The future of Thomastown &Lalor , Victoria
- Thread starter DalipRam
- Start date
Hi,
Just wondering if you can elaborate a little on your opinion above GSJ, I have seen and heard quite a fair amount of capital exp work being spent on sprucing up Epping and along with the Northern Hospital expansion, I thought it would be a good investment for Med/Long term buy/hold.
Curious to learn more.
They may do well in the 'long-term', but in the medium term, within 5 years, and if you are not a renovator/developer/value-adder, and just passively hold the investment, I say less likely, despite other developments (not sure if they are complete or what are the completion dates) due to:
1. Where we are today in the current property cycle.
2. Distance from the CBD.
3. Unfavourable supply/demand imbalances in these areas.
4. Demographics of the areas.
A general answer and just an opinion.
GSJ
1. Where we are today in the current property cycle.
2. Distance from the CBD.
3. Unfavourable supply/demand imbalances in these areas.
4. Demographics of the areas.
A general answer and just an opinion.
GSJ
Last edited:
From my little knowledge, I think that areas in these suburbs are well positioned for CG. Reasons:
1. Craigieburn Bypass runs through Lalor connecting Hume Hwy and the Ring Road. Egdars Road which runs through Lalor has been extended upto Somerton Rd, exactly where the Northen business park is coming up.
2. A lot of development is happening at Nothern Hospital.
3. Nothern Business Park is coming
4. The proposed relocation of Footscray Wholesale Market.
The closest suburb to most of these development is Lalor but I think the labour pool will be drawn from Roxburgh Park, Campbellfield, Lalor, Thomsatown and Epping.
Affordability is great in Thomastown. Its an old suburb with quite a number of weatherboard houses. Because its an old suburb, the land size per block is much better than newer areas.
There is no residential area between Roxburgh Park and Epping on one side of Somerton Rd (thats where the Nothern Business park is )
The suburbs around these two have higher median prices. The median price of Epping is higher than these two and beyond Epping, the newer areas like South Morang is much more expensive. Now Epping further away from the CBD and South Morang is further from Epping.
I think what I am trying to say is that these two areas are nearer to the city while newer and expensive areas have come up and are still being developed which are much further from the city. A lot of development is happenig just next to these two surburbs which very soon will give rise to a lot of nre jobs.
What I do not have is the income level of these areas and stats on change in income levels.
I'll love to hear your comments on my analysis.
1. Craigieburn Bypass runs through Lalor connecting Hume Hwy and the Ring Road. Egdars Road which runs through Lalor has been extended upto Somerton Rd, exactly where the Northen business park is coming up.
2. A lot of development is happening at Nothern Hospital.
3. Nothern Business Park is coming
4. The proposed relocation of Footscray Wholesale Market.
The closest suburb to most of these development is Lalor but I think the labour pool will be drawn from Roxburgh Park, Campbellfield, Lalor, Thomsatown and Epping.
Affordability is great in Thomastown. Its an old suburb with quite a number of weatherboard houses. Because its an old suburb, the land size per block is much better than newer areas.
There is no residential area between Roxburgh Park and Epping on one side of Somerton Rd (thats where the Nothern Business park is )
The suburbs around these two have higher median prices. The median price of Epping is higher than these two and beyond Epping, the newer areas like South Morang is much more expensive. Now Epping further away from the CBD and South Morang is further from Epping.
I think what I am trying to say is that these two areas are nearer to the city while newer and expensive areas have come up and are still being developed which are much further from the city. A lot of development is happenig just next to these two surburbs which very soon will give rise to a lot of nre jobs.
What I do not have is the income level of these areas and stats on change in income levels.
I'll love to hear your comments on my analysis.
I think you need to do a bit more research on Thomastown and Lalor. I know these areas very well having worked in both areas at different periods at such places as the Northern Hospital (formerly PANCH when it relocated from Northcote).
Both Lalor and Thomastown are very affordable, and have been for many many years. Both have a huge multicultural concentration of italian, greek and now arabic communities (not that that is a problem, just an observation) and strictly lower socioeconomic working classes.
