Hi Guys just thought I would share my thoughts on which suburbs I think will have the best growth potential.
In my opinion those looking to invest should be looking at properties close to Dandenong. The growth and revitalisation of Greater Dandenong is securely backed by the Victorian government planning strategy Melbourne 2030, which earmarks it as a strategic activity centre. It is one of Victoria’s major ‘transit cities’ recognised under the plan as having the best growth potential in Melbourne for focused urban expansion. Suburbs such at Noble Park are still under valued in my opinion. Noble park has good access to public transport and major highways such as monash freeway and east link. It's 15 minutes away to Glen Waverley Shopping Centre and close to Dandenong and Springvale and is part of the Melb2030 development plan. Property prices is currently growing steady.
Dandenong is an important location because:
- it is the major population and business hub for Melbourne's south-east region
- the focus for the rail, bus and road networks serving the south-east, and
- the focus for significant new public and private sector investment in infrastructure and development.
Through the Revitalising Central Dandenong Initiative, Dandenong is set to become the key centre for employment, housing, service delivery and community activity in Melbourne's south-east
The $290 Revitalising Central Dandenong initiative is being delivered by the Victorian Government, through VicUrban, in partnership with the City of Greater Dandenong.
Revitalising Central Dandenong will deliver new investment and development in central Dandenong, including the following major projects:
$25 million for Metro Village 3175, a residential development for 2000-3000 residents
$17.5 million to build the George Street bridge
$50.3 million for the development of central Dandenong
$197 million for new infrastructure, changes to traffic conditions, improved pedestrian access and the creation of better public spaces.
In addition, the 2008-09 State Budget delivered $19 million to construct a new 5 Star, Green Star, A-Grade office building in central Dandenong to co-locate government services in Melbourne's south east.
Work on each of these major projects is now well underway in accordance with the Urban Master Plan prepared for the city centre.
Key targets for the Dandenong CAD projects include:
the creation of 5000 new jobs
4000 new homes, including some affordable home packages
improved streetscapes and community facilities
improved leisure and recreation facilities
a rejuvenated Dandenong Creek
an improved traffic and transport system
an expanded retail and local economy.
Just wondering if anyone has invested in these areas. I am looking around Noble Park North for my first investment (more so because I live in Mulgrave – so very close by). Has anyone got investments around these suburbs and any advice to share.
Seems like most of the lower half of Noble Park North (closer to Princess Hwy) is for sale whilst the upper half (nearest Police Rd) no one is really selling.
Very intresting. I bought a 2BR unit (low rise apartment) in Southbank is Oct 2010 for 500k and currently the market value is 550K, should I keep this or sell and invest come where. What is the prospect for low rise apartments in Southbank?
py wrote:Very intresting. I bought a 2BR unit (low rise apartment) in Southbank is Oct 2010 for 500k and currently the market value is 550K, should I keep this or sell and invest come where. What is the prospect for low rise apartments in Southbank?py on face value I think that the transaction costs may be significant to simple swap investment locations. You will have agent fees on the way out and stamp duty on the way back in. Nothing wrong with Noble park but if your house in South Bank is working out in terms of cash flow etc and there are no problems with it then it is probably not worth the risk of transaction costs and getting into a house that may have some underlying issues attached to it.
I agree that Dandenong, Springvale and Noble Park will pick up in the future especially with the Northern corridor filling quickly and future planning prospects are positive.
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