Local Nous Needed - Point Cook

[NOT 2 L8]

Looking back on past threads, it would appear that most posters would buy in this area for yield rather than CG. Yet just lately it would appear that the area has started to move. My last three have been single dwelling devs, in WA and QLD, as I think that it is a good way of creating immediate equity and so far it has worked.

I would like to do some thing in Vic as it would appear to be coming out of its slumber. My strategy is 4 x 2 DLUG on more than 500m/sq.

I do not know anything about Vic so have been casting around and have been offered a H&L at a new estate called Featerbrook in Point Cook as follows:

Land 510m/sq
Builder Boom Properties.
See house here - (http://www.boomproperties.net/pdf/Atrium_140-401 brochure B.pdf )
4 x 2, DLUG
Small al Fresco
Living area 161.10 m/sq
Total area 205.50m/sq
Land price $168,000
Build price $205,400

Total Package $374,300

Rent app. $330.00

Obviously with a yield of 4.6% capital growth becomes a very important consideration.

My question, I guess is, will this area do it for me??

Every comment is greatly appreciated.

Cheers Chrisv.

 

[suburbangirl]

Point Cook has been one of the areas my husband and I have been watching (along with Hillside) since the preferred suburb for our PPOR has jumped out of reach, pricewise (we will very shortly be back on 2 incomes and are chomping at the bit to buy, but that's another story...!!).

Yes, Point Cook certainly has been taking off over the last few months. The Alamanda land release saw people sleeping out to get the best blocks, and sales have been fantastic. The general Point Cook area is doing very well for a number of reasons I suspect. One of these is the new $100mil (??) Town Centre which has already begun constuction. Add to that plans for the new Wyndham Harbour Marina, quite closeby, and a planned Point Cook railway station, and you will begin to understand why people are taking notice.

If I were building, I'd try and get as close to the planned station/new town centre as possible.

Have a look:
http://www.pointcook.com.au/ Point Cook Town Centre
http://www.wyndhamcovemarina.com.au/marina/home/location.asp Wyndham Harbour Marina

Hope this helps.

 

[Bandita]

If I were building, I'd try and get as close to the planned station/new town centre as possible.

Have a look:
http://www.pointcook.com.au/ Point Cook Town Centre
http://www.wyndhamcovemarina.com.au/marina/home/location.asp Wyndham Harbour Marina

Hope this helps.

Hi Suburbangirl,

I was wondering if you know where the railway station is planning to be located? We live out that way (kind of), and have heard alot of gossip about a railways station - but can't figure out where they're planning on putting it?? Will it be on the Werribee line? If yes, the Werribee line runs along the other side of the Princess Freeway.....so that doesn't seem to make sense Or are they building a new line?

Thanks!!
Jen

 

[Bandita]

Hi Suburbangirl,

I was wondering if you know where the railway station is planning to be located? We live out that way (kind of), and have heard alot of gossip about a railways station - but can't figure out where they're planning on putting it?? Will it be on the Werribee line? If yes, the Werribee line runs along the other side of the Princess Freeway.....so that doesn't seem to make sense Or are they building a new line?

Thanks!!
Jen

Think I found it....

http://www.doi.vic.gov.au/DOI/Inter...7475D912FB2103D4CA25725F001109BD?OpenDocument

It will be on the Werribee line....will be interesting to see how they do it.....

 

[Norwester]

New railway line...........probably in twenty years if that.

Wyndham Boat Harbour..........probably in another forty years.

Although they are building half of a nice new road bridge across the freeway........

Hate to be the pessimist here, but these things have been talked about since I was a kid swinging off ropes down at the river.

Point Cook already has a train station on the Geelong line.........it's called Aircraft.

To envisage Point Cook you need to imagine rows upon rows of nice pretty rendered McMansions...........which in twenty years time will be exactly that, but perhaps slightly faded.

Poor place for investment IMHO........along with Tarneit, Truganini and all the other gazillion estates that are currently getting thrown up there. Small block sizes with absolutely no hope of any twists..............

Just my 2 cents...........

ciao

Nor

(although if you do look carefully between the lines there seems to be an increase in the mortgagee in possession auctions hapening in those areas.....perhaps a different kind of bargain..no?)

 

[Bandita]

Yes, it does look like it's pretty far off........construction timeframe isn't even being decided until later on this year....

Progress
Meeting our Transport Challenges includes a commitment to build the Point Cook station between 2011 and 2016.

Development planning is underway to decide the final location and construction program. This process is expected to run until the end of 2007. A timeframe for constructing the station will then be decided.

 

[Norwester]

JenD,

Good find with the info though...........

NT8,

Of course it's up to yourself as always(you know DD etc etc).There was another member here that built a house in Point Cook........I think it was Poppy? You might want to talk to her to see how they went.

ciao

Nor

 

[Big Al]

NOTOOL8,
I recently did quite alot of DD on PointCook & Truganina.

