Stockland's Allura Estate, Truganina

T

ToBuyOrNot

Hi,

I am a first home buyer and looking to purchase my PPOR before the first home bonus runs out in June 2012 (or will it continue?). I wish to buy under the 350k and like most first home buyers in Melbourne the option comes down to building a home in the west towards Tarneit/ PC/ WL/ Truganina...

Now since I am looking under 350k options are Tarneit and Truganina. I have been reading the forums on this site for quite some time and have read about all the 'why not to buy' in this suburbs. Now Stockland has launched Allura Estate which is off leakes road and forsyth road passes through it. The estate master plan looks nice but the land seems bit pricey ie 323 m2 for 195k or 292m2 for 167k. Would like your expert opinion on how this place will do in the long run. I am planning to hold on to it for at least 5yrs if not more. Can this turn out to be as good as Devine's Arndell estate or it will be a bad idea to buy here? Any other good estates coming up in those areas worth considering? Thanks for your replies :)
 
the bigger grant is a false bonus, if u must buy in the area do as rightvalue says and buy an established place and just take the $7k grant

i got an email from a major builder last week, saying if you get a sucker to buy one of our new homes we will pay $38k commission, hmmn never been offered a cent for an established property, says it all really.
 
I live in the area and I think the developers have screwed up.

The block sizes are way too small now. Once all built up all the houses will be squished together and look horrible.

ie It will look cheap
 
ToBuyOrNot said:
Hi,

I am a first home buyer and looking to purchase my PPOR before the first home bonus runs out in June 2012 (or will it continue?). I wish to buy under the 350k and like most first home buyers in Melbourne the option comes down to building a home in the west towards Tarneit/ PC/ WL/ Truganina...

Now since I am looking under 350k options are Tarneit and Truganina. I have been reading the forums on this site for quite some time and have read about all the 'why not to buy' in this suburbs. Now Stockland has launched Allura Estate which is off leakes road and forsyth road passes through it. The estate master plan looks nice but the land seems bit pricey ie 323 m2 for 195k or 292m2 for 167k. Would like your expert opinion on how this place will do in the long run. I am planning to hold on to it for at least 5yrs if not more. Can this turn out to be as good as Devine's Arndell estate or it will be a bad idea to buy here? Any other good estates coming up in those areas worth considering? Thanks for your replies :)
Click to expand...
I would see if you can get in Williams Landing (more expensive I know), it has larger blocks than Allura and will be better serviced by train and the major activity centre.

http://www.transport.vic.gov.au/projects/pt/railway-stations/williams-landing-project

The train and larger blocks probably makes it a better long term prospect, as I agree with the above poster Allura with its tiny blocks will look horrible in the future.
 
Thanks guys for your replies... I also don't like the idea of buying small rectangle piece of land as the houses when built will look squished together... I explored the area over the weekend and I liked how Arndell estate has been completed esp the houses with bigger block of lands so wondered if Stockland could do something similar to their estate.

To be honest I don't have much savings and hence the 13k is appealing to me to help me get through the loan approval. I do understand the builders are taking advantage and hence taking the price higher but I guess I am stuck between to wait and save more money for deposit while the prices go high or just make a plunge and loose some money by paying more... which is worse?

The other estates coming up in the area are Forsyth Park, just behind Allura and opposite to McDonalds on Sayers road (bit better blocks but still pricey), Bellevue estate with larger blocks and gateway which is yet to start its design of the estate (got approval for planning)

Also noticed prices in point cook have gone down a bit and you can find houses under 400k so wondering if it's worth exploring that side?

I like the idea of buying a house in Williams Landing... if only my pockets were that deep!
 
Hi,

I have an IP in Tarneit and I agree that builders are charging sky high prices for smaller blocks of land.

It would be worth buying an established house with lesser grant

A friend of mine recently got a 1 year old house in Truganina (4beds, 2 baths, 2 car spaces) on lot of 400 sqm for 320K and its for investment.

so you can definitely get an established house in your budget. I dont see any difference between new and 1 year old house, it has new feeling anyways

Rest, it depends on your circumstances and whether you want to be involved in construction process (i.e. choosing roof color, tiles, landscaping, downlights, etc) or just want to move in an established property

Regards,
TV
 
ToBuyOrNot said:
gateway which is yet to start its design of the estate (got approval for planning)
Click to expand...

Gateway called me on Monday about buying a block so they are pretty close to release.

I would call them to get information out of them as they may come at your price range.

Also check out the following H&L from Henley to get an idea of pricing.

http://www.vic.henley.com.au/pdf/house_and_land/meadow_springs.pdf
http://www.vic.henley.com.au/pdf/house_and_land/allura.pdf

I didn't know about Meadow Springs until I saw that H&L but the page, looked over their page - the land sizes look better than Allura.

http://www.meadowspringsliving.com.au/

Hope that helps you.
 
