Hi All,
Been lurking around these forums for a while but just registered now as I'm looking to get my first IP. The place I'm thinking of is a 4 bed 2 bath in Wyndham Vale. I am looking at buy, renovate and hold for the first few IP as I'm relatively handy with my hands.
Now I know Wyndham Vale has a bad rep but my reasons are:
1. Melbourne can no longer viably grow east. It has established and prices will continue to rise. It can still grow West though.
2. When looking at long term history Footscray and Yarraville used to be poorer areas. So was Pt Cook, and so was Werribee. All these have experienced nice growth as Melbourne continues to expand West. Wyndham Vale is just past Werribee in this regard.
3. Wyndham Vale is experiencing huge development in anticipation of this, the Regional Rail Link has been cut and the station in Manor Lakes is built. The Precinct Structure Plan has identified transport options so it doesn't become like Pt Cook that you can't get out of it. There are two new town centres in the early stages. There is the continued release of new land for development for sporting areas/recreational areas.
So I guess my questions here are does this plan sound feasible or have I got it completely wrong? I'm reluctant to buy off the plan due to builders premium.
I understand Wyndham Vale has taken a hit over the last 12 months growth wise but the start of this also coincided with the removal of the FHOG. Building has since started to pick up, as have property prices.
Thanks for your time and I look forward to your opinions.
Cheers.
Been lurking around these forums for a while but just registered now as I'm looking to get my first IP. The place I'm thinking of is a 4 bed 2 bath in Wyndham Vale. I am looking at buy, renovate and hold for the first few IP as I'm relatively handy with my hands.
Now I know Wyndham Vale has a bad rep but my reasons are:
1. Melbourne can no longer viably grow east. It has established and prices will continue to rise. It can still grow West though.
2. When looking at long term history Footscray and Yarraville used to be poorer areas. So was Pt Cook, and so was Werribee. All these have experienced nice growth as Melbourne continues to expand West. Wyndham Vale is just past Werribee in this regard.
3. Wyndham Vale is experiencing huge development in anticipation of this, the Regional Rail Link has been cut and the station in Manor Lakes is built. The Precinct Structure Plan has identified transport options so it doesn't become like Pt Cook that you can't get out of it. There are two new town centres in the early stages. There is the continued release of new land for development for sporting areas/recreational areas.
So I guess my questions here are does this plan sound feasible or have I got it completely wrong? I'm reluctant to buy off the plan due to builders premium.
I understand Wyndham Vale has taken a hit over the last 12 months growth wise but the start of this also coincided with the removal of the FHOG. Building has since started to pick up, as have property prices.
Thanks for your time and I look forward to your opinions.
Cheers.