Wallan, Victoria, 3756
- Thread starter JD86
- Start date
As an Investment or PPOR.
Investment wise i would say its not that great. Its classed as regional and can you actually see Melbourne extending out there?
Also due to prices its cheaper to buy than rent, also renters typically want to be close to the city therefore tehy will pay that 20-50 per week more to live say in cragieburn than use that money on Petrol
For say 30K more you could get into Doreen in a new home. Which is what im doing at the moment.
PPOR, yes its fine i think, area is good but cold in winter. As long as you have a job close by its okay
Not sure about Wallan but there is a place "Hidden Valley" close to Wallan, I went there with one of my friend to see the home & land package back in 2001 & there were not many houses but breathtaking views and bigger blocks an ideal place to live.
Dont know whats the current housing market in HV, must be very expensive.
KK
____________________________
Trust your hopes, not your fears
Dont know whats the current housing market in HV, must be very expensive.
KK
____________________________
Trust your hopes, not your fears
Expanding on what Gerkin said, I actually think Wallan is not that great as a PPOR and worst as a potential IP location. The overwhelming reason why anyone, and I emphasis anyone, would consider Wallan is based purely on affordability although this makes no logical sense because Wallan is a whopping 60km from the Melbourne CBD (and heaps of other suburbs closer are equally affordable) and surely no one is going to try and convince me there are great amenities, schools, transportation, scenery etc. out in Wallan. I can name an overabundance of suburbs which I would consider first, for example, Craigieburn is the obvious one, but also a stack of western and affordable suburbs like Sunbury, Keilor, Taylors Lakes, Melton, Deer Park, Werribee and even Geelong (which is not that much farther from the CBD than Wallan) and trust me, Geelong is heaps more fun and lively than a place like Wallan. Personally, I am not a fan of new estate developments (as I have mentioned in other posts) so I won't recommend those but in my opinion, Wallan should be avoided unless you see something there that I don't see.
thanks guys, any more comments?
yes Hidden Valley is in Wallan, off the northern highway on pretty sally, there is also a new estate going up opposite hidden valley at the moment, not quite as luxurious though
i catch the train to work and it is a 40 min train ride to city, which is actually quicker than from craigieburn because wallan train is express, stops at a couple of stations
because craigieburn is getting bigger, wouldnt that make wallan get bigger too? ok maybe craigieburn would be better for IP, but still good for wallan?
also, alot of new estates going up in surrounding places such as beveridge, kilmore etc.
plus rent in the area is around $300 - $350 per week, in which case when i decide to rent my place out, it will be positively geared
wallan also has new take away restaurants such as 2 mcdonalds, 3 kfc's, subway etc. wouldnt this mean the place is on the up? a couple of those are on the hume, out of the heart of town
i am new to this and brought in wallan as a PPOR, as it was all i could afford and wanted to get into the market, so feel free to tell me i am totally wrong as DeeHwa did
thanks to everyone who has commented
yes Hidden Valley is in Wallan, off the northern highway on pretty sally, there is also a new estate going up opposite hidden valley at the moment, not quite as luxurious though
i catch the train to work and it is a 40 min train ride to city, which is actually quicker than from craigieburn because wallan train is express, stops at a couple of stations
because craigieburn is getting bigger, wouldnt that make wallan get bigger too? ok maybe craigieburn would be better for IP, but still good for wallan?
also, alot of new estates going up in surrounding places such as beveridge, kilmore etc.
