I have been given the chance a 2 lots for investment both over 720sqm in Melbourne the first is in Tarneit for $180000 the second is in Point Cook(Monteray Central) 844sqm at $180000.
There has been a lot of slanging between home builders and developers this is a home i would like to live in but i have very little knowledge of the area can anyone give any advice my gut says Point Cook but any Melbourne experts with advice would be great.Hi mgr,
I recently bought a block in Point Cook (612 sq m) for $147k. This block was to build our house, not to use as investment per se.
Personally, if you’re looking for capital gains and investment I wouldn’t look at Point Cook. We had trouble getting finance on the $147k, and the developer wanted $155k for it to start with (they gave us a rebate). We ended up having to get it valued 3 times before we got one that was OK, and even then it was because the mortgage broker knew the valuer.
So yes, we probably paid a bit much, but it’s where we want to live, so what can you do. [blink]
Anyway, we bought in the new estate down there called Innisfail, which is just behind Monterey Central (when you come from the freeway).
Our block is near the (future) corner of the Boardwalk Boulevard and Sneydes Rd. The Boardwalk Blvd is the main road that links to the freeway at the moment, but it’s not completed and under construction between Dunnings Rd and Sneydes Rd.
The Boulevard will eventually run straight through Monterey Central, through Innisfail and join on to Sneydes Rd at the back.
Future links to the freeway down there include a widening of Pt Cook Rd and a new overpass/onramp and extension of Palmers Rd. However, that’s been talked about for a while and don’t know when construction is going to commence.
Pt Cook Road is an absolute nightmare, so if you plan on commuting by car to the city stay as far away from that road as you can. It’s got a bottleneck running through Aircraft to get to the freeway and there’s no way to fix it. All they can do is widen the main road, but the path onto the freeway can’t be widened and is stuck as a major bottleneck. It’s crazy during peak times.
There is a possibility that the Sneydes Rd overpass MIGHT get upgraded on an onramp/offramp (no ramp there yet, just a bridge that links to Hoppers station) as the area gets more populated.
In terms of public transport, a new train line is a pipe dream. Closest train stations are Hoppers Crossing / Laverton on the Werribee line and there are bus services (to be opened) to both of those. Not sure exactly where the lines run yet, but we ain’t building for a couple of years so we haven’t fully sorted everything out yet. Car parking at both Hoppers and Laverton is overflowing. No plans as yet to improve the parking there.
Public transport is generally pretty good, though, and is the best method of getting to the city during peak (the West Gate bridge and freeway past the Ring Road interchange is a disaster). You can get parking at the stations if you get there early enough.
I’d only personally contemplate driving to the city if I worked different hours and could rock in at 10 and leave at 6, say, in which case the freeway is a good option cos it eases up at about 9:45ish.
Shopping is exceptionally good. Werribee Plaza is a complete shopping centre and that’s about 15 mins drive away. There are plenty of small shopping centres opening up around Point Cook though, and there’s Old Geelong Road which has just about every type of shop known to mankind on it.
Lots of schools planned, inc a Catholic Primary due to open in 2006 and the existing Boardwalk P-9 school. More post primary and other schools are on the plans and land has been reserved.
If you can, try to make sure you get yourself on a higher bit of land, because the whole area out in Point Cook used to be farmlands and the lower areas are likely to get rather saturated in heavy rain (hence the reason for so much drainage in the new developments).
I’d personally stay away from any wetlands and Skeleton creek if you can. During that 100-year storm Melb had last year, Skeleton creek flooded and whilst there was no damage up near the freeway side of Point Cook, it did come pretty close to topping the banks. I didn’t see the wetlands further back during the storm, but they’re much lower and don’t have as high a bank, so I’d be wary of it anyway.
Be wary of Monterey Central as well. The land is cheaper, but they have ridiculous design restrictions on their homes there, even down to what plants you’re allowed to have and other things like any shed you build has to match your house, your house must be 5 star energy efficient, and you’re not allowed anything on the roof to be visible from any roads or parklands. House roof pitch must be a certain angle, letter boxes must be masonry or brick construction and should match the house, roofs must be charcoal in colour, house must have a decorative facade and not be a box with a roof, landscaping must contain at least 30% grass, etc etc. That’s why we didn’t bother buying there.
Also, Tarneit is a nice enough area, but it’s close to dodgy Werribee areas like Birdsville (bogan derro area) and MILES away from anywhere. It would depend on WHERE in Tarneit (if it’s in the new area Claremont Park or anywhere near there then it’s way overpriced – a friend of mine recently bought a 720 sq m block in Claremont Park for $127k).
Also, note that Sayers Rd (main road from Tarneit to Laverton and Fitzgerald Rd) is at capacity and is in urgent need of an upgrade to two lanes both ways and the council is dragging their heels for the usual reason: it’s too hard and they want the state/fed govt to pay for it.
Note also that in Tarneit you have no direct link to the freeway and need to travel through a number of by-roads (either Tarneit Rd, Heaths Rd, Morris Rd, etc) to get there, and access to public transport is a little limited – at least in Point Cook they’re opening new services. No plans to do so in Tarneit at this stage.
Point Cook is a better option IMHO. About 10 mins closer to the city by car, newer area and seems to be a better planned and structured development, but be wary of overpriced land!
Anyway, don’t mean to sound like a lecturer, cos I certainly don’t know everything, but that’s my opinion anyway!
Hope it helps! [biggrin]
Sarge
Thanks for all that great info sarge, we where looking at moorookyle but it was $180000 for the land and when you looked at Rose Grange and Tarneit Gardens it was $120000 for the same size lot plus all the house designs did not match they seemend to go from one extreme to the other.
We where told Monteray Central would be a better choice due to all the restrictions and planning constraints in place as they stockland said your $275000 house will not end up been built next to a shack it will have some thing of similiar quality next to it, they also played up the fact that Point Cook was a better place to live over Terneit i suppose they mean crime etc but i had to read that into it myself. They also pointed out how close Monteray was close to a beach and nice green fields and how the lot was 850sqm.
Thanks for your post i will have to dig a bit more from what it sounds like.
Thanks,
mgrHi Sarge_80. I am looking at buying a block of land in innisfail. I understand the rebate part you mentioned. Since i am a newbie i would like to know whether we as buyers put an offer on what peet (the owners of innisfail) quote us for the land? or we simply accept their price and put a holding deposit on the land? Even i am quite particular of the block that i am after and i have limited number of blocks to choose from? so shall i be putting an offer? or just put in my holding deposit on the amount that they are selling ?
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