Where to buy for Investment Melbourne West

M

mrtypr

hey guys

My situation is I live at home with folks and dont pay rent or board or bills. So very cheap for me at the moment. I dont mind staying at home for a few more years if need

Question is this, I have just over 80k for a deposit saved up

I want to build a house to invest but have it in a versatile location for when I decide to move out I have it there for me to live in it myself

I just do not know where exactly would be a ideal location

I want to have it around Werribee or surrounding suburbs
I wanted Point cook first, but thats too expensive for me for anything that is not a cubby house

Tarneit is affordable and I was also looking at Riverwalk Estate to
I do like Riverwalk estate in Werribee but its very undeveloped still and I am not sure if its a good area for renting

I printed out some rental reports from RPdata.com and both Tarneit and Werribee say there is about a 40% current Rental Demand

is this a high demand or low?.
 
mrtypr said:
I dont have a specific reason, but I know there's good and bad points in both building and buying established
Click to expand...

Ahk fair enough, trying to get a bit of insight as usually those specifically wanting to build have a desired reason to... grants, layout, friends are doing it, don't like living in pre lived houses etc...

This bit might be a bit hard, I find often that people will compromise on location to build new. Unless you're developing there isn't usually a large supply of land in desirable areas. You can find it but it usually comes at a price from the profit paid to who ever developed the land.

I want to build a house to invest but have it in a versatile location for when I decide to move out I have it there for me to live in it myself
Click to expand...
 
mrtypr said:
I printed out some rental reports from RPdata.com and both Tarneit and Werribee say there is about a 40% current Rental Demand

is this a high demand or low?.
Click to expand...

Both Tarneit and Werribee have a vacancy rate of less than 1.6%, which is quite good. So there is a demand for rentals.

Cheers

Andrew
 
Riverwalk has few services, little transport and limited road connections even if it's close to Werribee cbd as the crow flies.

The handiest spots are in the triangle formed by werribee cbd, werribee plaza and hoppers station. South of Werribee CBD is handy but dearer with better schools. Some areas by the river are dear while some are very cheap (yet near everything). Wyndham vale is remote but the new station will help.

Most people work locally - either werribee cbd, plaza, old Geelong rd or laverton north so access to these is a plus as well as trains to the city.
 
Don't waste your time building.

I know everyone else in the west lives in a new house but the real trick to investing is buying a house on land as close to the value of the land as possible. This might mean the house needs work. So put the work in get it revalued, draw down a loan on your new equity and there's your deposit for the next house

No saving required

Speak to a broker but I would use 40k as a 10% deposit and then 30k as a renno, leaves you a buffer of 10

Then move onto the next project
 
Hi

A property within the areas you have mentioned is not a bad idea at all.

Over the last four years, I have bought 3 and sold 3

In the past I had property that I renovated and then sold, a property where I built a unit on the back and sold both and I also had one which I just made a capital game over a while.

Its honestly pretty easy to rent out in the area but the demographics are changing.

More and more locals where the kids are moving out of the homes want to either rent or buy a new home.

Building a new home is not a bad idea... We are in the process of building a couple of small houses in Tarneit for a client.
 
Wow all awesome info guys

thanks very much!

Yes I might give Riverwalk a miss and think about that area when its more developed

I am thinking long term as I would like to have a few properties under my port folio ( along with shares ) for long term investments

So Yeh I will focus on more established werribee/tarneit area

Does anyone know when the exactly the tarneit station is going to be finished?

But of course I eventually need to live somewhere, cant stay with folks forever and I'm 30 already
 
jpcashflow said:
A property within the areas you have mentioned is not a bad idea at all.

Over the last four years, I have bought 3 and sold 3

In the past I had property that I renovated and then sold, a property where I built a unit on the back and sold both and I also had one which I just made a capital game over a while.

Its honestly pretty easy to rent out in the area but the demographics are changing.

More and more locals where the kids are moving out of the homes want to either rent or buy a new home.


Building a new home is not a bad idea... We are in the process of building a couple of small houses in Tarneit for a client.
Click to expand...



Myptr isnt a builder so what's the point of him building? Or was your last post a disguised sales pitch

What sort of profit will he make after paying for land and a builder to build a house? I suspect negative !
 
strongy1986 said:
Myptr isnt a builder so what's the point of him building? Or was your last post a disguised sales pitch

What sort of profit will he make after paying for land and a builder to build a house? I suspect negative !
Click to expand...
Hi Strongy,

I not a builder as well :)...I work with a builder for any new buildings. How much profit? How long is a piece of string?

If you look at my post, I have said that demographics are changing in the area... More and more tenants are opting to rent newer homes.

Areas like hoppers and Werribee are good, but you are competing against areas like wynhamvale, Tarneit and point cook.

MyPTR give the wydham council a call, they will be able to provide you details on Tarneit station.
 
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