i haven't bought a property yet but my concern was the vacancy rate and available land. Its turned me off but my nephew has dived in and bought there recently and seems pleased.
andlim wrote:Hi,Just wondering if anyone has a rental property in Tarneit, Melbourne and what are your thoughts on the area as a long term investment potential.
Am thinking about purchasing an investment property there, but am concerned that there is an oversupply of rental properties in the area.
Hi,
I have just put an offer on a property in Rose Grange Estate (my first IP), Land size of 440 sqm, 3 beds + study, 2baths, 2 car spaces and 2 living areas, total house size is approx 21-22 sqs. House is approx 6 years old
I need to put it on rent once IP settles in first week of April. I have been reading this forum for a while, any suggestions with the rental market and good Property manager, if any one has interests in the area.
I would also appreciate forum members feedback regarding my pruchase (purchase price between 330-340K)
tvadera wrote:andlim wrote:Hi,Just wondering if anyone has a rental property in Tarneit, Melbourne and what are your thoughts on the area as a long term investment potential.
Am thinking about purchasing an investment property there, but am concerned that there is an oversupply of rental properties in the area.
Forgot to mention that Rose Grange estate is in Tarneit …..
Hi,
I have just put an offer on a property in Rose Grange Estate (my first IP), Land size of 440 sqm, 3 beds + study, 2baths, 2 car spaces and 2 living areas, total house size is approx 21-22 sqs. House is approx 6 years old
I need to put it on rent once IP settles in first week of April. I have been reading this forum for a while, any suggestions with the rental market and good Property manager, if any one has interests in the area.
I would also appreciate forum members feedback regarding my pruchase (purchase price between 330-340K)
Hi,
As stated before I have one in tarneit gardens. Rental market is pretty tough going in tarneit. Way to many rentals. Rents have gone up recently with the price rises that have just come though. 330-340 isn’t a bad price. Depending on the condition I know they where getting around 360-370 for the type of house about 6 months ago but prices have come off since then so that seems to be a good price.Do be VERY carefull at the moment in reguards to property in tarneit. Prices rose due to the introduction of the regional rail link which will put a train station in tarneit in fact right behind rose grange. However with the change of government this has been put under review due to lack of funding for it. Its likely to get shelved which means we could see prices tracking backwards if this happens. If they do go ahead prices I think will continue to rise. Train stations can be make or break for a suburb. So in some ways its a bit of a gamble buying atm.
Also notice that the government is pushing to release a whole chunk of land out their quickly to fix the housing shortage crisis thats (appartly) happening. This will push prices down in the near term as the market will be flooded with houses. However the area developing quickly will be good in the long term as things get built up. Not sure how the government plans to do this anyways as the roads around tarneit are already clogged and release a lot of blocks quickly would cause mayhem and they will have to spend more $$$ to upgrade the roads. So that also might be just talk.
Hope that helps
BrendanHi Octain,
thanks for the reply: I agree with you rental is bit of an issue. currently vacancy rate for post code 3029 is 10-11% , thats huge compared to melbourne which is 1.5-2%. General rule for outer suburbs is between 4-6% but this is huge i wuld say (again it depends on the pockets in the suburb, etc, etc)
Regarding large chunk being released, i think its coming at davis road, next to claremont estate, so definitely downward pressure on prices in the short term.
But long term area would come up nicely, if transport project is not shelved.
Do you recommend any good rental Property manager and good insurance to take out?
Regards
TVI couldn’t recommend anyone I have used… they have all been useless. I definately wouldn’t touch professionals altona. However I have heard only good things about RPM my neighbour acutally works for them in the city in rentals. They charge ALOT in comparision but I believe they offer a good service. Just watch your tenants be very picky. We have had 2 tenants do runners on us. Get references etc don’t rent to anyone who hasn’t rented before.
The best property manager I ever had was the one I got at the moment….. myself. rented my house out to some friends they have been fantastic looked after the place and rent is always in on time we just do it via automatic payment. Infact I don’t even check it goes in half the time lol because I 100% trust them.
I got my insurance thou comminsure. They have been good had to make a claim for lost rent and damage was very pain free process really!
btw where do u find you info on rental vacancies from ???
Oh btw. If you can afford a bit more Id look at laverton for your first IP. Laverton is ment to run hot this year. blocks 600sq in williams landing are going for around 400k where as in laverton you get a house on a 700sq block for a bit more then that. You got a zone one train station there, shops, pool, schools its excellent to rent. Older houses mean you don’t have to worry so much about tenants putting holes in walls etc. In future you also have the option of subdervididing and putting a second IP at the back.
I seriously thinking about buying another one there myself. I currently have 2 IP’s and a PPOR so just to worried about over committing myself.
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