Chinese starting to buy in Footscray = next boom?

[willister]

I know it has already boomed, but looks like the Chinese are now starting to buy up Footscray

http://www.smh.com.au/business/chinese-developers-snap-up-footscray-sites-20140923-10kvr8.html

Next boom town like Box Hill, Glen Waverley, Mount Waverley?

 

[Deltaberry]

No schools or Chinese though.

 

[Neptune]

A lot has been going in Footscray for sometime now....Major upgrade to the train station which seems to have been going on for quite a few years now....and a number of medium rise towers popping up there as well. Not cheap anymore.

 

[LoneWolf]

Next boom town like Box Hill, Glen Waverley, Mount Waverley?

IMO, I don't see how Footscray will be the next boom town as similar to the list mentioned above, if you are referring in terms of demographics to the area

 

[JamesP]

Any love for Balwyn/North? I keep hearing that's the one to go for but it already looks rather expensive to me.

 

[LoneWolf]

Any love for Balwyn/North? I keep hearing that's the one to go for but it already looks rather expensive to me.

With median house price of 1.3M, can you define what you mean by "one to go"

 

[JamesP]

With median house price of 1.3M, can you define what you mean by "one to go"

Capital Growth. But I find it hard to believe also.

 

[LoneWolf]

Capital Growth. But I find it hard to believe also.

Maybe, but at holding cost of 1.3M per pot, I am not willing to find out

If you are in this kind of market, go for it, and let me know how you go

 

[JDP1]

I know it has already boomed, but looks like the Chinese are now starting to buy up Footscray

http://www.smh.com.au/business/chinese-developers-snap-up-footscray-sites-20140923-10kvr8.html

Next boom town like Box Hill, Glen Waverley, Mount Waverley?

perhaps a bit, but I reckon their next focus will be brisbane

 

[Deltaberry]

Glen Waverley and Balwyn are driven up because of good public schools, which is important in China/HK/Singapore, because bar some international schools, mainstream elite schools are public (unlike Australia). Box Hill driven up because it is a Chinese area.

Footscray is a Vietnamnese area. In Vietnam, Chinese are being murdered.

 

[antistar]

A new Chinese backed development / investment wave in Footscray is very possible. If Chinese buyers don't want to live in the area because of quality of schools etc then the Vietnamese and others will. Profit doesn't discriminate

I think the Footscray, Seddon, Yarraville belt still has plenty of growth left in it

 

[Redwood]

Any love for Balwyn/North? I keep hearing that's the one to go for but it already looks rather expensive to me.

You can still make money - If you can find a good piece of land and build a large house, you can make a million in 12 months. We have done it, and at the right price would do it again.

As for Glen Waverley, different market, if you want to see the Chinese wipe their *** with the FIRB - come to Glen Waverley, absolutely ridiculous. Personally I live in GW but would not buy here, you have seen prices double in the last 12 months. Heavy heavy mainland presence here.

Cheers Ivan