Deer Park has done ok for itself the last few years .... but hey, those who dont know will continue to knock it ..... I've got an investment in Deer Park, and if i had to compare with some of my other investments in more "prestigious" or "accepted" suburbs, I'd buy again in Deer Park any day..
Traditionally Myer has not classified western suburbs of Sydney and Melbourne to be its core market. Interesting that they are now opening a new store there. The most likely scenario is that they are repositioning themself on the department store market distancing themself from DJ and approaching Target and Kmart.
Unfortunately I am not in the position to comment it's impact on house prices. But I am thinking that it's unlikely to be a single factor to push house prices up in the short term. Myer has been in Northland for ages and has been struggling all these years to get enough customers in and make it profitable. Just now 15 years later gentrification of Preston and Northcote starts to have a positive impact.
For those not in the know Water Gardens is the biggest shopping complex by far in the west. It just got a new direct road link from the Freeway. And despite the puns of the west being poor, a lot of rich tradies out there.
And then us middle class types further up the freeway: shop there, movie there, nearest Big W, etc...other than Sunbury which has no real attraction and only 20 min closer. It even has it own train station within 100m walk. Often we train there and back rather than drive. For kids this is great link for the Cinema.
And yes, if you were wondering, it is generally thought the Kath and Kim fictional "Fountain Lakes: Shopping Centre is an amalgam of Water Garden and Fountain Gates. Both outer suburbs, working class, centres.