Hastings (Vic)

[Banked]

Hi all,

I'm interested in hearing some opinions on Hastings. There seems to be a bit happening down there and its still well below the median house price of the "Region".

Median Hastings = $225,000 and "Region"= $325,000.
Long term groth for Hastings = 11.9% and the "Region" = 10.3%.

BTW what does "region" mean in the suburb profile on the domain website? Would it be Mornington Pen.?

I believe K-mart, Safeway and Cloes have recently moved into Hastings and the council have built a multi-million dollar community centre.

Will it be impacted by EastLink?

Any comments would be appreciated.

Thanks!

 

[The Y-man]

Site for the Victorian nuclear power station?

Cheers,

The Y-man

 

[CairnsAgent]

I used to live there many many years ago....
If I remember correctly, there was a lot of service people (Navy) because of the HMAS Cerebrus naval base at Crib point...just down the road. At least this always insures plenty of rental property demand, and maybe the chance for some defence force housing deals?
Apart from that, it is or was a fairly quiet place to live.

Cheers,

 

[Banked]

I used to live there many many years ago....
If I remember correctly, there was a lot of service people (Navy) because of the HMAS Cerebrus naval base at Crib point...just down the road. At least this always insures plenty of rental property demand, and maybe the chance for some defence force housing deals?
Apart from that, it is or was a fairly quiet place to live.

Thanks for that CairnsAgent and you're right rental demand is very strong.

Y-Man - In regards to the nuclear station, I seriuosly doubt it. It's unlikely that Australia will develop stations anywhere let alone in Hastings. I know Fench Island and Western Port have been named as possible locations but even if Australia does development nuclear power stations, and the Victorian govenment allows them in Vic (but they may not have a choice), Portland is much more viable than Hastings. But who knows anything is possible I suppose......

 

[Peter Parker]

Most of the Mornington peninsula is a low-income area, albeit with some rich coastal enclaves (eg Portsea/Sorrento).

On the Hastings side you've got mostly unemployed families plus some tradespeople. On the Rosebud side you've the age pensioners.

Houses in both areas are low-priced but still not that cheap. There are few local jobs and transport is limited (although Hastings does get a train every 2 hours). Also Hastings has not been designated a growth corridor like western, northern and south-eastern suburbs.

If you're buying for capital growth, what's going to drive it, given that Hastings is much further out than most other outer suburbs? And if you're going for yield (6% should be easy there) is this much better than you'd get elsewhere?

For a similar price you could buy in Frankston North, which I think has better prospects being closer to Melbourne CBD, Frankston central, a sandy beach and the freeway.

Peter

 

[Lamingtons]

I'm just bumping this up.

Frankston area people, what is Hastings like? Especially around the Marina/Yacht club area? I am thinking of purchasing a holiday home in the area and I am concerned about safety of the property as it would be vacant most of the time.

 

[our obsession]

Hastings Median House Prices 1994-2005

1994: $68,000...............2004: $210,000...............Change of: 210%

Statistics courtesy of Victorian Valuer-General

(I don't have any IP's there).

Just sharing the info.

 

[Banked]

Thanks for those figures Our Obsession!

I ended up purchasing an IP in Hastings last year. I purchased relatively close to the marina/foreshore which in my opinion is the best part of Hastings, amongst some very exclusive properties, around Warranqite Cresent. I paid no where near the amount some of the neighbors have

I believe Western Port Hwy is getting some pretty major upgrades which will cut down travel time, and every time I’m in Hastings they’ve opened new retail stores or restaurants. Lots happening...

In regards to holiday rentals, I couldn’t be sure. Although if you’ve ever been there on a long weekend or over the holidays you’ll notice that the whole foreshore is littered with boat trailers....these people would need to stay somewhere. My advice would be to find a place as close as possible to the Marina/foreshore with enough room to store a boat/trailer for potential tenants, and yourself

 

[Lamingtons]

Thanks for the figures and advice about the area guys.

Banked: It looks quite expensive! I might be priced out already but I'll wait and see what happens with the market. Will keep looking!

 

[BayView]

Most of the Mornington peninsula is a low-income area, albeit with some rich coastal enclaves (eg Portsea/Sorrento).

On the Hastings side you've got mostly unemployed families plus some tradespeople. On the Rosebud side you've the age pensioners.

Houses in both areas are low-priced but still not that cheap. There are few local jobs and transport is limited (although Hastings does get a train every 2 hours). Also Hastings has not been designated a growth corridor like western, northern and south-eastern suburbs.

If you're buying for capital growth, what's going to drive it, given that Hastings is much further out than most other outer suburbs? And if you're going for yield (6% should be easy there) is this much better than you'd get elsewhere?

For a similar price you could buy in Frankston North, which I think has better prospects being closer to Melbourne CBD, Frankston central, a sandy beach and the freeway.

Peter

Higher Income, expensive Mornington Peninsula areas:

Frankston South
Mt Eliza
Mornington (beachside of Nepean H'way)
Mt Martha
Martha Cove Marina
Dromana (on the Arthur's Seat Hill)
McCrae
St.Andrews Beach
Rye (Back Beach area)
Portsea
Sorrento

Hastings is becoming another suburb, with many residents commuting to places like Frankston, Dandenong and even the CBD.

The old sleepy hollow tag it used to have is gone. Don't count it out; especially if you can get a good location with water views.

 

[Banked]

Update

FOUR-STOREY developments are on the cards as part of a new-look Hastings.

The mixed residential and commercial buildings are being touted to cater for 1000 new households expected in the activity centre over the next decade. The activity centre is defined as land within a 600m radius of the central business district.

Building heights are among many elements being reviewed in a draft Hastings Structure Plan, which will guide future changes to land use, buildings and public spaces.

Mornington Peninsula Shire Council is expected to release a draft for public exhibition by September.

The Hastings railway station could also be moved closer to High St under the draft plan.

Council senior strategic planner Allan Cowley said relocating the station would provide a "closer connection" between the business precinct and the rail service.

But the council has indicated it does not want multi-level boat storage on the foreshore.

Consultant Planisphere had suggested multi-level boat storage to cater for increased recreational boating demand.

Mr Cowley said the foreshore was more suited to "low-profile development". But he said mixed commercial and residential development up to four storeys "would possibly take place in the future" in the town centre.

"There will be a need to consider greater height limits within the town centre, possibly including three or four storeys," he said.

"Council wants to keep the local character of Hastings and recognises that new development can make all places look the same.

"The future of Hastings railway station is also part of the plan."

Mr Cowley declined to predict when the first three- and four-storey buildings would be built in Western Port, if approved. "The question of height and how that affects coastal village character will certainly be a key issue faced by the plan," he said.