Buy Established House or Purchase House & Land Package in Werribee?

• 

  [Deactivated] on 22/09/2020 - 20:24

  +7

  There's no shortage of featureless blocks and off the plan homes in the two locations you've listed.

  Adding yet another generic house on a generic block in an area that doesn't see much capital growth is a bad idea.

  You're much better off using the facts above as leverage. Shortlist a few houses and low ball. If these houses don't get sold, slowly up your offer. It's a buyer's market there.

• 

  dcep on 22/09/2020 - 20:34

  +4

  I can’t wait for the house to be built more than 6 months

  established house it is , add a 2nd toilet yourself

  builders will give you sleepless nightmares with cost overrun and delays on new builds

• 

  SelfMade on 22/09/2020 - 20:42

  If you don't care about capital growth or good schools then sure!

  • 

    FrugalNotStingy on 22/09/2020 - 21:03

    ‘Good’ schools and capital growth/price are strongly correlated.

    • 

      SelfMade on 22/09/2020 - 21:26

      -1

      Yes exactly my point. Werribee or Wyndham Vale aren't exactly a beacon for either.

      • 

        FrugalNotStingy on 22/09/2020 - 22:10

        +3

        Because there aren’t enough Tiger mums in those areas.
        Tiger mums —> higher achieving kids -> higher performing schools —> Sought after schools (particularly public schools) —> stricter school zones —> Higher house prices/capital growth.

        Plus the fact that Werribee is near the main sewage plant doesn’t help.

        • 

          [Deactivated] on 22/09/2020 - 23:03

          +1

          @FrugalNotStingy: I don't know if that's true but I like it!

          • 

            FrugalNotStingy on 22/09/2020 - 23:54

            +2

            @[Deactivated]: It’s true and that is my observation throughout the years. Just look at those Eastern suburbs with high population of Asian heritage. They are so education oriented for their kids and that is a good reason why the house prices in those suburbs went skyrocket in the last 10-15 years because the schools are full of high achieving students. I know many Chinese immigrants choose primary schools just to look at their nap plan rankings and that in turn boost the prices of the houses in the school zones because of high demand of enrolments to those schools. The cheaper outer surrounding suburbs (eg. Ringwood, Warrandyte etc) also becoming more expensive because people want to live near those now expensive Eastern suburbs but could not yet afford the prices there. In turn, those suburbs will get more high ranking schools because of Asian tiger mums.

            • 

              p1 ama on 23/09/2020 - 01:08

              @FrugalNotStingy: You're right about the good schools, but a big part of it is just postcode discrimination. Go down to Police Road in Melbourne's SE, where one side (the North side) is Mulgrave and the other side is Noble Park. Houses quite literally opposite each other can be over $50,000 difference. Same location, same access to services and amenities, same crime rate, they're quite literally opposite. The only difference is the name of the suburb at the end of your address.

              • 

                FrugalNotStingy on 23/09/2020 - 01:39

                @p1 ama: It‘s like Glen Iris and Burwood. Glen Iris was part of Burwood I heard from a colleague who lives there since it used to be part of Burwood.

              • 

                [Deactivated] on 23/09/2020 - 08:32

                @p1 ama: The divide between malvern and toorak has an even bigger price gap. About $300k difference if one lives on the same street but on different sides.

                • 

                  p1 ama on 23/09/2020 - 12:50

                  +1

                  @[Deactivated]:

                  The divide between malvern and toorak has an even bigger price gap. About $300k difference if one lives on the same street but on different sides.

                  Wowzers, it's probably similar percentage-wise though.

                  • 

                    [Deactivated] on 23/09/2020 - 15:14

                    @p1 ama: Actually, it's not. Malvern isn't 6x noble park. 4x maybe so I would say that divide is not linearly proportional. Wouldn't be outrageous to say it is proportional either.

