Eastern Melbourne Suburbs.

Rixter

Rixter

Looking at doing my DD on the eastern Melbourne suburbs.

Does anyone know of areas currently planned or are currently being made over where by the government, retail or commercial sectors and are injecting money into them??

Adjacent to or in satellite CBD's, along train route, middle ring areas within 15-20km of Melbourne CBD.
 
Ringwood Transit City

About the Ringwood Transit City Project

With initial funding from the State Government's Department of Sustainability and Environment, planning is underway for a vibrant town centre. Following community consultation, the Ringwood Transit City Urban Design Masterplan was developed to provide a broad conceptual framework as envisioned in the State Government's Melbourne 2030 - Planning for Sustainable Growth.
 
I have heard on the grapevine that Ringwood is about to get an injection too.
The councils development officer gave a talk to local businesses about a month ago outlining the areas future development. I was invited but unable to attend, so I cant really say whats planned. But it sounds like something is organized.
 
Ditto the above,

always liked Ringwood. I helped transact for nephew on a purchase of an old WB on nice corner development potential land around 1 km from town centre (Eastland and train). Also did similar for SIL in Heathmont with same criteria....better house, and big land, not corner though.

Nice leafy streets, good schools and good feel. Initially based these decisions on Transit City 2030 hoo ha from state govt. In any case, the amenity is good for the prices.

Look here also:

http://www.somersoft.com/forums/showthread.php?t=43624&highlight=Ringwood

http://www.somersoft.com/forums/showthread.php?t=43180&highlight=Ringwood
 
Hi Michael,

Just finished reading over those two threads on transit cities, the potential future benefits in these areas and how investors such as yourself are buying in these areas.

Werribee looks very promising with the low prices and potential for growth. Will do a lot more research/DD into Werribee and other listed cities.

Always had a thing for Footscray but with much higher prices, I think there is less room for growth and you'd be beter of getting two IP's in Werribee than One IP in Footscray.

Also like your comment on buying on large blocks with at least 600m, Ideally 700m. I'm currently trying to fit two 3bd units on a 600m and it is such a head ache. Just daydreaming about how easy that would be on a 700m block :rolleyes:
 
Hi Mindmaster,

good luck with your 2x3 BR intentions. If you're happy to share, what suburb are they in?

I would also look at getting ideas from a number or draftspersons or architects about what is available and what can be done. You need someone creative to get what you want thru council. Have you done some drive arounds of the streets near yours to look for precedent for what others have done with similar sized (and zoned) blocks? Look for any current townhouse and unit develpments and maybe get the architects details off the signage on the front.

As far as 2030, I still think that keeping to those areas usually assures the amentity and infrastructure that residents deem desirable. I do not know anything about Werribee, but I reckon one day that corridor will merge with Geelong. There are others on this forum who invest there and Hoppers Crossing.

I just put my foot on a Frankston property days ago (another 2030 city) next door to another I have (which is a corner), so all up giving me just shy of 1400 sq m. I have it under DD for another two weeks before it goes unconditional and I secured a four month settlement..........then the games begin, I need to arrange for a super fund lend as our SMSF owned the original one so best in the same entity for development down the track.
 
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Player said:
Hi Mindmaster,

good luck with your 2x3 BR intentions. If you're happy to share, what suburb are they in?
Click to expand...

It is in Sunshine Victoria. I started a thread (http://www.somersoft.com/forums/showthread.php?t=51242) asking for opinions and advice on which of 3 options I should go for. I'd be delighted to have you feeback.

Player said:
I would also look at getting ideas from a number or draftspersons or architects about what is available and what can be done. You need someone creative to get what you want thru council. Have you done some drive arounds of the streets near yours to look for precedent for what others have done with similar sized (and zoned) blocks? Look for any current townhouse and unit develpments and maybe get the architects details off the signage on the front.
Click to expand...

I don't live in Auss so that is a little difficult. A very good idea though and I did something similar to what you suggested. There was a block similar to mine on RE.com with plans attached. Called the architects who's name was on the plans and had a chat with them. For now, I'm looking at a packaged home from a crowd like Pauling Homes because it is a lot cheaper and easier.

Player said:
I just put my foot on a Frankston property days ago (another 2030 city) next door to another I have (which is a corner), so all up giving me just shy of 1400 sq m. I have it under DD for another two weeks before it goes unconditional and I secured a four month settlement..........then the games begin, I need to arrange for a super fund lend as our SMSF owned the original one so best in the same entity for development down the track.
Click to expand...

Your strategy of large blocks with potential to develop is good (to me anyway) but one point I can't easily come to terms with is demolishing a good house to make way for units. Can't make the numbers add up.
 
