Werribee

[sash]

Deltaberry

Business immigrants are a small portion of immigrants. Most immigrants come to Australia under the skills and familty reunion program.

Most migrants don't like debt or having large mortgages.

I know a Thai guy who is SAP specialist (IT guy) who earns about 200k per year. Guess where he lives....he lives in a McMansion in Wyndham Vale.

As for Chinese driving up prices....maybe not in the future given the strong dollar. They see better opportunities in other countries now.

Course I'm for real.

I'm talking about business migrants, the sort who invest $500k in a business to get a PR, with no problems losing it all (I'm pretty sure I said that in the previous post). I'm having lunch with one tomorrow at a nice CBD restaurant, and he and his kind doesn't live over in Wyndham or ever looked there.

You're talking about something else, working class migrants. I think the ones picked on by the media are the ones I'm talking about, who don't have to work for a living. I went to an auction a while ago with another one, and her comment to me was her husband told her to buy a commercial site for whatever price even if I didn't want it (we were going to go halves). If you worked at my place a year ago and heard my colleagues at work who talk about Chinese driving up prices in their Kew or Canterbury neighbourhoods, these are the ones they're talking about.

And I think I mentioned at the end of my previous post that the newer, working class ones do invest over in newer suburbs, so I agree with what you're saying. Don't keep looking at my posts with such prejudice.

 

[Deltaberry]

I don't know what the breakdown is, but the wealth breakdown would most likely be skewed towards the business migrants as their wealth considerably eclipses the other sort.

The people I'm talking about don't really need mortages. The person I'm meeting later, for example, bought a $3.5m house outright with no debt, and has since introduced me to other people who buy $5-6m houses again with no borrowings. I guess Wyndham just doesn't offer them what they need. Anyway the point was, when people talk about migrants I naturally think of these, as these are the ones driving up value since their ceiling price is infinity...

These migrant number might be diminishing as a whole in the near future, but it is more due to unfriendly migrant policies and a sense of xenophobia, rather than a high currency. I deal with these people daily and currency seems less a concern because their wealth is considerable. If a country is good, they'll come. But if you unleash the yobbo kids to bash up 25% of the world when they come (ie Indians) and have a Foreign Minister who wants to wage war with the other 25% of the world (ie China) then it doesn't send a very positive signal. Might as well close the shores and welcome the Republic of Banannas.

 

[zed_kid]

Seeing as Deltaberry is juts posting his weekly schedule now I think we need an on topic post.

So OT. Yes houses in Werribee are still relatively cheap, but there is a reason for that, its still carrying the stigma of being a bogan suburb and a dero sort of place. IMO a lot of future CG growth has been brought forward by the FHOG (Boost), so prospects for CG in the mid term aren’t good. A significant even is that there’s a marina being built in Werribee south, so that could help bring up the value... Not sure where the best places in Werribee are, maybe close to the town centre there. If you take a really long time frame I think getting something close to the marina development will be good, there’s talk of making the beach an actual beach not just rocks and algae and junk... but its all talk at the moment.

FWIW I’m looking for a property in Werribee with high land content and CF+ with a 40% deposit, basically as a future development site.

 

[Melbournian]

Deltaberry

Business immigrants are a small portion of immigrants. Most immigrants come to Australia under the skills and familty reunion program.

Most migrants don't like debt or having large mortgages.

I know a Thai guy who is SAP specialist (IT guy) who earns about 200k per year. Guess where he lives....he lives in a McMansion in Wyndham Vale.

As for Chinese driving up prices....maybe not in the future given the strong dollar. They see better opportunities in other countries now.

Hmmm not quite true - speaking from victoria - do you know how many nandos in vic are own by indonesian? close to 80%
and how many business migrants from china come in to park their money just for the sake of it.

 

[CaptainObvious]

I have been spending a fair bit of time in the west recently for various reasons and I don't know much about it

however, Ive been talking to a lot of people in the west, some who have been there for 30 years, some have just moved in there in the last few years

what I found interesting is a comment that I had yesterday morning,

I understand that the east of melbourne and the west have their usual competitiveness, but hasn't the east done their huge capital gains in the past 10 years or so, and do you think its now the wests turn to catch up,

the person I spoke to even went as far as, the west will be the same price as the east, which I don't believe in a second, maybe in 100 years

and then the topic of the weribbee marina came up, apparently its about to start construction, and they reckon its good to BUY BUY BUY around there

whats everyones take on it

they also did mention, however, there are so many rentals on the market with more rentals then people as well.

 

[Melbournian]

I don't know what the breakdown is, but the wealth breakdown would most likely be skewed towards the business migrants as their wealth considerably eclipses the other sort.

The people I'm talking about don't really need mortages. The person I'm meeting later, for example, bought a $3.5m house outright with no debt, and has since introduced me to other people who buy $5-6m houses again with no borrowings. I guess Wyndham just doesn't offer them what they need. Anyway the point was, when people talk about migrants I naturally think of these, as these are the ones driving up value since their ceiling price is infinity...

These migrant number might be diminishing as a whole in the near future, but it is more due to unfriendly migrant policies and a sense of xenophobia, rather than a high currency. I deal with these people daily and currency seems less a concern because their wealth is considerable. If a country is good, they'll come. But if you unleash the yobbo kids to bash up 25% of the world when they come (ie Indians) and have a Foreign Minister who wants to wage war with the other 25% of the world (ie China) then it doesn't send a very positive signal. Might as well close the shores and welcome the Republic of Banannas.

hey deltaberry - u need to hook me up with your friends who have money to buy.

