Dandenong in Melbourne

[commercialman]

I'm seeking some advice in relation to Dandenong:

I bought a couple of properties mid last year in Dandenong on advice from a friend of a friend - who said that if you've got some spare cash buy in Dandenong - so I did! Each of the properties are around 1200sqm in size - devmt sites. I got a call from the RE who sold the property to me saying that he has a buyer who is willing to put in a written unconditional (except as to seeing a section 32) offer with a 5% deposit on the properties. The offer would be around a 27% return in one year after taking into account the stamp duty I paid and any fees payable to the RE on the sale. This seems like a pretty good return to me. I guess what I'm asking is should I be selling now - is there something MAJOR happening in Dandenong I don't know about - (please note that I'm an interstater!). I've done a search on the internet and apart from the new freeway i'm not sure what else is happenign there. I don't know any developers who would buy a property unless they are getting a pretty good deal on it!

 

[The Y-man]

My gut feel is the "wave" going thru the inner city is yet to strike the outer in full force yet.

Cheers,

The Y-man

 

[gussman]

check this website although you already might know about it. http://www.revitalisingdandenong.com/dandenong/home/home.htm

 

[commercialman]

Thanks for that link - i did know about the vic state govt's investment into dandenon but did not know about that link

 

[leicachamp]

How much is a 1200m2 property worth now in Dandenong? Also do you mind me asking you the yield you were achieving when yo purchased the property.

BTW. My opinion is that you hold on to the property for a few years more. If you sold you would have to buy something else anyway.

 

[BayView]

Dandenong has been the butt of jokes for decades; a crap place full of boguns and crims and dole bludgers, but it's within an hour of the CBD and still very cheap, excellent transport, shopping. Needs a few good schools and a hospital and it's there! Good market though!

The stigma can't last forever, and with affordability at all-time lows all around the capitals, I reckon the area will have to go up. Look at what's happened/happening in Frankston which was also a drug den etc and it's further out.

I think if you can buy a well positioned property with subdiv potential in 'Dande-thong' and hold it for a few years it will be gold, gold, gold.

Look at Oakleigh; used to be a shocker, but everyone discovered it was cheap and near the cbd, had good transport, shops etc. Now it's trendy and expensive.

 

[units4me]

Dandenong also has a huge CBD area, so maybe lots of potential in future. Also the 3rd rail line (Melb-Dandenong) if it gets approved/built will make trains much faster to the city.
Lots of bogans though.

 

[Ruby]

Needs a few good schools and a hospital and it's there!

Since when did they get rid of the hospital they have? Or do you mean they need a good hospital?

Personally give me Dandy hospital any day compared to the new Casey hospital....but thats just me.

 

[commercialman]

How much is a 1200m2 property worth now in Dandenong? Also do you mind me asking you the yield you were achieving when yo purchased the property.

BTW. My opinion is that you hold on to the property for a few years more. If you sold you would have to buy something else anyway.

In the low 500's going on the offer i've received! - purchased a year ago for a little under 400

Yield is not great - just over 4%

 

[leicachamp]

Thanks for the info.

 

[emu]

Dandenong has been the butt of jokes for decades; a crap place full of boguns and crims and dole bludgers, but it's within an hour of the CBD and still very cheap, excellent transport, shopping. Needs a few good schools and a hospital and it's there! Good market though!

.

I couldn't help myself

 

[ozi]

I couldn't help myself

Hey, that looks like the Broadmeadows maths exam!

 

[Big Al]

I'm with you Ruby, I thought the hospital was still there & quite adequate.
Also Frankston's location to the bayside has a fair bit to do with its up turn.

L.AAussie been out of town too long I think????

Is anyone aware of areas of Dandenong that will benefit greatly by the new Eastlink project??

 

[BayView]

Since when did they get rid of the hospital they have? Or do you mean they need a good hospital?

Personally give me Dandy hospital any day compared to the new Casey hospital....but thats just me.

Sorry; no disrespect to the Dandy Hospital; my wife worked there as a nurse for a time.
I meant they need a really big, good hospital. Let's face it; we have a shortage of hospitals and nurses, and as Dande is a city, it deserves a flippin beauty; not the broken down/fixed-up job they have now. The one that is there now needs to be twice the size it is.

Even Frankston, which is a GREAT hospital (my wife worked there full-time before coming to USA and will go back there in May next year when we return) on any given day will have 60-100 beds closed due to lack of staff, and every other day the emergency department has to go on "by-pass", which means they are too full (no staff) and they have to re-direct the ambulances and paramedics to other places (Dande is one). A by-pass costs the hospital $9,000 nevery time they call one.

All we need to do now is pay the nurses more so they won't piss off to desk jobs and have weekends off and no bums to wipe and we might have a decent health care service.