DavidMc said:
I've found Terry Ryders hotspotting reports to be great value for finding out this type of information.

http://www.hotspotting.com.au/index.php?act=viewProd&productId=38

I bought this a year ago... can't seem to find it now though... doh.

Checkout the sample reports.


David.
Click to expand...

$85 hmmm tempting but relecutant to buy because I know nothing about expertise of the author or the quality of the content. Any one have a copy they can upload to this thread? :D
 
Sorry for the minor thread hijack/detour Rixter.

Boxhill with a median of 600k and average yield of 2.9% is out of my league and a bad investment to my (uneducated) way of thinking.

Ringwood on the other hand with a median of 400k and an average yield of 4% is more attractive. One appealing quality is there's a lot of decent property significanly below the median so you can buy well.

What are other peoples opinions?
 
Mindmaster said:
Sorry for the minor thread hijack/detour Rixter.
Click to expand...

You're sorry but you're going to do it anyway :eek:

Mindmaster said:
Boxhill with a median of 600k and average yield of 2.9% is out of my league and a bad investment to my (uneducated) way of thinking.
Click to expand...
I agree. But that's not the yield Im looking at. Theres a lot letter yields in that area to be found.

Mindmaster said:
One appealing quality is there's a lot of decent property significanly below the median so you can buy well.
Click to expand...

Couldnt agree more.
 
Hi Rixter,

I noticed on another thread you're planning a trip to Melb to take a look at some properties. What sort of property are you after and what areas?
 
Rickardo said:
The title of this thread is Eastern Suburbs, so i assume you are limiting your search to around the Box Hill, Ringwood, and possibly Dandenong central activity districits?
Click to expand...

Yeah Rick but not Dandenong. It doesnt meet my purchasing criteria. Are you looking in these precincts also?
 
Rixter said:
Looking at doing my DD on the eastern Melbourne suburbs.

Does anyone know of areas currently planned or are currently being made over where by the government, retail or commercial sectors and are injecting money into them??

Adjacent to or in satellite CBD's, along train route, middle ring areas within 15-20km of Melbourne CBD.
Click to expand...

Nunawading would be the edge of your 20km from the CBD. I'm a local and whilst I wouldn't say there is a concerted effort for government and commercial entities to develop this area as such, there's definately some noteworthy activity. Here's what I've seen recently:

Retail/Commercial: Nunawading is THE place to purchase whitegoods/bulkgoods/furniture. HomeHQ mall opened up recently with large franchises like JB-Hifi, Nick Scali, etc. Also an Aldi's supermarket opening up on the corner of Laughlin St which also has new shops opposite it.

Government: The state government have pledged $25 million to bypass the rail underground at Springvale Rd near Whitehorse Rd (the opposition have pledged $80 million to do up the entire Whitehorse Rd/Springvale Rd intersection). Also the recent Eastlink extension from the former fringe of the eastern freeway makes it the last exit before tolls and is therefore toll-free to the city.
 
Rixter said:
Looking at doing my DD on the eastern Melbourne suburbs.

Does anyone know of areas currently planned or are currently being made over where by the government, retail or commercial sectors and are injecting money into them??

Adjacent to or in satellite CBD's, along train route, middle ring areas within 15-20km of Melbourne CBD.
Click to expand...
Does that mean your CGA focus shifted from Brissy to Melbourne ?
 
oasis1frog said:
Does that mean your CGA focus shifted from Brissy to Melbourne ?
Click to expand...

Yes , have acquired my Brisbane portfolio allotments now..moving onto Melb & Syd markets. All part of the master CGA plan for diversification, risk management & land tax minimisation.

Hope this helps.
 
Thanks for the info gcad. much appreciated. Stuff like this from you guys on the ground is gold, when conducting Macro DD from afar.

gcad said:
Nunawading would be the edge of your 20km from the CBD. I'm a local and whilst I wouldn't say there is a concerted effort for government and commercial entities to develop this area as such, there's definately some noteworthy activity. Here's what I've seen recently:

Retail/Commercial: Nunawading is THE place to purchase whitegoods/bulkgoods/furniture. HomeHQ mall opened up recently with large franchises like JB-Hifi, Nick Scali, etc. Also an Aldi's supermarket opening up on the corner of Laughlin St which also has new shops opposite it.

Government: The state government have pledged $25 million to bypass the rail underground at Springvale Rd near Whitehorse Rd (the opposition have pledged $80 million to do up the entire Whitehorse Rd/Springvale Rd intersection). Also the recent Eastlink extension from the former fringe of the eastern freeway makes it the last exit before tolls and is therefore toll-free to the city.
Click to expand...
 
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