Waterford estate in Melton

[MohanWei]

Hi all,

Is it possible to let me know what is the prospect for Waterford estate in Melton south. When I visited thier sales office, sales guys explained us plans they have gotfor this estate which looks great. Considering very very few water front areas in melbourne west, does anyone see good capital growth in next 10 years? Is it going to be a good investment.

As of now, not even one house is constructed. This estate is relatively close to Melton train station, say 10 mins drive.

Any ideas, suggestions is greatly appreciated. Thanks in advance

Regards
MohanWei

 

[pieman]

If its purely capital growth you're after I wouldn't go out to the sticks and buy in a new estate as there are too many unknowns. If however, you're after a place to live long term, and if you like the area who cares about capital growth as anything held 20+ years will have a large chance of beating inflation.
If you want capital growth, id be buying the ugliest house in the best suburb on the biggest piece of dirt you can buy. That strategy has worked for me as has buying flats in St Kilda and spending time adding value, like a paint/kitchen/bathroom and holding on when for a long term when the chicken little's are screaming "the sky is falling"
Inner city burbs offer far more chance of outpacing other outer burbs in the long term imho.

 

[MohanWei]

Thanks for your input Pieman. Much appreciated.

I appreciate buying a worst house in the best suburb certainly have its advantage.

In my case, I do not have much money to spend. I have only around $300K-$320K maximum to spend. For this money, I am getting 4 beds, 2 bathroom and 2 car capacity garage. I am also hoping I might get atleast $300 per week rent for this?

Beacuse it is in its first stage of release, I think will get land for cheaper price. Water front being advantage, I believe will help in increasing CP in future once instra-structure is in place.

Developers are Oliver Hume. Can we believe promise they make in terms of instra-structures etc.

Based on these, it is a good investment.

Thanks
MohanWei

 

[Invest3095]

New to this forum.... but interested in your comments about Toolern as I have looking in the same area and found some good pachages with this group that seem to be well priced at this point. http://www.hawkscrestproperty.com

 

[MSB]

I have only around $300K-$320K maximum to spend. For this money, I am getting 4 beds, 2 bathroom and 2 car capacity garage. I am also hoping I might get atleast $300 per week rent for this?

When I visited the sales office the land price for a 400sqm land was about $175K. Unless you know a builder you may find it difficult to complete the house + land + fees within $320K for a 4 bedder. You also need to pay $850 per annum for the body corporate to maintain the Activity centre which would be used by the residents. For investment, I am not prepared to pay the body corporate fee.

Developers are Oliver Hume. Can we believe promise they make in terms of instra-structures etc.
Based on these, it is a good investment.

I understand that Oliver Hume is acting as the sales agent and the developer is a private developer. Oliver Hume is spending lot of money for marketing. All the visitors are asked to watch the short film on 3D! All these costs would be factored into the price. Oliver Hume is not willing to accept 5% deposit and wan the contracts to be unconditional.

The East West Road which is planned by the State government would go next to this estate, but it is not going to happen in the near future.
The massive Toolern development by Delfin would happen on the other side of the Toolern Grassland Park, there won't be any direct access from Waterford Estate to Toolern. The suburb name for Waterford is still Melton South and won't be Toolern, although it is part of the Toolern PSP plan.

IMHO, I would rather wait for the Delfin development in Toolern which would start by end of this year.

If the plan is to live then Waterford would be an ideal place, but need to think twice before committing for investment.

 

[MohanWei]

Thanks for your response.

When visited thier land office, I collected few advert for house and land package who are willing to build it for $320K for 4 bedder with only $2,500 deposit for now. Once land is settled land money will be asked and then progressive payment.

I agree with you regarding cost associated in terms of 3D presentation and $850 per year on body corporate.

But I am little puzzled if waterfront alonne will be a big factor in getting good CG once infrastructure come in place? Based on $320K investment, I can easily rent it for between $320-$350 per week for a brand new house. Or I might be wrong again?

How far promises from developers can be believed?

regards
Mohan