Browse Forums Building A New House 1 May 07, 2014 11:40 am Hi All, I am new to this forum and really need help and open suggestions. Me and my wife both work in city and currently living in preston,using public transport to commute to work. Very excited and nerveous in buying the first home in Melbourne. Preferably want to build my own house. I have searched few west areas such as Tarneit, Truggnina and Point cook and in north South Morang, Epping, Wollert and Lyndarum. It seems they all are bit overpriced as per their locations. I am not even sure that shall I go for old house in established are or build a new house in new esatate. Is it only me or everyone face the same situation as first home buyer ??? Please feel free to share any thoughts. Regards, Y Re: Buying House in Melbourne !! 2May 07, 2014 1:43 pm Have a look at manor lakes - its further for the time being, but there is a tran station being currently constructed there that will take you into the city in 20-30 mins in about 1-2 years. get in while the prices are cheap. Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. Re: Buying House in Melbourne !! 4May 07, 2014 2:23 pm youre currently living in inner suburban melbourne. if you think Tarneit, Truggnina and Point cook, South Morang, Epping, Wollert and Lyndarum are overpriced for tehir areas, you wont find anything closer thats not. Even in established homes. Property cycle is high and its not clear when correction will start happening. If youre wanting to build teh areas youve listed are pretty much your options. If you have more cash, just find these areas not good value, have a look at coburg hill, not far from you. Its expensive, but comparitively to where you will be its a good buy. The northern suburbs youve listed have poor infrastructure compared to the west (whith the exception of south morang, due to the station), which is. if youre looking to build a house at all and find growth areas poor value and dont want to go further, I think youre out of luck. Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. Re: Buying House in Melbourne !! 5May 07, 2014 2:46 pm I do not have any issues moving further but coming to work everyday in city will be a headace. So just trying to be little cautious so do not have to regret later in the future. My wife does not like west are as it's too much commercialised. South Morang is the best we are after but land prices are high, plus heard that high site costs will definitely comes up while buidling. I guess I am just hesitating to take risk. Re: Buying House in Melbourne !! 6May 07, 2014 3:08 pm totally get that - were currently living in brunswick east. I work in richmond. Currently via PT it take upto an hour and a half to get to work anyway so the move out west to that area is short term pain untill teh train is in (my house will be a 5 min walk from teh new station), then it will take me 45 mins to get to work. The reason south morang prices are high is becaus ethey now have a station. You pay for all of that. My wife also doesnt like the west. Neither do I. I grew up in south melbourne and st kilda and my wife was on the beach in aspendale her whole life. The west is neither of those two things. We ummed and ahhed at Point cook and williams landing many years ago but decided that was "too far". This is when the land prices were 150k. Now youd be lucky to get a good block for under 300-350k. now we are building further. The one benefit that the we have in having made this decision is that train station and commercial area being built in teh estate. currently its afforable, it wont be for long. Its probablty the best decision financialy we could make. Ultimately you need to reasses your view on things. if youre looking to stay in an area for the next 30 years and pay off a 700-900k mortgage on an average wage, buy established in Preston and pay off the house over 30 years. If your elooking for a nice home, in a growth area that will increase in value reletively quickly, allowing you to pay off an affordable home fast and build equity quickly so you can buy somewhere nicer in teh future. If youre a young professional couple, think of it as a wealth building strategy. You might want to make some compromises unless youre keen to be paying a mortgage for a long time. The west is a masive growth corridor and is affordable. i noticed in another thread you post with a mirror topic of this one, youre looking for a combination of things that unfortunately dont really exist in teh combination youre looking for. You might be lucky and find that one in a million property that does, but the likleyhood of you finding it is next to zero. Everyone has the same idea. Usually investors, which will likley snap it up before you even get a look. the longer you hesitate, the mor eyoule be paying when you finanly make a choice. Dont wait too long would be my advice. Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. Re: Buying House in Melbourne !! 7May 07, 2014 3:13 pm on top of that dont let the likleyhood of missing out on a few social acitivites deter you from making a financially sound decision. We stayed in brunswick for that reason for 4 more years only to have really gone out a handfull of times, that in all reality didnt make up for the loss in capital gains that we would have made from property in the west in the same time. Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. Re: Buying House in Melbourne !! 8May 07, 2014 5:00 pm Ponzu bruynjustin If you are thinking about your money, you can get a used home. If you find a old home in good condition at best price, then you can go for it. Ah yes, those "old home in good condition at best price". lol why didnt I think of that... looking at this guys sig and the posts on other peoples posts (responding recently to some which aresome over 18 months old) i think its a bot floging the service/product in his sig. I must say your advise is right on spot and sound very realistic too. I have got few mates living in west, everyday they whinge about how bad is the traffic, lack infrastructure and bad neighborhood. So I was little confused but thanks for enlightening the facts. Honestly saying, Tarneit is the only affordable suburb at this time, Just found out it will be a V line station not the metro one. are you planning to build somewhere at this stage ? Re: Buying House in Melbourne !! 