We are planning to go check out this new development area in Tarneit, near Hoppers Crossings. They are selling lands like 415sqm for 100K. HAs anyone visited/boughtfrom the area.
Would appreciate any opinions. Thanks.
aafreen
Hi aafreen,
Take a drive and look around. Don’t think Tarneit is anything special, its in an area where there is a lot of land available.
If you’ve ever been to Hoppers Crossing, Melton, Werribee, well Tarneit is basically the same thing. New houses on small blocks in tight streets.
What exactly did you want to know about the area?
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
We were looking at a sight around there fairly recently. It failed our feasibility, hence I’d probably say its a shit hole. Depends on your scale though I guess. Have you developed before? How will your property be different to the 40,000 odd other houses that will flood that market.
Thanks guys for the reply.
We are looking at buying our first property. we will be living in it for at least 6 months to qualify for the FHOG and then rent it out. But we would also like to buy in an area where there is reasonable CG in the next 2 years, as we plan to pay out the loan as quickly and as much as we can within this first 2 years, and then use the equity to purchase another IP. We’ve never owned any property before so Im not sure if this is the best way to do it. We are learning as much as we can, and also started visiting some places. We visited Frankston last weekend, and then Caroline Springs. So this coming weekend we plan to drive to Tarneit just to check it out. We have not learned to figure out whether it is better to buy in the established area or in these new development areas as yet. So at the moment we are just simply driving from one area to the other.
We have some friends who bought in Point Cook at the early stages of its development, and told us how much their property has increased in value. So we were wondering if that will be the case with Tarneit, although I have read somewhere that Hoppers Crossing is not a good area for CG, and since Tarneit is just next to it, does that mean Tarneit is not good for CG as well ? Meaning do i need to wait for like 7years or the next boom to see some increase in the property value?Yorker, how did you do your feasibility study on Tarneit ? Could you please point me to a book or website or a course that will show me *step by step* how to compare suburbs. I know im suppose to be looking at what developments are going on in that area and stuff like that. But i would greatly appreciate some tips on what to look for when doing a research in a certain area. There’s just so much to learn and im so eager to do our first purchase but i don’t just wanna buy blindly.
Also, i’ve read some post saying this is not the time to enter the market ? why is that so ? We are planning to buy before december, is this not a good time ? should i wait for next year and use the time to learn more about property ?
Im sorry I have too many questions.
Aafreen
I performed my feasibility on the region with the tools I have at my disposal at work. I’d send it to you, but the guy who commissioned us to do it paid in excess of 10k so can’t release. If your doing small scale stuff it might be OK, maybe “Shit hole” was a little harsh. I actually personally didn’t mind the area.
Hi aafreen,
The difference betweeen Tarneit and Point cook is the distance to the water. Point Cook is now a “seachange area”. Tarneit is no where near the beach.
Cheers,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
If you take a long term view, Melbourne’s Western suburbs will be where the most growth will take place (if it isn’t already).
First home starters are just about priced out from the East. For land that you are talking about for $100K, you’ll be looking at 1 – 1.5 hrs drive east of the city. Whereas in the West it’ll be half of that.
In short, I feel that CG will be much higher % wise higher in the West then the East.
But, to be open about it, my views may be biased as I live out in the West. But I am happy to report that my PPOR has doubled in value in 1.5 yrs … [biggrin]
Thanks everyone for the input. going to check out Tarneit today, so we’ll see how we go.
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