If you are planning to buy it as an investment property then you need to be very careful about the high vacancy rate in the area. There was a recent newspaper article about it

http://www.heraldsun.com.au/news/more-news/landlords-feeling-the-pinch/story-fn7x8me2-1226243996889.

If you are planning to buy as your PPOR and you work in the city, then I suggest you try to buy within walking distance of a train station. I lived in Pt Cook previously and now live in Werribee. The traffic congestion during peak hours is bad and there isnt enough carparking at the stations.
 
Hi Zerosignal, thanks for the info. Called up gateway and you were right, they have started selling land but again the sizes are 325 sqm and prices start from 215k. I assume they will also be rectangle blocks squished together!

chb, yep agreed... the blocks are getting smaller and prices are going higher...

Africandaisy, just looking for PPOR... a place that I can hold on to atleast for 5yrs and depending on the capital growth may or may not sell it off in future

tvadera I agree with what you say. I would like to be involved with the building process even though I have heard of many nightmare stories. Can consider established home if it's located near a railway station. Let's see, what options come my way.

Looking at Point Cook's Saratoga estate as well. Wondering if it will be a good idea to build there instead of Truganina.
 
Aaron_C said:
Wow people are paying $800 per sqm for a place in the middle of nowhere? Unbelievable...
Click to expand...

So it makes no difference if it is 120sqm house or a 300sqm house huh?

Just divide the sale price by the land area.

I haven't seen that quality sales analysis since the Henry Kaye days in 2001-03 when I used to be presented with this dubious quality analysis by investors.

Typically the land would be worth $180k ($450/sqm) and the dwelling $140k in such properties in this area. Dwelling and land have different rates of value you know.

But I agree that $450/sqm for the land is crazy, considering in say Essendon for larger sites the land is down to $1,150/sqm.
 
Yes, I know it is a rough calculation. Even at $450 per sqm it is crazy because there is no scarcity...Even in established suburbs you can only pay around $800 per sqm for land-only.
 
Aaron_C said:
Yes, I know it is a rough calculation. Even at $450 per sqm it is crazy because there is no scarcity...Even in established suburbs you can only pay around $800 per sqm for land-only.
Click to expand...

Yes I agree, Ther is no scarcity factor to land values in these suburbs. That is why capital growth has been crap in comparison to more inner areas for ages and why capital growth will continue to be crap for decades to come.

I do not like units/flats, but I would buy a flat within 10km of the city for the same price as a Tarneit/Truganina house any day of the week.

It is a sorry situation when buying an established house is $50k cheaper than buying the land and building a similar house as is the case in the Outer West. Yet people like the OP here continue to do it.
 
Hi,


Sorry to say that house has been marked as 210k by the depreciation company... So gives u idea of construction costs now a days..


Also I have s friend who has 3 blocks in tarneit n value has doubled for all 3 of them in 3.5 years..so all ur analysis goes out of the window..




RightValue said:
So it makes no difference if it is 120sqm house or a 300sqm house huh?

Just divide the sale price by the land area.

I haven't seen that quality sales analysis since the Henry Kaye days in 2001-03 when I used to be presented with this dubious quality analysis by investors.

Typically the land would be worth $180k ($450/sqm) and the dwelling $140k in such properties in this area. Dwelling and land have different rates of value you know.

But I agree that $450/sqm for the land is crazy, considering in say Essendon for larger sites the land is down to $1,150/sqm.
Click to expand...
 
tvadera said:
Hi,


Sorry to say that house has been marked as 210k by the depreciation company... So gives u idea of construction costs now a days..


Also I have s friend who has 3 blocks in tarneit n value has doubled for all 3 of them in 3.5 years..so all ur analysis goes out of the window..
Click to expand...


There is a big difference between replacement value and added value.

So if the house is worth $210k and the property is worth $320, it means the land is worth $110k, or $275/sqm.

So if your firends land has really doubled in 3.5 years then di they buy it at $135/sqm??

How much do your friend pay for the blocks and what are their sizes?

How can their blocks be worth so much when a 400sqm block by your own admission is only worth $110k????

Oh yes, replacement cost is not the same as construction cost by the project builders.
 
wobbycarly said:
195,000 / 323 = $603 / m²
167,000 / 292 = $572 / m²



If we are talking land only, we're still looking at around $600/m²! :eek:
Click to expand...


.. add a house for $210k and then try and sell it for only a $40k loss and they will be doing well


Those land prices are well above the prices that blocks are reselling for on the secondary (real) market.
 
You must log in or register to reply here.

Similar threads

G
Sunshine/Albion for first home buyer
2
Replies
36
Views
7K
Peter Parker
Peter Parker
asante
First Home Buyer/Investor - advice please
Replies
1
Views
2K
marg4000
M
P
First Home Buyer - Where to buy in South, SouthWest of Brisbane
Replies
2
Views
1K
Investor78
I
B
Advice for First Time Buyer in Victoria
Replies
2
Views
2K
Rixter
Rixter
M
Good Bad points for Apartments?
Replies
8
Views
1K
mrtypr
M
Back
Top