                • 

                  FrugalNotStingy on 23/09/2020 - 14:10

                  @[Deactivated]: For some reason, I prefer Malvern over Toorak. I find Malvern has that quiet/prestige but not over posh/snobbish feel. Maybe I am a bit bias because I used to go to school there. Malvern was not an expensive suburb a couple of decades ago, it’s the surrounding suburbs (Toorak, Canterbury and Armadale etc) that boosted the house prices there.

                  • 

                    [Deactivated] on 23/09/2020 - 15:41

                    @FrugalNotStingy: Well the cost difference isn't a real cost as it retains it's value at resale.

                    I don't really see the convenience/utility/infrastructure difference between malvern and toorak. It's purely a prestige factor.

                    • 

                      FrugalNotStingy on 23/09/2020 - 18:16

                      @[Deactivated]: Yeah just like buying brand name. If people got the dough, sure, why not? It’s also a status thing.

• 

  SydBoy on 22/09/2020 - 20:53

  +1

  old house (brick veneer or double brick) on a larger land with concrete floor is way better than new house on tiny block ! don't go for fibro !

• 

  pegaxs on 22/09/2020 - 20:54

  Ahhhh, Werribee… aka: Frankston of the west…

  • 

    Indomietable on 22/09/2020 - 21:26

    If I have to choose between the two then Frankston anyday !

    • 

      jimbobaus on 22/09/2020 - 22:26

      Franga has come a long way for sure

• 

  DannyC on 22/09/2020 - 21:00

  It is difficult in Victoria at the moment as not many people are listing up Properties due to the current lockdown restrictions. I am also in the market for a property as the main family home but more in the Eastern side of Melbourne. I don't mind some of the interior layouts of those I guess generic volume builders like Metricon, Porter Davis, Simonds etc etc. I do see that once lockdowns are eased then supply of more established properties will rise. As some have said it is a buyers market, but I don't see a major crash in the prices of property in Melbourne, as it is being propped up by the Government. Though record low Interest rates and the Government grants are good for those wanting to get into the Property market.

  But I’m not sure about the quality because I heard many builders build houses with very poor quality to get more profits.

  Best way to gauge is have a look at the Display homes, sift through testimonials and do some research. But an important thing to note is the upgrades…. those can add a lot of $ to the costs if you are not careful. Do your research as this is one of the biggest purchases you can make in your lifetime so take your time, don't rush, do your research and see what your budget can get for you. Look at both new builds and once lockdowns ease what properties are listed on the market once it starts to pickup again… hopefully.

  Happy hunting!

• 

  Indomietable on 22/09/2020 - 21:51

  I would like a pretty new house

  The novelty of having new house wears off in couple of months.

• 

  Jugganautx on 22/09/2020 - 22:37

  never buy your pretty new house as your first house…

• 

  netjock on 23/09/2020 - 00:07

  because I don’t want to pay more for where I’m renting now.

  More likely you will get a rent reduction. No immigration = less demand for housing. More unemployed = less money for rent.

  • 

    Hardlyworkin on 23/09/2020 - 04:35

    Exactly, rent prices should be coming down with the overflow of all the empty places near the CBD. The increases are and will be in regional, within an hour or so of Melbourne.

    Also, my bet is the new home owner schemes will be extended in Vic. Those incentives will be needed to balance the lack of population.

    • 

      netjock on 23/09/2020 - 11:01

      The HiLux and Ranger grants. I'd be careful about taking the $25k bait from the government.

      Don't forget China isn't happy with us and if they pull the rug just a little bit a lot of tumbling around for lots of people.

    • 

      [Deactivated] on 26/09/2020 - 18:51

      You see, i wanted to renegotiate my rent 3138. But landlord says no. He says only at cbd rent has drop due to over supply and if i leave he will rent my place in a sec for even more money.

• 

  Euphemistic on 23/09/2020 - 18:41

  +1

  One disadvantage of a new build is unless you are the last build in the joint you don’t know what’s going to pop up next door, end of the street, down the back in the bush eetc

• 

  lainey13 on 24/09/2020 - 16:38

  You will not be able to move into a new build within 6 months. Unless they've already started and there's a minor miracle.