What are peoples thoughts on investing in Dandenong, Vic? It's earmarked by the Government for a 2030 transit city thingy. Anybody got any thoughts and some background on this suburb.
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I think Dandenong has a lot of potential. It's like the 2nd CBD of Melbourne as it is the commercial centre of the south east of Melbourne.
I don't know what prices are like in Dandenong, but if the prices are right, could be a great area to invest in.
Thing is, it's so far from BIG transport - i.e. ports and airports - that commercial operations seem to avoid it.
That's why I always say, the day they build an international airport in Pakenham....
Cheers,
The Y-man
Thing is, it's so far from BIG transport - i.e. ports and airports - that commercial operations seem to avoid it.
That's why I always say, the day they build an international airport in Pakenham....
Cheers,
The Y-man
I am no expert on how well the Dandenong commerce/industrial zone is serviced by transport infrastructure, but just looking at the satellite photo on google maps you can see south dandenong already is a major jobs hub.
I completely agree as far as industrials go - but as a "second CBD" concept, I think the requirements are different. Example, for a financial institution to locate their head office in Dandenong (INSTEAD of Melbourne CBD), it wouldn't (I assume) have to do with availability of industrial land etc.
...
Instead, we see offices popping up in less well serviced areas like Mt Waverley (FTG and B'burn Rd quarter), Mulgrave (Dunlop Rd) or Tally Ho.
Be interested to hear your thoughts.
The Y-man
Agree with Y-man.
The local "interests" are touting Dandenong as Melbourne's second CBD. Whilst it does enjoy a "jobs hub" for largely a blue collar workforce, the CBD (despite visons and grand plans that have been promoted for the last five or so years) is quite dishevelled.
I had interest for commercial investing around there. Personally too much risk for me. Plenty of vacant shops and whole floor plates and at times (not insignificantly sized) entire buildings.
I am not a pioneer in my investing stage of life right now. If all the grand notions and plans begin to unfold then I'll hop aboard for the ride, but not before. On the industrial front, it (South Dandenong) also has far higher lease rates than the west. Not sure why, as aside from one road, the M 1 (car park) the amenity is lacking IMO compared to the ports, rail and road infrastrucutre in the west and north around the 15 km rim. Far quicker (saving time costs) access to rail/ports and highway's and ringroads that lead somewhere, viz: Sydney or to Adelaide.
Paramatta is Sydney's second CBD and rightly deserves that title. We have nothing comparable to Paramatta here by way of distance to the city, amenity, demographics and serving as a gateway to at least 10 % of this nation's population.
As Y-man mentioned (Waverly and Mulgrave) in the office and white collar arena, I consider the "second centre" to use a loose term is Mt. Waverley (and to a lesser degree Glen Waverley). That whole precinct in and around North Clayton and Ferntree Gully Road, Blackburn Road, Stephensons and Ricketts Roads has a mozza of new developments with some national, multi-national and listed companies as tenants. Not sure if their headquarters are there though.
Back to Dandenong, and resi IP's, if one can buy under 400 K and it ticks the boxes on over 600 sq m (at least a duplex site) with a 3-4 BR rental box on it for now and it is approx 1-1.5 km from the train and the Plaza, worth a look. If not, better value and proximity to the actual Melbourne CBD elsewhere (North and West) IMHO.
I agree with the above, Australian cities tend to have monolithic CBD's as far as banking and finance goes and I do not think this will change. I presume big business stick to centralised CBD's because of telecommunications infrastructure and it's expense. I presume big business invest in areas that are well serviced with telecommunication infrastructure and data centres. I would think this rules out Dandenong for the time being.
Dandenong is definitely manufacturing/heavy industry focused and therefore would be prone to being effected by Victoria's export/import industry. When I mentioned commerce I had this in mind.