plus rent in the area is around $300 - $350 per week, in which case when i decide to rent my place out, it will be positively geared
wallan also has new take away restaurants such as 2 mcdonalds, 3 kfc's, subway etc. wouldnt this mean the place is on the up? a couple of those are on the hume, out of the heart of town
i am new to this and brought in wallan as a PPOR, as it was all i could afford and wanted to get into the market, so feel free to tell me i am totally wrong as DeeHwa did
thanks to everyone who has commented
Well, let me give you some comforting words JD86. Firstly, everything depends on budget and affordability and if you did your research and Wallan was the only place you could afford then it is fine. In my opinion, all land, houses etc. will grow in the long term, I have no doubt as population gets bigger and bigger and metropolitan Melbourne expands further and further. Your house (wherever it is in Wallan) will increase in value, but I guess the main point is whether your house is going to increase at a big enough rate for you to upgrade to your next ideal purchase wherever that may be. Of course, no one can know that 100%, and everything is based on future projectiles and analysis. For all I know, Wallan can be the big surprise and as you said, it has the blue chip take away restaurants, Hidden Valley etc... so it may well turn out to be a surprise regional boom suburb. It is kind of a transit suburb as well, so that is a bit of an advantage (although you probably know that already). To be honest, if I was in your situation, I wouldn't be surprised if I did the same thing as you because it is time in the market, rather than timing the market that reaps you the biggest rewards. Think about it this way, at least you don't have to pay rent and so you can start building up your portfolio.
You mentioned that you could be positively geared as well...then there is nothing to worry about. In fact, I would buy all the places in the world if I can positively gear, hahahaha.
Once you have purchased, don't dwell and question your choice because it will seriously drive you insane. I bought a house in Brunswick a couple of weeks ago and although I am extremely happy with the house, I still spend every night on domain.com.au looking for comparable properties. Don't be like me!!! Be happy with your purchase and soldier on!
DeeHwa
I have lived in Wallan most of my life so I can probably help out with a few queries in this forum. My husband drives to work each day to St Kilda Road using the CityLink tool ways and it takes him just under an hour ( that is door to door ) - he can't believe it. I catch the VLine Train and it takes 45 minutes on the train and then obviously the time getting to and from the station. The train in Vline and is not has frequent as the Met but I think it's a pretty convenient service, it is so comfortable and safe. I have also lived in St Kilda and missed the Vline and I don't miss the packed Trams and Trains.
In my opinion Wallan does lack facilities and always has but with people comes investments and in the last couple of years it has started to explode, people just seen to be appearing. There is a new high school, police station, industrial zone, shopping centre and the council seems to be rezoning areas for business development zones. Give it a few years and I think it will have the facilities there will be to many people there, to many business opportunities.
There is a 4 lane highway that is about to be built that will go through the middle of Wallan, locals are annoyed and protesting but I think it will go ahead. At the risk of offending my neighbours I think it's a good thing. The main street has been neglected for years and this will improve it, basically make it look new.
I have just bought a home in Hidden Valley, its a Hidden secret, no-one seems to know about it. It has some of the most beautiful views in Victoria and does remind me of my trips to Tuscany ( you really do have to see it to believe it ) . My husband and I could not believe how cheap it was, nowhere an hour from Melbourne can you buy what we bought for what we paid in Hidden Valley.
The issue that we have found is that they are still releasing land in Hidden Valley so I don't think house prices are rising at a rapid rate, people buy and build and as I have already said no one seems to know it is there ( you can't really see it from the highway ) and people seem to think Wallan is hours from the city which is just not true. Saying that they are only permitted to sub-divide 900 blocks in this particular development and so a time will come in the next year or so when they can't release anymore land. You will still be able to get land in Wallan but Hidden Valley is very unique and land will no longer be available.
I also own an investment property in the area and have never had a problem renting it, if a tenant has left I have always been able to rent it within 2 weeks and have had a choice of long and short term tenants. The rental return isn't that high and pays for a mortgage that I took out years ago. If I was to buy another property in Wallan I would aim for a smaller house, something that you could rent out for 250 a week and be happy - I'm not sure about what will happen with house prices but I told think they will go up as much as some other areas around melbourne.
