My friend is listing his property for 560-580k 15km north-west of the city in 2 weeks time, just in time for spring. I'm expecting it to sell for at least 100k more. It's a triple-fronted brick veneer on 725m land. Originally it was zoned RGZ and 3-4 stories in the initial Council plan as it was near a major supermarket and a wide range of shops, now Council has rezoned it more conservatively as a GRZ. But in the future, especially if a Labor goverment comes in again in Victoria, I see no problem in it being rezoned to RGZ again in a rethink.
A weatherboard house on 862m land sold for 860k end of July. It is in a GRZ zone. Now I can see that they have put in a planning application for 8 double-storey townhouses on the land. It is right next to a major activity centre, shops and services, transport/train station within short walking distance.
There are some crazy prices in the west, I notice every property is going for auction recently. I wonder whether it's because suburbs in the east and south-east in proximity to city (15km) has been locked up for development while suburbs in the west still have not got protection afforded to them.