The amount of land in the west corridor seems to suggest that CG ain't going to skyrocket in the near future on this area. Point Cook does have the benifit of being on the south side of the hwy(limited land), however this poses a issue with poor road access during peak times.

As they say 'my2c worth'

Cheers.

 

[NOT 2 L8]

Thanks for all the responses. Of course I am doing DD. Where would I find better info than right here.

Keep it coming.

Cheers Chrisv

 

[poppy]

Hi NoTool8,

We recently built in Point Cook too. It was a small house though (due to finances). Whilst I still think it is a good area in Melbourne, the yields ARE bad as you said. But Melbourne is generally pretty bad for rental yields anyway.

I bought the block without seeing it but I was very impressed with the area when we did visit, maybe it is because we live in a dog-box surrounded by bogans and criminals in Canberra, but it really did seem like a nice middle class neigbourhood, we were even invited in for coffee by the neighbours.

One thing I would say, why do you believe you can acheive $330 for this property when there are many 4 by 2s available from $280 / week in Point Cook (realestate.com?) I know Point Cook is a big place (I think over 15,000 pop), so it IS understandable there would be a large volume of ads, and rental vacanies ARE still very low in % terms according to my PM, however I think that with such a high number of ads tenants are all going for the cheapest places first.

We have had our place advertised for rent for several weeks and no applications yet. Whilst it is a small house the rent per week is approaching the cheapest you can rent anything in Point Cook so we thought it would go pretty quickly. However what is happening is there are landlords advertising nice 3 x 2 houses, which usually rent for $260+, who are trying to get the places rented quickly so they will put it on for $230, to make it the cheapest place in Point Cook. That makes it hard for me to rent my place, and I'm going to have to drop the price to $230 to also make it the cheapest and get it rented. I have to say I thought my PM was conservative with the initial rent it was listed at - but she was absolutely right and we were wrong! Keep in mind the major PM in Point Cook charges for advertising per week, they also suggested a much higher rent than I ended up listing for with another PM, so make sure you ask a few PMs regarding the expected rent.

 

[Peter Parker]

One thing I would say, why do you believe you can acheive $330 for this property when there are many 4 by 2s available from $280 / week in Point Cook (realestate.com?) I know Point Cook is a big place (I think over 15,000 pop), so it IS understandable there would be a large volume of ads, and rental vacanies ARE still very low in % terms according to my PM, however I think that with such a high number of ads tenants are all going for the cheapest places first.

Also note that you're probably competing with Hoppers Crossing for rentals.

Compared with Point Cook it has better transport, shopping, local employment.

Rents are also cheaper, with 4x2s starting from $240 pw, eg

http://www.realestate.com.au/cgi-bi...eader=&c=93720320&s=vic&snf=rbs&tm=1188560593

http://www.realestate.com.au/cgi-bi...eader=&c=93720320&s=vic&snf=rbs&tm=1188560593

Peter

 

[Michael Yardney]

Our research at Metropole shows that Point Cook has the highest vacancy rate of any suburb in Melbourne 11.88%


This compares to the rest of Melbourne where you just can't find a property to rent.

So apart from minimal capital growth - you get long vacancies and few tenants.

Not a good start for an investment property - there are so many other better areas to explore

 

[Peter Parker]

Sighted last week in The West Australian was an ad from Central Equity inviting people to its 'free' seminar being held in Perth.

The object of these seminars is to promote house and land packages in Point Cook for about $320k. This is a major change given CE is most known for its CBD-fringe shoeboxes.

In the Perth context $320k will (just) buy an established 3br home in a cheaper outer suburb and probably appears good value.

 

[Norwester]

Spiderman,

What are you doing sneeking a peek at the West......... , You should see it on Saturdays..........the real estate section is so big now it's almost a seperate paper..........

Seriously though you should try living in the NorthWest at the moment. Every day there are ads on the radio.......blasting away at how you'd better get on the property boat over East, cold calls on the home phone from property investment groups and even seminars in my little old town........

The interesting part though is socialising, at nearly every social function I attend it goes either two ways.........

Those that know me personally want to know all about what I'm doing........all the suburbs in Melbourne etc,etc etc, Stupid thing is I ain't that smart about it....(which is why I'm here..... )

Or those that don't know me start telling about what they have done or are about to do..etc.......... I'm neither bear nor bull.........but really I have to shake my head in disbelief at some of the stories that are currently being trotted out on the BBQ circuit........

So you ask a couple of quick questions to sort out the s**t from the clay and then get even more confused by the reponses.

Certainly interesting times in my little town..........

Suppose it beats the trees that nearly everyone got burned on in the late nineties though...........

ciao

Nor