9May 07, 2014 5:40 pm I'm a bit further in manor lakes. Tarneit snt as nice in my opinion. I forgot the train is going through there also. V line is a nicer train than metro. Also the fares will be metro zone 2 rather than v line, just so you know.there is also talk of abolishing zone 2 and making it a single zone across the network. There are bad pockets out west of course as there are preston. But you'd also know there's great spots in preston;) My only advice for those areas is get in before the train is in, otherwise it won't be so affordable. Remember short term pain long term gain. Re: Buying House in Melbourne !! 10May 07, 2014 9:58 pm whocares I am not even sure that shall I go for old house in established are or build a new house in new esatate. Is it only me or everyone face the same situation as first home buyer ??? I faced this question as well. Depending on the area you may find that an old house will near abouts cost the same of new house. Specially if you fact in the 10k you get from the gov. I decide to build up above wollert/wallan way. (north) As a first home buyer, and being single with one income, i was worried about after repairs works that may need to be done to an existing house and for roughly the same price i could within reason get "what i want" within a new home. Least i know to somewhat that things shouldnt stuff up for a few years, in other words i hope my hit pocket will only be raped once for a while anyway............. Also while distance maybe an issue do ask your friends how long they travel for then maybe work an average. I did this and worked out well for me, i also rented in the area where i was going to buy - this i highly recommend as you might as well "get used to it" depending on what you need to get used to....... Also on that note it takes my friends roughly 45mins to get/from work it takes me from 35-45 im longer by distance, but im not on the phone every night of the week complain about traffic! Re: Buying House in Melbourne !! 11May 08, 2014 7:27 am Ponzu I'm a bit further in manor lakes. Tarneit snt as nice in my opinion. I forgot the train is going through there also. V line is a nicer train than metro. Also the fares will be metro zone 2 rather than v line, just so you know.there is also talk of abolishing zone 2 and making it a single zone across the network. There are bad pockets out west of course as there are preston. But you'd also know there's great spots in preston;) My only advice for those areas is get in before the train is in, otherwise it won't be so affordable. Remember short term pain long term gain. Yeah, you are absolutely right. The prices are jumpin more quickly in western suburbs as compared to north. I will try get into the search to find the suitable land before it's too late. Hopefully the risk will be paid off in the future. Re: Buying House in Melbourne !! 12May 08, 2014 7:35 am H220 whocares I am not even sure that shall I go for old house in established are or build a new house in new esatate. Is it only me or everyone face the same situation as first home buyer ??? I faced this question as well. Depending on the area you may find that an old house will near abouts cost the same of new house. Specially if you fact in the 10k you get from the gov. I decide to build up above wollert/wallan way. (north) As a first home buyer, and being single with one income, i was worried about after repairs works that may need to be done to an existing house and for roughly the same price i could within reason get "what i want" within a new home. Least i know to somewhat that things shouldnt stuff up for a few years, in other words i hope my hit pocket will only be raped once for a while anyway............. Also while distance maybe an issue do ask your friends how long they travel for then maybe work an average. I did this and worked out well for me, i also rented in the area where i was going to buy - this i highly recommend as you might as well "get used to it" depending on what you need to get used to....... Also on that note it takes my friends roughly 45mins to get/from work it takes me from 35-45 im longer by distance, but im not on the phone every night of the week complain about traffic! I have searched around the wollert/lyndarum area too but nothing clicked me so far. The downside was epping road single way traffic. Further, the roads are very narrow in the estates. I can't afford the South Morang and not willing to move down further as I work in city. Being married, I gotta think for my wife too as she does not drive. Even though she starts, car parks are full usually before 7 o'clock. It is difficult for me renting into suburbs just to get used to with the conditions. We both are working in city, that is the reason I am stuck with confusion and trying to settle my self with midway option. Re: Buying House in Melbourne !! 13May 08, 2014 9:30 am whocares H220 whocares I am not even sure that shall I go for old house in established are or build a new house in new esatate. Is it only me or everyone face the same situation as first home buyer ??? I faced this question as well. Depending on the area you may find that an old house will near abouts cost the same of new house. Specially if you fact in the 10k you get from the gov. I decide to build up above wollert/wallan way. (north) As a first home buyer, and being single with one income, i was worried about after repairs works that may need to be done to an existing house and for roughly the same price i could within reason get "what i want" within a new home. Least i know to somewhat that things shouldnt stuff up for a few years, in other words i hope my hit pocket will only be raped once for a while anyway............. Also while distance maybe an issue do ask your friends how long they travel for then maybe work an average. I did this and worked out well for me, i also rented in the area where i was going to buy - this i highly recommend as you might as well "get used to it" depending on what you need to get used to....... Also on that note it takes my friends roughly 45mins to get/from work it takes me from 35-45 im longer by distance, but im not on the phone every night of the week complain about traffic! I have searched around the wollert/lyndarum area too but nothing clicked me so far. The downside was epping road single way traffic. Further, the roads are very narrow in the estates. I can't afford the