Jul 29, 2020 10:37 am
Guys, We are looking to buy out next house/land in northwest area and were able to save just enough deposit. We are dangling between buying in Schofields vs Marsden park and have done a bit of research. (see attached picture)
Basically on high level
Newpark - We can get larger land (better value for money) but 15min from train station and with higher flood risk
Akuna Vista - We can get be close to train station but not so good aspect & still developing community.
What are your thoughts/recommendation on where should we buy? For people who have started building in Akuna vista or Newpark (4xxx series lots), did you face issues in getting loan, valuation, additional builder expense or insurance because of flood risk. fyi - Currently based on Blacktown council info, some Newpark lots are high risk for flooding.
Sorry if people have already asked similar question in past, Feel free to point me out to resources.
Red - We are most concerned about
Orange - We are concerned but can live with
Bold - High importance for us in decision making
Re: Newpark (Marsden Park) vs Akuna Vista (Schofields)2
Aug 08, 2020 8:54 pm
I'm still in a process of settling my land in NewPark. Builder have take enough steps to increase the heights and the land there is at low risk (1 in 100 years). The Blacktown city council site is not updated with latest information as I understand. I recently did a bank valuation for the land beside the future school in Newpark and it came good without any issues. Also, please note that the land which is available in NewPark is registered, but Akunavista is probably one year is down the line for registration.
Check at this page: https://newpark.com.au/building-at-newpark and scroll down to each precinct to see the flood risk update letters.
Hope that helps.
Re: Newpark (Marsden Park) vs Akuna Vista (Schofields)3
Nov 24, 2020 2:51 pm
Hi prasanthbpillai ,
I recently did a bank valuation for the land beside the future school in Newpark and it came good without any issues
Does that mean bank was willing to pay the full amount (that the land wasn't undervalued) ?
Re: Newpark (Marsden Park) vs Akuna Vista (Schofields)5
Nov 24, 2020 3:14 pm
Hi prasanthbpillai ,
Thank you for the response!.
I too am considering buying a land nearby, in-front of the small park near the school (Galah street, near Abell street). But all of those lots are around 30K higher (for similar sized lots) than the lots near the school.
I'm concerned that the bank will undervalue these lots.
Thanks a lot for the response!.
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