Docklands

[fuister]

Hi guys,

I have read a few posts about Docklands and some of them are quite old. I would just like to see what some of your views are on this place.

My perspective stands like this:

Currently apartments seem to be oversupplied in that area. Interest rates are riding high. Therefore, it not unlikely that a possible drop in price or it staying flat for a few years.

But, and here is the thing that I hope more experienced investors can clarify, its got so much going for it.

- Government is spending a ton of cash developing it
- To be the next CBD effectively doubling Melbourne
- Projected population of 25,000 I think by 2013.
- To create 22,000 jobs by 2013
- On top of that next to the marina, good public transport, excellent restaurant, good planning.

And I think one important thing to note is that the government are taking this seriously and they seem to be doing it quite efficiently. Not some "we will do it, but it takes 5 years thing"


Granted they are apartments and have fees and so forth. But with immigration rising and dense cbd residential market and the apparent mining boom that will continue in Australia, I'm thinking with that sort of potential, prices of residential are bound to increase substantially in the future.

Am i missing out somethign or just being naive. Please enlighten

 

[The Y-man]

My gut feel is that they were a ripoff when the first OTP's got sold.

However, as time has gone on, and the prices (I believe) have stayed relatively stagnant in the area, the existing units now probably provide "fair value" in terms of $ per sq metre.

I have no figures to back this up

Cheers,

The Y-man

 

[oasis1frog]

Docklands : wind tunnel, too far from anywhere, in reality couple of boat channels (is it what you call them ?), where is the sea ? I doubt how many of the flats are occupied, as after dark not many apartments have light turned on.

 

[Guan]

Hah... I rented an apartment in Docklands last year, thinking that I would be taking lesser time to get to my office in CBD compare to my house in Box Hill. I was totally wrong... Every morning I have to walk 600 metres to the tram stop and spend around 15 minutes or sometimes even 30 mins for the 86 tram. City circles cant help me because my work starts at nine and they only operate after nine... So everyday it took me at least 30 mins to reach my office in Spring st.. To get rid of fussy public transport, I tried running to the office once and it took me around 25 mins but I did not do again as I felt worn out after lunch that day (probably because I am too weak =p). Anyway, living in Box Hill only take me between 40 mins to 60 mins (on a very bad day) via Eastern Freeway then Nicholson st. to reach my office. Not much time difference eh?

From investing point of view... I think Docklands should be put into serious considerations. It is true that government is focusing very much on developing that area (I hope they look into increasing the number of trams soon hehe...). Also, CBD is getting over packed especially with increasing number of overseas students who love to stay in the CBD where major universities are and it offers great lifestyles. This would certainly make Docklands as the best alternative for those students...

I agree that prices would be stagnant for now... Give it 2-3 years... I can picture many investors rushing to buy properties in Docklands...

Just my thought.

 

[oasis1frog]

Box hill express train to Parliament - 15 minutes.

 

[willfong]

Box hill express train to Parliament - 15 minutes.

I believe most people are talking door to door when they calculate commute time, not station to station. You'll have to add the time driving/walking to the station, time waiting for the train, time walking from the station to your office. Add all those up it's at least double that depending on how far the house & office are from the stations, very few people lives right next to the station.

I work in Docklands and there are a lot of offices (and jobs) in the area, strangely noone in my office actually lives in Docklands. The people I know who actually live there are overseas students. Perhaps it's still overpriced?