Anyway for what it's worth that is my two cents worth. Have a look at Hidden Valley the website is www.hiddenvalleygolf.com.au ( i think )
In my opinion Wallan does lack facilities and always has but with people comes investments and in the last couple of years it has started to explode, people just seen to be appearing. There is a new high school, police station, industrial zone, shopping centre and the council seems to be rezoning areas for business development zones. Give it a few years and I think it will have the facilities there will be to many people there, to many business opportunities.
There is a 4 lane highway that is about to be built that will go through the middle of Wallan, locals are annoyed and protesting but I think it will go ahead. At the risk of offending my neighbours I think it's a good thing. The main street has been neglected for years and this will improve it, basically make it look new.
I have just bought a home in Hidden Valley, its a Hidden secret, no-one seems to know about it. It has some of the most beautiful views in Victoria and does remind me of my trips to Tuscany ( you really do have to see it to believe it ) . My husband and I could not believe how cheap it was, nowhere an hour from Melbourne can you buy what we bought for what we paid in Hidden Valley.
The issue that we have found is that they are still releasing land in Hidden Valley so I don't think house prices are rising at a rapid rate, people buy and build and as I have already said no one seems to know it is there ( you can't really see it from the highway ) and people seem to think Wallan is hours from the city which is just not true. Saying that they are only permitted to sub-divide 900 blocks in this particular development and so a time will come in the next year or so when they can't release anymore land. You will still be able to get land in Wallan but Hidden Valley is very unique and land will no longer be available.
I also own an investment property in the area and have never had a problem renting it, if a tenant has left I have always been able to rent it within 2 weeks and have had a choice of long and short term tenants. The rental return isn't that high and pays for a mortgage that I took out years ago. If I was to buy another property in Wallan I would aim for a smaller house, something that you could rent out for 250 a week and be happy - I'm not sure about what will happen with house prices but I told think they will go up as much as some other areas around melbourne.
Anyway for what it's worth that is my two cents worth. Have a look at Hidden Valley the website is www.hiddenvalleygolf.com.au ( i think )
Not sure, didn't ask which builder (dad's a painter who is painting a few houses in Wallan and mentioned this to me as we were looking into areas to build houses ourselves)
I got a new view on Wallan . I was driving from Canberra to Melbourne last weekend on the Hume highway when I all of a sudden this billboard jumped out at me..... land release build your new home right here or something very similar. They were very serious when they said right here......Right on the Hume highway. That my friend is a crap development.
If you are going to live miles from anywhere why would you choose to live on a 700m2 block right on the highway? All you can afford? Using the move out to move in strategy?
I dont know Wallan very well and I dont know where you have bought your place. Its probably in some quiet back street where you don't hear the traffic.......Im sure there are nice parts of Wallan.
If you are going to live miles from anywhere why would you choose to live on a 700m2 block right on the highway? All you can afford? Using the move out to move in strategy?
I dont know Wallan very well and I dont know where you have bought your place. Its probably in some quiet back street where you don't hear the traffic.......Im sure there are nice parts of Wallan.
ok thanks for that maloo
i do know the estate you are referring too
and i know that there is a 6m high wall running the length of the estate along the hume highway to be built soon
in the estate, all the homes need developer approval in order to be built. the developer wont approve the drawings unless they meet the sound engineers guidelines of; double thickness plaster board, double glazed windows etc.
but i do agree that building too close to a highway is a factor for noise
any further comments on the wallan area in general?
i do know the estate you are referring too
and i know that there is a 6m high wall running the length of the estate along the hume highway to be built soon
in the estate, all the homes need developer approval in order to be built. the developer wont approve the drawings unless they meet the sound engineers guidelines of; double thickness plaster board, double glazed windows etc.
but i do agree that building too close to a highway is a factor for noise
any further comments on the wallan area in general?
JD86 if you are hoping for validation of your purchase then I think you are in the wrong place. Honestly Wallan isn't very high on people's property wishlist so you won't be getting many positive comments here. You've already made your purchase, good for you, but I don't think anything anyone says here will make any difference.
