Melbourne - Transit Cities

[ILoveProperty]

Has anyone taken the Melbourne 2030 transit city "developments" into account when selecting IP's?
Has anyone seen any actual transit city developments?
Is anything being done? It all seems to be going along at a normal government type pace.
I had envisaged bubbling centres like some of Sydneys equivalents - like chatswood or parramatta.

 

[vincenzo]

There are plenty more cities with excellent growth potential that aren't there.

I think some of those cities have a lot of growth potential, and some of them have already experienced a fair bit of growth, for a while anyway.

 

[Player]

As vincenzo says there are plenty of suburbs that aren't there and some transit cities have already had their run for now. Box Hill is one that springs to mind.

My purchases (in VIC) since 2005 have however been in the transit city suburbs, at the cheaper (below median) end of the scale. Frankston central is one example.

Have also investigated many (metro and regional) transit cities and councils won't clearly delineate where the denser of the development potential is. To be safe and optimise your return, (assuming you wanted to develop) you really need to be in the strip or just adjacent to it and probably do mixed use (retail, office and residential).

I now look within 1 km of the train/hub and focus on houses with large land content for future development. In fact settling on one next week, 800 m from train/CBD of a large regional centre. It's land that I will develop.

Until public transport is addressed by state govt, the actual development may be sporadic in these suburbs. Let's not hold our breath on a splendid public transport system though, the govt must consider it has plenty of time (still 22 years left) to fix things in their 2030 strategy.

 

[Belu]

is there a map or breakdown of the transit cities please?

Cheers

 

[sash]

Going on memory the transit cities are (could have missed a couple):

Frankston
Dandenong
Broadmeadows
Footscray
Werribee
Ringwood

I think there are one of two more....

Cheers
Sash

is there a map or breakdown of the transit cities please?

Cheers

 

[Player]

This may help:

http://www.dse.vic.gov.au/DSE/nrenp...56D480003CEFFCB3A095B12F1DCC1CA256D190029AA6B

 

[feihong]

Going on memory the transit cities are (could have missed a couple):

Frankston
Dandenong
Broadmeadows
Footscray
Werribee
Ringwood

I think there are one of two more....

Cheers
Sash

The list is provided right here in this link:

http://www.dse.vic.gov.au/DSE/nrenp...56D480003CEFFCB3A095B12F1DCC1CA256D190029AA6B

* Ballarat
* Bendigo
* Box Hill
* Broadmeadows
* Dandenong
* Epping
* Footscray
* Frankston
* Geelong
* Latrobe Warragul
* Ringwood
* Sydenham
* Werribee

 

[Belu]

thanks guys +kudos!

 

[ILoveProperty]

vincenzo/michaelp
Thanks for your responses. I was just curious if investors were taking transit cities into account. Looks like it's not something to strongly focus on at this point in time. Just one of the many bits of information to file away when looking for an area to invest in.
Cheers

 

[sash]

It was definitely a major factor as the state government will make decisions on infrastructure around this. I bought in Werribee and Hoppers Crossing as a consequence...the infrastructure is now on its way.

vincenzo/michaelp
Thanks for your responses. I was just curious if investors were taking transit cities into account. Looks like it's not something to strongly focus on at this point in time. Just one of the many bits of information to file away when looking for an area to invest in.
Cheers

 

[Righteous Toss]

If the Government are spending money there then i'm happy to put my money into those areas.

 

[ILoveProperty]

It was definitely a major factor as the state government will make decisions on infrastructure around this. I bought in Werribee and Hoppers Crossing as a consequence...the infrastructure is now on its way.

sash - this is the part I'm interested in. What transit city specific infrastructure is going in at Werribee?

 

[sash]

So far the VIC government has only committed to upgrading the Werribee line and putting additonal train services. Due to the amount of development in Wyndham shire trains are now very crowded. Also, they are talking about a ferry from Werribee South to the city. The Werribee marina got environmental approval and is now pending DA approval.

There are plans for line from Werribee or Laverton to Deer park. Also they are also looking at fixing the Westgate bridge issue via a tunnel but nothing in concrete. Since the Western suburbs is a growth area they will need to address this within the next couple of years.

Bear also in mind that with the advent of Geelong Bypass being completed in 2009...this will add extra pressure to the roads as people commute to Laverton where there a lot of industrial estates.

