Suburbs about to BOOM

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From: William Blake


I'm from Melbourne so I'm going to stick to Melbourne suburbs please add any Sydney or Brisbane examples to the discussion -

remember Williamstown and Yarraville 6 years ago - remember Kensington 3 years ago - these are a couple of suburbs that have grown extraordinarily in value in a short period

With all the doomsayers out there (this forum attracts a few too) saying property is going to fall and that prices are already inflated ..can anyone nominate some suburbs they think are currently good value

I'll start by nominating Footscray .. why? - it is within 5km from the CBD and still has good quality 3br property around 150K it is by far the most affordable suburb within this proximity to the city,

If you think this is absurd or want to nominate another suburb please go for it just no doomsayers with the usual all property is going to fall

anyone like to comment or nominate some others..
 
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Reply: 1
From: Rasputin .


don't forget for someone to add the other side of Australia in Perth...
 
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Sim

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Reply: 2
From: Sim' Hampel


So how do you define "boom" ? What kind of growth rate and over how long ?

 
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Reply: 2.1
From: William Blake


It's difficult to quantify BOOM Sim' and I admit to including this in the Topic to ensure some reaction

I would like to see some discussion on what you (successful investors) feel are areas that are currently "good value" in comparison to the rest of the market

Let the speculation begin.....

William Blake
 
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Reply: 2.1.1
From: Anonymous


Hi William (Tiger tiger burning bright)

These comments are not based on detailed research as I am not looking in Metro Melbourne at the moment however I think a couple of spots worth checking out are Doncaster (I think good value compared to surrounding suburbs), and Ringwood (due to freeway extension - Mitcham has already enjoyed an increase for this reason)

There is a lot of talk about Footscray at the moment so I think you would need to move quickly. I think there has already been some good growth there.

If you refer to the Valuer Generals book you will be able to see the increase in recent times. BTW is an update due out about now?

Anna
 
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Reply: 2.1.1.1
From: William Blake


Thanks Anna

you've caught me out...


In what distant deeps or skies
Burnt the fire of thine eyes?
On what wings dare he aspire?
What the hand dare seize the fire?

William Blake
 
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Anonymous

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Reply: 2.1.1.1.1
From: Anonymous


William

I'm swooning....

Poetry and property

What more could a woman want??

Anna
 
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Reply: 3
From: BILLY BOY


I agree with you that Footscray is tha last frontier of low priced properties within 10Km from the city.
The only thing holding it back is crime and drugs are always high in that area, but then again you could say it's like that everyware.

A few other boom suburbs in Melb are Heidelburg and Clayton.

That's it I hope this goes through.I'm not used to this forum yet

Billy Boy
 
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Reply: 3.1
From: Joelin F


Hi, I totally agree that there is still a problem with crime and drugs in Footscray. I feel that over last year it has increased considerably and i haven't been able to find any 3br house for under $180,000.
 
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Reply: 2.1.1.1.1.1
From: Rasputin .


Are old William Blake!! Was he reaaly mad .... or just knowledgable of things we are not ????
 
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Reply: 3.1.1
From: Bob Pupavac


Greetings all,

this Melbourne thing is quite interesting and having done some basic research on areas of high compound growth over the past 10 years, here is my list of hot-spots. It is my own analysis and although the API Magazine has similar opinions in their last issue, it only proved my initial theories correct to some degree.

1. McKinnon
2. Kensington
3. Brunswick
4. Caulfield
5. North Williamstown
6. Richmond
7. Fitzroy
8. Albert Park

Note that Albert Park is mentioned last, this of course being directly related to the median house price in the suburb. Most inexpensive areas are mentioned first!

Regards, Contrarian.
 
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Reply: 3.1.1.1
From: Dave :)


Hi Bob,

Interesting opinions. It's great getting people's thoughts on boom
suburbs every now and again. I would add North Melbourne and Flemington
to your list, definately.

Kensington, Brunswick and Williamstown are definitely good suburbs and
should continue to show good growth. Of those on your list, they are the
areas I'm most familiar with. With regards to Brunswick, however, it
seems as though every developer and his dog has caught onto the
bandwagon - this suburb has just about as many planning approvals shoot
out of VCAT as any other suburb in Melbourne at the moment. Even though
I'd buy in Brunswick tomorrow if the right opportunity presented itself,
surely we'll see an oversupply of apartments in the near future. Unless
a great buy slaps me in the face, I'm waiting for next year when
interest rates start to rise, investors start to cash up, and developers
start to get worried about moving excess stock.

