In the last few years, demand for new homes and land have boomed in Melbourne’s thriving western growth corridor – so for those looking for the ideal place to call home, the choice can sometimes be overwhelming.
Whether you are a first home buyer, investor, growing family or downsizer, there are a few things you should keep in mind in order to ensure you get the best value for money when selecting the right home for you.
One of the major drivers of capital growth is location. If you are 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 in Melbourne’s west, look for a block that is less than 30km from the CBD, such as the soon-to-launch Olivia community which is ideally located less than 5 minutes away from Rockbank Train Station and close to Tullamarine airport with easy access to the Western Freeway and Ring Road.
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.
It is 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 – it’s important to remember that these incentives are not likely to influence the resale price of your property. Therefore it’s important to look for incentives or packages that will have a more long-lasting effect – developer Marantali, for example, is offering complimentary front-garden landscaping and home security packages for buyers in their new Olivia estate in Truganina. These sort of 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 sizes
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 block that is relatively larger than others in the area will help ensure you can 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 a growing population 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. Boutique is best
It is 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.
One such boutique estate in Truganina, 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 has been set aside for open space and playing fields – meaning that every resident will have close access to green amenity.
The final aspect to consider is price. At face-value, the lower-priced stock often looks like the most attractive option, but it is important to compare the cost against the estate quality, lot size, location, access to amenity and any incentives offered, to ensure you are getting the best bang for your buck.
When searching for the best value for money, purchasing a block in one of the first stage releases of a community is often the best opportunity to secure a block at the most competitive price. Take Olivia, for example, which is offering 263sqm blocks in its first stage release from just $185,000, which offers the best value for money in the area.
One of Truganina’s newest communities, Olivia is set to launch to the public in the coming weeks, and will feature lots sized from 263sqm – 523sqm.