Melbourne South East - Knox Region

[dan_89]

Interested to hear peoples thoughts on Melbourne's Eastern Suburbs. Suburbs like Glen Waverley are continuing to show large growth with some ridiculous sale prices in recent months.

With Knox region only a short distance away, how long before these cashed up buyers spread into this area? Or do the market dynamics differ too much for these buyers to consider these areas?

What are peoples thoughts on areas such as Wantirna, Scoresby, Rowville, Knoxfield?

Wantirna is showing median price has risen 21% in the last 12 months.

Scoresby median price has risen 19%.

Anyone buying in these areas? I was speaking to an agent recently who mentioned Knox's Westfield shopping centre is set for a massive $400m expansion/development in the near future which will obviously inject further growth in the area if true.

Does the lack of public transport in these areas turn anyone away?

 

[Aaron_C]

Pretty different market dynamics between Glen Waverley and Scoresby...

 

[Redwood]

Pretty different market dynamics between Glen Waverley and Scoresby...

Agree AC, Glen Waverley is booming, huge amount of chinese investors in resi and commercial. Knox is 10 minutes down the road and a significantly different mkt...i.e not like for like

Cheers, Ivan

 

[dan_89]

It's quite clear there is a night/day difference between the two markets. Was more curious to know peoples thoughts on the Knox region and potential future growth. Obviously there is no comparison between the two as market dynamics are so different although recently I've noticed huge numbers attending opens in the Wantirna/Scoresby area, many of which I would assume were born abroad.

 

[Timmyd]

I live in knox, I grew up in Wantirna south and actually went to school in glen Waverley. I'm always speaking to agents in the area... Prices are crazy at the moment mostly Asian buyers buying anything big and new and paying top dollar which is helping show the market moving up. I know of 2 property's recently in Wantirna that sold for $1.3-1.5 million for a new porter davis house on a 900m2 block. There are 2 townhouses 28-30sq on 350m2 ea opposite my parents place for sale at $750k plus. Pretty expensive. But when compared to Harcrest estate it's pretty reasonable. Wantirna/south would be the area to buy as opposed to Scoresby and knoxfield as they generally are better streets and nicer houses and a better area.

Tim

 

[Aaron_C]

It's quite clear there is a night/day difference between the two markets. Was more curious to know peoples thoughts on the Knox region and potential future growth. Obviously there is no comparison between the two as market dynamics are so different although recently I've noticed huge numbers attending opens in the Wantirna/Scoresby area, many of which I would assume were born abroad.

Knox is lower entry price but you follow the money. The big boys seem to like Glen Waverley - but only for certain types of properties. For example, buying high end townhouses in Glen Waverley is not going to make you any quid. The buyers in that area like to have a standard sized block (circa 700 sqm) with a massive house on it built by a spec builder. This is why vacant land in Glen Waverley is reaching crazy prices like $1,500 per sqm whereas townhouses/apartments are not moving at all. In areas where I invest, the opposite is occurring.

 

[Deltaberry]

Pretty far

 

[Redwood]

Pretty far

ha?

Cheers Ivan

 

[dan_89]

Wantirna South is fairly pricey these days.. I originally began my search in Wantirna South/Wantirna & soon realized with a budget of $550k I was wasting my time. I have just picked up a place in Scoresby which to me seemed more appealing than Ferntree Gully, Knoxfield or Bayswater. Couldn't believe the prices in Harcrest Estate! although after having a walk through the estate I think in future it will be a fairly sought after location in the south eastern burbs, also set in a great central location. Time will tell!