A friend of mine just sold a single fronted 2 bed house in Brunswick.
He paid $115K in '96 and sold it for $318K!

On Williamstown, if anyone knows of a new, waterfront development that
they hear about, PLEASE let me know!

Thanks for the list, anyway.

Cheers,

Dave
:)
 
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Reply: 3.1.1.1.1
From: Grant P


Hi Everyone,

I have done some calculations on trends for the nominated boom suburbs and have found the figures to show some surprises. Maybe it is due to my mathematics but I am open to advise on my calculations. These figures are percentage growth over 12 months.

74% - Heidelberg
26% - Clayton
44% - Kensington
10% - North Melbourne
17% - Flemington
25% - Brunswick
21% - Caulfield
46% - North Williamstown
34% - Richmond
43% - Fitzroy
37% - Albert Park

I have no idea about the stats for Mckinnon. Sorry.

Hope you find these stats interesting.

Cheers
Grant
Education is what you get from reading the fine print. Experience is what you get from not reading it.
 
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Reply: 3.1.1.1.1.1
From: Property Investor


Hi Guys,

I cannot believe you guys have overlooked areas like Frankston and Seaford.

Where is the Scoresby freeway finishing?
A multi million dollar pier and marina including restaurant to be built.
Kananook Creek being cleaned up with new walking/bike/running tracks to be made.

I admit that the drug and criminal problem is still an issue, but hey it is a big place.

There are still many houses from $130k.

Maybe another option.
Mannie.
 
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Reply: 3.1.1.1.1.1.1
From: Fiona W


I agree with Mannie. Our two units in Frankston have gone up at least 50% in the past 18months! It is definitely an area to seriously consider.
 
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Reply: 4
From: Nikhil Mohan


I think to define "boom" is quite difficult. there have been suburbs that have out performed all analysts time and time again.
I tend to look at factors such as Capital Growth and also Vacancy rates when comparing suburbs.
Incidently I met with a few developers who took me on a tour of the Docklands and what was projected - anyone got any comments about how they feel this will impact the rest of Melbourne's "inner-city" market?
 
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Reply: 4.1
From: Andrew Scott


I'm betting (with my wallet) that it will assist the trend towards inner city living.

Firstly, all and sundry believe that the Docklands will become a premier living location in 10-15 years. Areas adjacent to premier areas tend to benefit from their proximity.

Secondly, in the shorter term, supply and demand will dictate the market. All of the developers with Docklands projects are doing marketing to create a demand for people to live and work there. Seems to be working.. every week the Sunday Age seems to dedicate a full page (around page 6?) to the goings on with Docklands.

This demand is not just directed at their particular projects, but at the "Docklands lifestyle". I believe that the marketing will also encourage demand for an "inner-city lifestyle" (where the facilities are better anyway.. better PT, shopping, food, etc.).

Andrew Scott
 
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Reply: 5
From: Khurram Saeed


my friend, the only problem i have with footscray is the large amount of "druggies" and gangsters!!
Trust me you dont want to be walking alone at night in fottscray...i am speaking from expereince...that is the only reason, everything around it has boomes except Footscray for the past 4-5 years...look at kensignton, that is not far at all from Footscary...compare the prices and you will see what i am talking about.

So where do i think the next boom suburb will be....you can pick some real good deals in Bentliegh and Bent. East. Also Ascot Vale is another good one. That one is surrounded by Maribyrnong, moone ponds and essendon. It has lots of heritage buildings, and excellent ratio of home owners versus renters.

What else....let me think, brunswick west is another good one...

I have due diligence kits on all the suburbs i talked about above...i had to get out of yarraville...cause the developers dont want to talk to you!!! Neither te agents..crowd the auctions was huge and not all were passer bys...so i got out of there...

THis is a very good thread you guys started...
keep going
Khurram
 
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Reply: 5.1
From: Lesley .


Any suggestions for Brisbane?
 
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Reply: 5.1.1
From: Tibor Bode


OK, I'll get into the opinion game about Brisbane. I am only talking about areas I am specifically involved and researched and pretty sure that there are several other areas.
I would nominate Deception Bay, Loganlea, Slacks Creek and Logan Central in the outer suburbs.

Tibor
 
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