Collingwood\Fitzroy off the plan apartments

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djhaz

Hi, I am looking for opinions on the current Collingwood\Fitzroy apartment market.
We keep hearing that Collingwood has a .7% vacancy rate and that you can't go wrong buying in the area, but with all these new high-rise devt's coming soon how much impact will this have on the market?

I have been considering a 1 bedroom off the plan near Smith st in a smaller "boutique"(under 20) development, so am after any opinions please!

Looking at the City of Yarra website I can see a lot of apartments on the way, but is this considered too many?...

Address Apartments
195 Wellington Street, Collingwood 84
Banco 132 – 172 Smith Street, Collingwood 238
Former Yorkshire Brewery site (1-21 Robert St, Collingwood) 350
9-17 Smith Street Fitzroy 45
37-45 Kerr Street & 46-52 Rose Street, Fitzroy 73
46-74 Stanley Street and 25-35 Napoleon Street, Collingwood 227
221 Kerr Street, Fitzroy 64
221 Moor Street and 250 Gore Street, Fitzroy 54
237 Smith Street, Fitzroy 28
247-259 Johnston Street, Abbotsford (17 storey redevelopment) 204
377-379 George Street Fitzroy 18
416-422 Smith Street, Collingwood 113
229 Smith Street Fitzroy 27
422 Brunswick Street, Fitzroy 25
62-70 Johnston Street, Fitzroy 53
288-298 Johnston Street, Abbotsford 44
Total : 1647
 
Hi DJHAZ,

I recently posted a similar question about this. There were a few responses, but not sure if they will be of help to you:

http://somersoft.com/forums/showthread.php?t=89955

There is a great demand for property in this area at the moment. I attended an open for inspection in Wellington St on the weekend and there were over 100 people traipsing through, despite the recent announcement of the East west tunnel which will be built only 100-200 metres away.

My concerns in Collingwood were the number of units in each block, e.g. the banco development and the Oxley, and also their size. Some of the planned apartments (with the lowest "from" prices) in these developments are under 40 square metres. I was especially sceptical of advertising which shows total sqm as 38 internal plus 8 balcony plus car of 10 or so giving a grand total of 56 sqm. Clever or deceptive?

I ended up purchasing in one of the blocks you mentioned which is in Fitzroy, primarily because of the larger apartments, superior location, and much better value. PM me if you want some more details.

:D:D:D
 
djhaz said:
We keep hearing that Collingwood has a .7% vacancy rate and that you can't go wrong buying in the area, but with all these new high-rise devt's coming soon how much impact will this have on the market?
Click to expand...

Problem with Collingwood is that it has lots of commission flats and is a VERY dodgy area. I know Fitzroy/Richmond et al used to have the same reputation but Collingwood has never seemed to shake the dodgy reputation. If I were you, just go to the Smith Street Woolworths at night time and you will understand what I mean. Lock your car doors, though.
 
Maybe these developments will change that! I believe the big dev't on Smith St will include a cinema and new shops along with apartments.
There are some great shops and restaurants along there - I really think the seedy reputation is changing. Check out any of the cafes at breakfast time - people line up for a block at Proud Mary's - to pay $20 plus for brekkie!
 
Developments don't change a place (eg Docklands).

What changes a place is people. Until the old demograhics phase out more and new ones come in (eg North Melbourne, Fitzroy), I'm not convinced.
 
Deltaberry said:
Developments don't change a place (eg Docklands).

What changes a place is people. Until the old demograhics phase out more and new ones come in (eg North Melbourne, Fitzroy), I'm not convinced.
Click to expand...

How long is it since you have been in Collingwood?

While I don't like the new apartments there, I've watched the "people" change in the last few years and it is quite AMAZING.... The old crowd still lingers, but they keep to themselves...

:D:D:D
 
I'm glad someone said that - thanks Brucory! I quite like Collingwood too - yes there is a more grungy feel than Brunswick St, but it is definitely moving forward.
Hey - I only just noticed your first response to my post - i missed that this morning.
Will PM you now!
 
Aaron_C said:
Problem with Collingwood is that it has lots of commission flats and is a VERY dodgy area. I know Fitzroy/Richmond et al used to have the same reputation but Collingwood has never seemed to shake the dodgy reputation. If I were you, just go to the Smith Street Woolworths at night time and you will understand what I mean. Lock your car doors, though.
Click to expand...

Go down Victoria st Richmond anytime of the day and it creams Collingwood for dodginess.
 
Aaron_C said:
No way. I go to Victoria Street all the time and I never feel threatened the way I do walking down Smith Street near Safeway.
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Surprised by this...

While there is a boozy element on Smith St, there does not seem to be the edgy smack and crack sales atmosphere that there is in Victoria St, Richmond...

Every time I go to Victoria St, there are 3 or 4 police cars and arrests going on - Smith St, never see that...

:confused::confused::confused:
 
Back to the original Q - will this much development effect the apartment market badly or is this just normal growth?
Will an apartment in a smaller block be somewhat immune to any negative effects?

Weird thing is - some sites/people say the current vacancy rate in Collingwood is .7% and others quote as high as 9%
Anyone know the real figure?
 
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