Thomastown in particular has never progressed to its full capacity, and most likely won't because of its high level of industrial developments. As for this "business park" you're referring to, think about WHERE it is....you are off one of the most industrial strips in Melbourne; with branches of some of the countries largest manufactoring plants Ford, TNT logistics and Cadbury Schweppes!! (in Campbellfield/Somerton). Thomastown is small is size but its mainly filled with factories, warehouses and mechanical workshops. Working in Thomastown is one thing; there is plenty of jobs if you're looking, but to LIVE there would be a nightmare!!
As for South Morang and Epping; the distance between the two is within spitting reach, but the reputation and comparison between them is quite another story. South Morang is an old suburb, but has grown immensely because of the urban spread outward towards Whittlesea. There are new developments springing up all the time, and as land has opened up, Epping has followed the trend, but unfortunately Epping's reputation (in some streets) still has a "stigma" attached ie. near to the School - Epping High. But there are huge infrastructure plans on the table by both local and state government in relation to the northern corrdior which include the Whittlesea districts.
South Morang is okay; it has its good points...I live there!!
Seriously, I bought into the area a long time ago thinking it "quaint" and somewhere where I could enjoy a nice peaceful blend of country+city (more country than city) lifestyle but to my disappointment the percentages shifted so drastically, I feel like I'm back in inner Melbourne at times!!! 
I have lived in Thomastown
It was great, I worked in the trades in the area
Coz then you dont mind the noise at 4 am, you are getting up too
and on Sundays it used to be quiet, till 24/7 operations began at all the factories. Its amazing how far sound can travel.
But a workmate lived just up the road in Lalor, and it was quiet and rural there, Ray had goats in the yard and grapes, and there was no sound at all
It was great, I worked in the trades in the area
Coz then you dont mind the noise at 4 am, you are getting up too
and on Sundays it used to be quiet, till 24/7 operations began at all the factories. Its amazing how far sound can travel.
But a workmate lived just up the road in Lalor, and it was quiet and rural there, Ray had goats in the yard and grapes, and there was no sound at all
We used to live near Thomastown and Lalor - and unless we worked in the area I wouldn't want to live there. It's quite industrial, and there's constant traffic. I personally wasn't very impressed by the Craigieburn bypass - its takes about 15 minutes longer (with no traffic) to get into the city than the normal route we used to take. If I wanted to live in that area, I'd prefer Coburg (if I wanted to be closer to the city) or further out towards Craigieburn or Roxburgh Park for affordability if I worked near Thomastown or Lalor - can get there easily, but living in an area that has more of a community atmosphere to it. Just my opinion of course -but I have enjoyed going to those areas for furniture/appliance shopping!
Cheers,
Jen
Cheers,
Jen
DalipRam,
I agree with some comments made by others here, these suburbs are really prime industrial property areas, especially given the relatively large land supply and good road infrastructure.
The business park is good for those in commercial property. The relocation of the Footscray Wholesale Market is great...for Footscray! The expansion of the Northern Hospital is great for the surrounding community, but do you really want to live next to a hospital?
Will there be flow on effects from these developments to the residential property sector? I'm really not convinced of this, at least in the next 5 years.
South Morang may be further from the CBD, yet more expensive, so does that mean Epping etc. are undervalued or have more potential for capital growth because of this? Not necessarily. It's probably more expensive because there are new properties being built which just cost more to build and so are sold at higher/premium prices. The higher prices in new developments are not necessarily a reflection of a favourable supply/demand balance.
Also, an old house on a large block land is my favoured type of investment property for capital growth, but, defintiely not if it's in an area where there's a large supply of these properties. This means an unfavourable supply/demand balance. I would rather buy an apartment, in an area close the CBD and with high lifestyle amenity, than buy this type of property.
At the end of the day, what and where you purchase is going to depend on your investment strategy and also your financial position. If you are after capital growth, these suburbs are not on my list. If you're looking in the north, consider something much closer to the CBD.
GSJ
I agree with some comments made by others here, these suburbs are really prime industrial property areas, especially given the relatively large land supply and good road infrastructure.
