In the last few years, demand for house and land packages in Melbourne’s West thriving corridor has boomed. With several developments underway and hundreds of options, looking for the ideal place to call home can be overwhelming.
Whether you’re a first home buyer, investor, growing family or downsizer, here are 5 tips to ensure you get the very best value for money when selecting the right home for you and your family.
1. Which location in Melbourne’s West?
One of the major drivers of capital growth is location. If you’re looking to make an investment which enables you to continue climbing the property ladder – the key is choosing a home in a suburb or position that will increase in value over time. The closer your home is to the CBD or a central employment precinct, the more capital growth it is likely to experience.
As a bonus, living closer to your place of work will significantly reduce your commuting time. Be on the hunt for a spot which has existing or planned public transport options, good highway infrastructure, and easy access to major transport hubs like airports; it will save you time, money and stress in the long run.
When shopping around for house and land packages in Melbourne’s west, Olivia Estate has plenty of benefits when it comes to location:
- 5-minute drive to Rockbank train station
- 30-minute drive to Tullamarine airport
- 10-minute drive to bustling Caroline Springs
- 30-minute drive to Melbourne’s CBD
- 5-minute drive to the Western Freeway
2. Are the incentives worthwhile?
With so many players in the market, the contest to secure buyers in the west is fierce. At first glance, this seems great for purchasers, as many developers are offering incentives like free stamp duty, free furnishings, and even frequent flyer points.
However, you’re investing for the future, so it’s important to consider whether the incentive offered will have any effect on the value of your property in the future. Frequent Flyer points can be enticing but are short-lived, and free furniture packages will likely date in a few years. These incentives are not likely to influence the resale price of your property.
Look for incentives or packages that will have a more long-lasting effect. The developer of Olivia, Marantali, for example, is offering complimentary front-garden landscaping and home security for house and land packages in Melbourne’s West. These incentives actually improve the aesthetic of each home and the surrounding streetscape, therefore helping to ensure demand and quality remain at a premium in the years to come.
3. Block size matters
Most of the value in real estate is retained in the land itself – in other words, lot size really matters. If your hip pocket allows, purchasing a house and land package with a block that is relatively larger than others in the area will help build value in your home over time.
Land is an appreciating asset – the basic economic principles of supply and demand play a key role here. Land is in limited supply and the growing population in Melbourne’s West increases the demand for it. Therefore the price of land will most likely continue to increase over time.
In Truganina for example, the average block size is roughly 400sqm, and in the neighbouring suburb of Plumpton, the average lot size available is less than 350sqm. There are many larger lots available in the area – Olivia for example will offer blocks ranging up to an expansive 523sqm.
4. Buy in a boutique estate
It’s important to consider the quality of the estate, as well as that of your home. Opt for a well-planned estate which does not compromise on quality for its future residents.
Olivia has been thoughtfully designed around the concept of ‘a beautiful life’. The main boulevard leads to a large park, and almost a fifth of the estate (6.5 hectares) has been set aside for open space and playing fields, meaning that every resident will have close access to green spaces.
5. Prices of house and land packages in Melbourne’s West
The final aspect to consider is price. At face-value, the lower-priced stock often looks like the most attractive option, but it’s important to compare the cost against the estate quality, lot size, location, access to amenities and any incentives offered. You want the best bang for your buck.
When searching for the best value for money for a house and land package in Melbourne’s West, the earlier stage releases of a community is often the best opportunity to secure a block at the most competitive price. Olivia is offering 263sqm blocks in its first stage release from just $185,000, which offers the best value for money in the area.
Register your interest for a house and land at Olivia in Truganina
One of the newest communities in Truganina, Olivia, is offering land lots sized from 263sqm – 523sqm, and house and land packages in Melbourne’s West. Truganina offers an excellent opportunity to raise your family in a vibrant community, upsize to your dream home, or invest for the future.
Call the Olivia Sales Manager on 0422 871 939 or email [email protected] to discuss the lots available, or register your interest to find out about exclusive new releases.