Hi, just wondering what everyone's thoughts are on units in the Knoxfield or Bayswater (1km radius from station) for a ppor and then turning it into an IP in the future. Would be interesting to see people's thoughts on which area would have more growth, I know both have had it's run from the overflow from Wantirna South.
Knox doesn't have a train station, maybe you're referring to Baysie or Boronia stations? Lewis Road's park and the creek right next to the shopping center is about 3kms from Boronia station. IMO, Bayswater and the Knox area would have about the same level of growth. Bayswater North would see more growth I reckon because it's always been "better" than Bayswater South and Bayswater, especially the part to the north of Canterbury Road. The area around the station just doesn't feel safe, especially the triangle of Mountain Hwy, Dorset Rd and the train line. Not sure what your budget's like, but I wouldn't be buying units there. The seller's profit is already baked in, the subdivision's already done. It'd be who knows how many years before you'd see decent CG. New townhouses are selling for about the same kind of price as older standalone homes, so yeah you see what I'm talking about.
Unless speculating on land for rezoning or development the 1km to train station rule doesn't apply to Bayswater as it is a such a long way and need to be on a train for 60 minutes to get to city. I would say try to buy as close to Wantirna/Wantirna South as possible and a small part of Bayswater is in the Wantirna College school zone
Knoxfield may pick up a bit from close to the expanding Caribbean Business Park. Not sure on the current schedule of construction of all the buildings but could help the area a bit. Although no train so doesn’t help for CBD access, I would prefer Knoxfield as also closer to Glen Waverley spill over and also Monash Business Employment hub. Avoid close to Boronia station area as it’s a methodone clinic at the local Pharmacy there and associated challenges that brings. Avoid new builds as others have mentioned. Good luck.
Looking at doing a development in Bayswater/Wantirna/Boronia area, as I feel the numbers stack up ok. Who is the typical buyer for townhouse/units (downsizers, retirees, young families) ? Any other insights (like what pockets to avoid) are welcome too.