The business park is good for those in commercial property. The relocation of the Footscray Wholesale Market is great...for Footscray! The expansion of the Northern Hospital is great for the surrounding community, but do you really want to live next to a hospital?
Will there be flow on effects from these developments to the residential property sector? I'm really not convinced of this, at least in the next 5 years.
South Morang may be further from the CBD, yet more expensive, so does that mean Epping etc. are undervalued or have more potential for capital growth because of this? Not necessarily. It's probably more expensive because there are new properties being built which just cost more to build and so are sold at higher/premium prices. The higher prices in new developments are not necessarily a reflection of a favourable supply/demand balance.
Also, an old house on a large block land is my favoured type of investment property for capital growth, but, defintiely not if it's in an area where there's a large supply of these properties. This means an unfavourable supply/demand balance. I would rather buy an apartment, in an area close the CBD and with high lifestyle amenity, than buy this type of property.
At the end of the day, what and where you purchase is going to depend on your investment strategy and also your financial position. If you are after capital growth, these suburbs are not on my list. If you're looking in the north, consider something much closer to the CBD.
GSJ
Aurora
Does anyone out there commenting on Thomastown, Lalor, Roxburgh Park and Craigieburn have any knowledge of the brand new suburb called Aurora that's about to open near there. It's prbably best explained as 'North Epping'. Apparently there were approx 6000 + building blocks sold off in Roxburgh Park and Aurora will have approx 8000. Now, I lived in Thomo for 12 years and yes it;s NOT the fastest moving suburb in the northern subs BUT it just might move up once there's new schools and a whole new suburb just up the road..........................personally I wouldn't be rushing to buy an IP there BUT that doesn't mean there's not a rental market really..........please don't make any decisions taking into account my advice, however, check out the agents in Thomo and Lalor area as best you can. Make out you're in the market for a rental and see what they can tell you. You may not get cap growth AND rental return, but you shoulde get one or the other.
I bought in 1980 for $41K and the same house now is worth a little over $220K.
cheers
Shezza100
Does anyone out there commenting on Thomastown, Lalor, Roxburgh Park and Craigieburn have any knowledge of the brand new suburb called Aurora that's about to open near there. It's prbably best explained as 'North Epping'. Apparently there were approx 6000 + building blocks sold off in Roxburgh Park and Aurora will have approx 8000. Now, I lived in Thomo for 12 years and yes it;s NOT the fastest moving suburb in the northern subs BUT it just might move up once there's new schools and a whole new suburb just up the road..........................personally I wouldn't be rushing to buy an IP there BUT that doesn't mean there's not a rental market really..........please don't make any decisions taking into account my advice, however, check out the agents in Thomo and Lalor area as best you can. Make out you're in the market for a rental and see what they can tell you. You may not get cap growth AND rental return, but you shoulde get one or the other.
I bought in 1980 for $41K and the same house now is worth a little over $220K.
cheers
Shezza100
Hi Shezza,
Yes, we know the development - and it makes us even less likely to invest in Thomastown or Lalor. As a buyer or renter, why would you want to be there, when there's just as affordable places in much more "community friendly" areas - such as Aurora itself, Craigieburn, Roxburgh Park, etc. If I wanted to be near Aurora, I wouldn't choose an industrial area to live in when there's very affordable areas right next door.
Just my thoughts
.Sorry, I'm not trying to be cheeky - but who didn't make those kind of gains in that timeframe who bought just about anywhere in Oz? - but for those who bought for a similar price in other, more sought after suburbs- my understanding is that they made much, much more.
Again, just my thoughts - not trying to be rude - I'm sure I'm probably very wrong
!!Cheers.
Jen
Epping & Thomastown train stations got rebuilt as part of the South Morang project.
Some new estates or housing areas (eg Wyndham Vale, Williams Landing/Point Cook, Officer) get government jobs, infrastructure and services while nothing much happens in others (eg Campbellfield, Melton, Keysborough South). Aurora appears to be one of the latter.
http://news.domain.com.au/domain/re...ents-betrayed-by-promises-20111214-1ouyb.html
http://www.aurora.asn.au/estate-hot-topics/fibre-to-the-home/
http://www.aurora.asn.au/getting-around/
