......Buyer advocate Mal James said Williamstown was traditionally regarded as the best suburb in the west. About five years ago interest shifted across to Yarraville and Altona, and it was now moving to Maidstone and beyond, Mr James said.
Forumite
I did some research on Mooralbark and couldn't find a single house below 300k. But in Tarneit you can find many. Also Tarneit is only 20kms from city and Mooralbark is 38km.Mooroolbark for one, is an area that I have been looking into, 40 mins by train to the city and very cheap and also close to Ringwood and east link. 400sqm for 160k (started another thread for Mooroolbark but no replies
Tarneit maybe cheaper but I believe this is a case of you get what you pay for. Mooroolbark maybe slightly more expensive and 32km away from the city as opposed to 20km but it has by far, much better infrastructure and I am sure you would get to the city by car or public transport far more quickly. In my opinion the west gate is already a car park but the east link connects to either the Monash or the eastern freeway. Trains are also far more accessible.
Migrants like suburbs with new houses...not neccessarily a bad thing.
Just look at Glenwood in Sydney....in the late 90s you were paying 275k for a house and land package. Now it is over 600k.
The East is very expensive....personally I think that the West will outperfom the East due to affordability and a lot it is still less than 20 klms from the Melbourne CBD. Time will tell.
Just look at Glenwood in Sydney....in the late 90s you were paying 275k for a house and land package. Now it is over 600k.
The East is very expensive....personally I think that the West will outperfom the East due to affordability and a lot it is still less than 20 klms from the Melbourne CBD. Time will tell.
I valued a house in Point Cook yesterday that had just sold for $561k. The vendors purchased it in March for $530k.
Not bad growth for the upper end of the market in the area... the upper end of most markets tend to move less... but a lower growth rate than some other western suburbs.
Interesting thing was that despite it being on a good sized (for the area) block of 560sqm, it had hardly any back or side yards..The house, alfresco, porch and garage occupied 335sqm, the front yard/drive over 100sqm.
They should have sold it as a townhouse... probablly would have got a higher price!
cheers
RightValue
Not bad growth for the upper end of the market in the area... the upper end of most markets tend to move less... but a lower growth rate than some other western suburbs.
Interesting thing was that despite it being on a good sized (for the area) block of 560sqm, it had hardly any back or side yards..The house, alfresco, porch and garage occupied 335sqm, the front yard/drive over 100sqm.
They should have sold it as a townhouse... probablly would have got a higher price!
cheers
RightValue
Aside from location and better infrastructure, parts of the east side command much bigger land and much better houses.
Many houses in, for example, good parts of Kew are going at around $2,500-$3,500/sqm. Not long ago the all-so-mighty experts people were throwing at me were talking about how Nth Melb will boom. Last I checked that place sells at around $6,000-8,500/sqm. Nth Melb is cheaper but that's because the avg house is what? 100sqm?
Many houses in, for example, good parts of Kew are going at around $2,500-$3,500/sqm. Not long ago the all-so-mighty experts people were throwing at me were talking about how Nth Melb will boom. Last I checked that place sells at around $6,000-8,500/sqm. Nth Melb is cheaper but that's because the avg house is what? 100sqm?
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