Hope this helps.

sash - this is the part I'm interested in. What transit city specific infrastructure is going in at Werribee?

 

[ILoveProperty]

Thanks sash

Guess it's a start. Still no where near what I'd thought possible. And not sure how much of what you list is related to transit city planning/funding (if it exists in any useable amount?).

As michaelparis says, there is still a long time before 2030.

 

[sash]

Things can turn quickly.....for example I recommended to a lady who worked for me to buy in Werribee early last year as she was moving to Melbourne.

She rented it till Dec. 2007 and moved into it in Jan 2008. Between now and this time she has told be that it is now hard to find a park at Werribee station. I believe this is due to petrol prices....with lots of housing being built the state government is going to put infrastructure earlier rather than later.

Also she bought her property at 179k....it is now worth about 220k. So crowd who says Werribee does not grow need to do their research. This represents a 22% gain in about 1 year....not bad is it. Also, the demand for properties there is now coming from people who would have bought in the SE suburbs.

Cheers
Sash

Thanks sash

Guess it's a start. Still no where near what I'd thought possible. And not sure how much of what you list is related to transit city planning/funding (if it exists in any useable amount?).

As michaelparis says, there is still a long time before 2030.

 

[ILoveProperty]

heehee - you can't help yourself talking up growth in the outer suburbs.

But I still maintain that transit city planning and funding has gone nowhere so far. Which is probably typical of the current government. Just curious if anyone on the ground in these area has seen any signs of new works, etc.

 

[JamesGG]

Also they are also looking at fixing the Westgate bridge issue via a tunnel but nothing in concrete.

Hiya,

So, if not in concrete... what will they use to build the tunnel...?

Cheers

James.

 

[sash]

I guess time will tell....I have a friend who is on the ground in Werribee and she is keeping me up to date. Time will tell....I am long term focused...have only sold one property on over 10 years....

heehee - you can't help yourself talking up growth in the outer suburbs.

But I still maintain that transit city planning and funding has gone nowhere so far. Which is probably typical of the current government. Just curious if anyone on the ground in these area has seen any signs of new works, etc.

Don't kid here!......with China and India appetite for our steel and other resources...this could get seriously expensive.....they might resort to mud!

Hiya,

So, if not in concrete... what will they use to build the tunnel...?

Cheers

James.

 

[Player]

Thanks sash

Guess it's a start. Still no where near what I'd thought possible. And not sure how much of what you list is related to transit city planning/funding (if it exists in any useable amount?).

As michaelparis says, there is still a long time before 2030.

Hi ILoveProperty,

my comment about time to 2030 was toungue in cheek and more or less highlighting our transport woes.

I'm not that familiar with the Werribee area. Although I envisage a southwest corridor (Melb -Geelong) that will resemble the link b/w Brisbane and the Gold Coast in the years ahead.

It's not all only about transport though. Look at govt and private infrastructure spending and development. Recent (over the last three years) Vic purchases for me and my extended family have been 2030 transit cities. One example is a purchase in Frankston. Gandel spent around 200 million upgrading and expanding the shopping centre. Look at where private money is being thrown and follow it.

Also bought two for family in Ringwood/Heathmont about one km to the hub. Great amenity, eastlink now complete, green leafy streets, good schools and below median prices for good renters on large blocks (upside potential to sub-divide later).

Last purchase for our brother in law was Broadmeadows. Same story for amenity, infrastrucutre and facilities and only 16 km to the city and plenty of surrounding jobs. I'm waiting for some further softening in the market to pick up one there myself for development and hold for the portfolio. I like the Glenroy end of Broadmeadows.

Settling on land tomorrow in Ballarat (800m to the hub), again a 2030 city. I guess what makes these areas attractive is that there are no surpises of infrastrucutre or facilities waiting to happen. It's there already and can only improve.

I always think of things from the tenant's perspective and where there would want to live as far as facilities, transport, amenity, etc is concerned. Also most of the 2030 cities are below median (some considerably below median) prices, so affordability and upside to value add as areas gentrify is a plus in my eyes.

 

[ILoveProperty]

Hi Michael
Many thanks for the insight. Some gold there.

The southwest corridor is an interesting concept. Any timeframe on that? Shove a ring road around geelong and more people/more money will flow down that coast. Is there more to it than that?

Michael, are you a buyers agent? Or do you just like buying property?

Good luck with the recent properties and please keep up the good posts.