South Morang and not willing to move down further as I work in city. Being married, I gotta think for my wife too as she does not drive. Even though she starts, car parks are full usually before 7 o'clock. It is difficult for me renting into suburbs just to get used to with the conditions. We both are working in city, that is the reason I am stuck with confusion and trying to settle my self with midway option. If you are looking.. I would also recommend looking at Plumpton just after Taylors Hill. Its only 10 mins drive from water gardens station and have excellent access to freeways (western and calder) and also Melton highway is 80 zone with 3 lanes. Commuting will be easy and also access to station. Remember having south morang station does not mean all south morangians can walk to station it about 5-10 mins drive also. Lots of deals going on at the moment in Plumpton. I have bought a land in Taylors Hill a year ago but paid a premium for it. I agree that more you wait, the more chances you will be priced out. Taylors Hill and plumpton corridor has more settled look infrastructure wise. So this is another option you gotta research. Re: Buying House in Melbourne !! 14May 08, 2014 11:01 am Have you considered purchasing a home with good depreciation opportunities (ie new) and continue to rent wherever you like. I did that for many years with no regrets. You still have a foot in the property market , however you live where you like. It can be cost neutral. I also think setting yourselves up to travel too far for work is a long term stress. 2-3 hours a day in transit?? You don't get that time back. I would live closer to work etc. I'm an eastern suburbs girl but had no problems living around Footscray or Seddon. Have you also considered an apartment? Fairfield and Thornbury are good markets for apartments. Lots to think about but I prefer to use those extra hours in the day. What about Point Cook? It has a train station and you could be fairly close to work. Lots of people living there in your dilemma. Good luck Re: Buying House in Melbourne !! 15May 08, 2014 11:13 am If you are looking.. I would also recommend looking at Plumpton just after Taylors Hill. Its only 10 mins drive from water gardens station and have excellent access to freeways (western and calder) and also Melton highway is 80 zone with 3 lanes. Commuting will be easy and also access to station. Remember having south morang station does not mean all south morangians can walk to station it about 5-10 mins drive also. Lots of deals going on at the moment in Plumpton. I have bought a land in Taylors Hill a year ago but paid a premium for it. I agree that more you wait, the more chances you will be priced out. Taylors Hill and plumpton corridor has more settled look infrastructure wise. So this is another option you gotta research.[/quote] Honestly, I am not interested at all buying in that area. I have got very rough experience in early days and ran away just in 2 weeks. Its just persoanl experience that could be vary. Re: Buying House in Melbourne !! 16May 08, 2014 11:25 am joannek Have you considered purchasing a home with good depreciation opportunities (ie new) and continue to rent wherever you like. I did that for many years with no regrets. You still have a foot in the property market , however you live where you like. It can be cost neutral. I also think setting yourselves up to travel too far for work is a long term stress. 2-3 hours a day in transit?? You don't get that time back. I would live closer to work etc. I'm an eastern suburbs girl but had no problems living around Footscray or Seddon. Have you also considered an apartment? Fairfield and Thornbury are good markets for apartments. Lots to think about but I prefer to use those extra hours in the day. What about Point Cook? It has a train station and you could be fairly close to work. Lots of people living there in your dilemma. Good luck My wife's cousin lives in Point cook, hearing a lot about bad traffic n all. The land is not affordable down there at this stage. Further, as I mentioned earlier my wife does not drive and she is not even willing to. So have to look nearby public transport and less commute time to work. I would rather make the 2nd house as my investment property instead of 1st one. This is my first home so carrying high expectations in budgeted price. I would definitely require land size between 450-500sqm so apartment is not an option. I guess 1st time buying is always a dilemma for everyone, hope I am not the exception one. Re: Buying House in Melbourne !! 17May 08, 2014 12:06 pm your wife's cousin's property also probably increased in value over 100k since they moved in, giving them nice equity do perhaps utilise building some aditional future wealth Can I ask what you and your wife do for a living? Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. Re: Buying House in Melbourne !! 18May 08, 2014 1:20 pm whocares My wife's cousin lives in Point cook, hearing a lot about bad traffic n all. The land is not affordable down there at this stage. Further, as I mentioned earlier my wife does not drive and she is not even willing to. So have to look nearby public transport and less commute time to work. I would rather make the 2nd house as my investment property instead of 1st one. This is my first home so carrying high expectations in budgeted price. I would definitely require land size between 450-500sqm so apartment is not an option. I guess 1st time buying is always a dilemma for everyone, hope I am not the exception one. Unfortunately being close to public transport comes at a cost. If you can't afford it your wife might just have to learn to drive regardless of whether she wants to or not! I don't want to drive or work but I have to do so to afford my house. Re: Buying House in Melbourne !! 19May 08, 2014 1:30 pm Ponzu your wife's cousin's property also probably increased in value over 100k since they moved in, giving them nice equity do perhaps utilise building some aditional future wealth Can I ask what you and your wife do for a living? currently, we both working full time. can depoist 100k for house. Your examples are right on the spot, u appears to be prety experienced in the property market Re: Buying House in Melbourne !! 20May 08, 2014 1:40 pm Compromise is always needed in buying real estate... 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