Springthorpe, Macleod

Any views on the Springthorpe estate?

The houses look quite nice and it seems to have taken off well and quite tightly held. I dont see too many houses for sale in the estate.
The estate is considered quite prestigious however its significantly more expensive then the neighbouring area partly also due to restrictive covenants and also because its new. Not sure how much it will outperform neighboring areas in 10 years time when the properties age...

If it were me i may consider it as a PPR but not as an IP.

My 2 cents...
I think you are spot on with your observation.

A friend bought there a year ago and is loving it as he has a young family and the place is conducive for that. He has been trying to persuade me to invest there. The average house price in Macleod is $442k but the houses in Springthorpe seem anywhere between $650k to $900k+ !

Since I live in Sydney, that can never be a PPOR, end of story.

Thanks for your input!
I live near this area and springthrope is away from everything

Its in macleod but not close to shops
its not close to the train
the Uni is very close but for 650k you wont be attracting any uni students.
There is an old (not great) golf course near by.

There is also lots of room for the release of new land around the area, an old mental institue is positioned there and eventually they will knock that down and sell houses there.

My suggestion would be to buy in macleod propper for a lot less if you were looking at an IP

A PPOR in the estate might be nice with the green grass and open areas but be careful because any land you buy has a lot of restrictions on what you can build

I have decided to stop looking at Springthorpe because it's not going to be my PPOR. You are correct in all accounts because I have stayed at my friend's house there. It's nice to live but away from most things like you say.
i grew up on the street that backs onto what is now springthorpe. the whole estate was an old mental institute in which my mother used to work with dero's walkin the streets. now it is a beautiful prestigious estate that hasnt been ruined by a developer that lets every buyer build whatever s*@tbox they think looks nice. Instead they have put strict covenants to keep the value of the estate high which is what they have acheived. my boss just sold a house which was metricon built, land cost $310 house $250, sold for $682 sold at lockup stage. do the math not a bad profit. so i dont think springe thorpe is all that bad