Hi Guys,
Hope long weekend was all well for everyone,
I recently bought a ip last year i own about 148k on it and will have about 25k to 30k by the end of the year. My current ip is being rented at 185 per week.
I wouldnt mind bying a block of land and build a home for my self one day.
I leave around the corner from a estate called taylors hill and been gathering some info.
Can any one recomend what size of block to look at?
whats price should i consider to pay?
do estates increace in value as much as suburbs near the area?or can any one list and pro or cons in buying in such estates?
cheers
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Hi Johann,
Firstly, congrats on your purchase. I live in the area so I know the market quite well.
While the outer suburbs don't appear much in the news when it comes to property hype (most prob becoz most writers live in inner melbourne!), there is much growth in the outer burbs as well.
Especially when people get priced out of the inner melbourne market, they will start looking further out for value.
For example, my property has doubled in value in about 4 years !
Hi Bennido,
Thanks for your input. The only issue i have in mind is that most houses look a like which makes it even more competitive to sell in a later stage. Areas like caroline springs atm have alot of supply in terms of houses and the demand for these areas have been a bit quiet.
What area are you leaving in atm if you dont mind me asking?
cheers and thanks for the advice
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
HI Johann,
Pls find my comments below for your questions:
Can any one recomend what size of block to look at? It depends upon the house you are wanting to build. When buying a block of land 1st make sure it has appropriate frontage to fit the house you wish to live in. Perhaps a 600-650 msq lot size would be good to build a 36 squares single story house (i recently bought a 612 msq lot to build a 4 bdrm, double garage house with a 17 m frontage)
whats price should i consider to pay? Price depends upon the estate you are looking at and that will vary by the region
do estates increace in value as much as suburbs near the area? Estates do increase in value. I have a few friends and their property value has doubled in last 4 years.or can any one list and pro or cons in buying in such estates? I prefer to have my ppor in an estate because of various benefits like security, parklands… etc etc….. not all the houses in an estate are the same, infact estates may have covenants so that no similar looking houses can be build on one street… other then these there are heaps of other ways you can increase the value of your property….
johann22 wrote:Hi Bennido,Thanks for your input. The only issue i have in mind is that most houses look a like which makes it even more competitive to sell in a later stage. Areas like caroline springs atm have alot of supply in terms of houses and the demand for these areas have been a bit quiet.
What area are you leaving in atm if you dont mind me asking?
cheers and thanks for the advice
If you are investing for the long term (>3-5 years), it shouldn't be an issue. For example, land in Caroline Springs is limited and once its gone its gone.
And while there are new land releases, they are getting deeper into the estate (i.e. further from the city). So you'll find the demand for houses in the earlier releases is quite high. On my street alone in the past 4 months, there were 3 sales and all were sold in less than a month of putting up for sale !
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