 

[virgo]

Hiya

Rumour has it there is going to be an academically selective govt school in the surrounds of Werribee? Or it is just a rumour or is it up already?

Please explain......(sorry not a local)

 

[Gordon Farkus]

Suzanne Cory High School

http://www.suzannecoryhs.vic.edu.au/

 

[virgo]

Selective School

Suzanne Cory High School

http://www.suzannecoryhs.vic.edu.au/

And pray tell, any locals notice an increase number of Indians and Chinese moving up near the school? (incidentally seems more Hoppers Crossing than Werribee?)

Definitely no racism tinge intended; on the contrary, i like to buy where these people are headed!

 

[Melbournian]

And pray tell, any locals notice an increase number of Indians and Chinese moving up near the school? (incidentally seems more Hoppers Crossing than Werribee?)

Definitely no racism tinge intended; on the contrary, i like to buy where these people are headed!

more wealthy ones are based in point cook.
yes hoppers as well but this are mainly local chinese.

 

[Wunderbar]

lol rich chinese in the West. as if

 

[virgo]

Rich Chinese in the West

Hiya Wunderbar

Do not overlook the wealth of the mainland Chinese in the West. I remember a similar scenario in Sydney many years ago; the rich Chinese (well mainly Hongkongers ) were clustered in Chatswood and the "poorer" mainland Chinese in the surrounds of Hurstville. BUT Have you checked Hurstville 's prices recently?

Property investing (and for me is long term) is not looking at now but trying to look into the future.

 

[Wunderbar]

Um and have you looked at the recent article which talked about the real rich Chinese buying in Point Piper and trying to build a big house on it? When I say 'Rich', I don't mean $1m. I'm talking 10 figures

 

[zed_kid]

Hiya Wunderbar

Do not overlook the wealth of the mainland Chinese in the West. I remember a similar scenario in Sydney many years ago; the rich Chinese (well mainly Hongkongers ) were clustered in Chatswood and the "poorer" mainland Chinese in the surrounds of Hurstville. BUT Have you checked Hurstville 's prices recently?

Property investing (and for me is long term) is not looking at now but trying to look into the future.

Hi Virgo,

Valid point, but don’t try and convince Wonderbra that the west actually has value, he/she is an elitist easty... and I cant understand why, as I don’t consider Carlton an elite suburb, or an eastern suburb... anyway delusions of grandeur I guess.

As a proper response I will say this. There are a lot of Chinese in Point Cook, I don’t know if they are rich, I haven’t asked. Also there are Chinese restaurants and specialised Chinese supermarkets / grocers... now I just need to figure out if they are ‘rich’ or not...

 

[Wunderbar]

So if everyone's house is $1m, and you have a house worth $1m, are you 'rich'? Of course you aren't - rich is all relative.

If Werribee ever goes up to an average price of $1m, I know for sure my Carlton house will be worth $10m because it is premium quality, location and can never be replicated. It's a simple fact of the rich getting richer based on compounding.

 

[Melbournian]

Um and have you looked at the recent article which talked about the real rich Chinese buying in Point Piper and trying to build a big house on it? When I say 'Rich', I don't mean $1m. I'm talking 10 figures

In china, there are many classes - there are the super $%ing rich like that one who bought in point piper. But there are also middle classes ones who can also afford 1 mil dollar properties in cash but no necessarily buy like 10 million dollars. there are also ones who come here for 2 weeks to buy something as they just got their PR and then back to china for business.

There are also the ones who come to study and just buy apartments or houses in cash outright. education is a status thing in asia and with the 1 child policy in china - their kid's education is a priority. Take balwyn for example. they just buy to be in the school zone. This is from personal experience.

The thing you have to understand about the different classes is whether there are investors or whether they're looking to stay. Also, in china majority of ppl live in apartments -therefore when they come over and see a house in say brighton - damn that's colonial victorian edwardian style - cheaper than shanghai i'll buy it.

As for point cook - i know mainland china people who have bought there but they're not to the degree as to other areas in melbourne. AS for werribee - definitely not mainland i haven't heard any as i do liaise with lots of asian real estate agents.

 

[zed_kid]

Mate I can see where you are coming from, the east and north-east are wonderful places to invest. What I am saying is that you are limiting opportunities as an investor with your blind bias. As an example my family and I have always lived in the east, we have 3 IPs in south yarra but we live in Point Cook now... why? Because it worked oh so much better. We paid 30k of our money to build a house in PC the house is now worth 700k with a 300k mortgage... ROI on 30k?

 

[Wunderbar]

You can talk about RoI all you like but $ is $

Just because I earn 10% on my money and a rich guy like Bill Gates' stock tanks by 20% in a year doesn't mean that I'm better than him or that I'm smarter with my money.

 

[Melbournian]

Mate I can see where you are coming from, the east and north-east are wonderful places to invest. What I am saying is that you are limiting opportunities as an investor with your blind bias. As an example my family and I have always lived in the east, we have 3 IPs in south yarra but we live in Point Cook now... why? Because it worked oh so much better. We paid 30k of our money to build a house in PC the house is now worth 700k with a 300k mortgage... ROI on 30k?

That is true - have to have diverse investing ways.

 

[zed_kid]

You can talk about RoI all you like but $ is $

Just because I earn 10% on my money and a rich guy like Bill Gates' stock tanks by 20% in a year doesn't mean that I'm better than him or that I'm smarter with my money.

ROFL ok If I had Saudi sheik money I probably wouldn’t care about ROI, but I’m only an average investor and ROI is very important to me. If you can’t understand why ROI is more important than just simple $ is $ then good luck to you.

Edit: basically if you make MORE from LESS it absolutely proves that you were smarter with your investment