VIC Airport West - any more potential?

I know the area has boomed for 10 years now and median house price is over 850k.

But since it is considered "cheap" compared to the East, is it a good area to buy?

It has tram going to city and a westfield shopping, and not hugely affected by flight paths.
Very easy access to freeways and reasonably close to city (12-14km).
There are some average to good schools in or close to the area.

What is your opinion of this area?

 

As you say it has boomed over the years, looked at blocks around 2 years ago. Bigger blocks 700sq plus, many building 2-3-4townhouses, or another house at the back. But prices then were around 950k for an old house back then ready for knock down. What are they at now?

I'm following Essendon prices and they have come down from peak last year, most people that buy in airportwest do so cause they can't get into niddrie/Essendon north/Essendon. If prices are falling in Essendon then I think prices might also fall in airportwest if they haven't already.

I do believe there's good value compared to the east, but the east has always been more expensive and I think it always will be.

 

Airport West is split into two parts, being residential and industrial. I am slowly starting to see the industrial make way, which is going to be a 100% certainty. The cost of land there for a number of those businesses doesn’t make sense, ecspecially seeing what is now available closer to the airport for a fraction of the cost.

The first signs of Matthews Ave becoming residential apartments has begun with the first of what I predict many towers to go up underway.

The Industrial is what is really holding APW back from becoming a monster in terms of its value. I do believe now is probably not the time to buy given the Melbourne market is bacially peaked, but after the fall, I think it would be a great long term hold. I would aim for a street where there are industrial factories. You might be able to pick them up a bit cheaper and reap the benefits of when they get bulldozed.

 

The Matthews Ave section has the advantage of having a tram run right along it - as well as being right next to DFO and the freeway entrance. A triple fronted home on decent land as close to this area as possible would be what I would buy.