Is Lyndhurst good to buy for a first Home buyer

[naijacoder]

I need advices.
I live in the S.E of Melbourne now.And we have been looking for a property for a long time even when the prices were up but good we waited and now we can move on.
We are looking at lyndhurst - both the Mariott waters estate and the rise estate

Since we are First Home Buyers we are thinking of land and packages is this a good idea?
We are also thinking of maybe Dandenong North or Keysborough as its nearer to the city.But then we wouldn't be getting the whole amount.

I'm looking for advices of people living in one of these estates.
Thansk alot

 

[tobe]

I dont live in either of these estates. I am a mortgage broker who works in the area for a major builder. I have seen the land price and builders price rise over the last 6 to 12 months by at least 5%. Lyndhurst is the closest new estate that side of the city. In terms of whether it is a good idea, it may be a good idea if you like the idea of building your own home, and like the area. Whether it will be a good investment is hard to say. Generally the further away from town the slower the capital growth, especially in the first 3 to 5 years. The new grant makes a bit of a diference. $26k usually means purchases up to $300k can have a 95% loan with money to spare from the FHOG. I would say most of my clients either build because they dont have the deposit to purchase an established house, or they wish to have a larger/ more modern home that they couldnt afford in the established market.

 

[naijacoder]

Thanks Tobe for your advice.
Waiting for more advices ....

I dont live in either of these estates. I am a mortgage broker who works in the area for a major builder. I have seen the land price and builders price rise over the last 6 to 12 months by at least 5%. Lyndhurst is the closest new estate that side of the city. In terms of whether it is a good idea, it may be a good idea if you like the idea of building your own home, and like the area. Whether it will be a good investment is hard to say. Generally the further away from town the slower the capital growth, especially in the first 3 to 5 years. The new grant makes a bit of a diference. $26k usually means purchases up to $300k can have a 95% loan with money to spare from the FHOG. I would say most of my clients either build because they dont have the deposit to purchase an established house, or they wish to have a larger/ more modern home that they couldnt afford in the established market.

 

[APerry]

I was out at Mariott Waters yesterday, its a nice estate. The display village there is just being built at the moment, if you are looking to invest there you should maybe consider buying a display with a lease back to the builder, you would get a decent return for a couple of years at least that way. I'm sure they would all either be on the market or will be shortly.

 

[The Y-man]

Any more landfills nearby we should know about?

Cheers,

The Y-man

 

[super_sam]

I was out at Mariott Waters yesterday, its a nice estate. The display village there is just being built at the moment, if you are looking to invest there you should maybe consider buying a display with a lease back to the builder, you would get a decent return for a couple of years at least that way. I'm sure they would all either be on the market or will be shortly.

Just saw the Porter Davis Marriott Waters displays for sale on re.com. $480k for 3bed up to $720k for double story. I live in the general area and like it here so am a bit biased, but I cannot see any value in that

Re the toxic landfills (we're in Lynbrook so a bit of a distance from them) if any future children are born with an extra finger or toe I'll put it down to evolution

 

[naijacoder]

Thanks guys..
Super_Sam,
hm... but you've scared me off Lyndhurst and the Marriot Waters with this toxic landfills.Where is lynbrook? And what about the The Rise estate just on the other side of Mariot Waters?

Really confused now..

 

[super_sam]

Lynbrook is a couple of km's closer to Dandenong than Marriott Waters. The Rise sorta sits in between Marriott and Lynbrook. All I know about the rise is that it's the more affordable than the three. Might have something to do with Lynbrook already having shops and school, and Marriott to get them some time down the track. As far as I know the rise will just have houses no ammenities.

Unless you are lucky enough to find a resale block in Lynbrook you are stuck buying land right next to Sth Gippsland Hwy or of course buy something already built