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VIC Boronia/Bayswater

Discussion in 'Where to Buy' started by ashimashi, 9th Apr, 2016.

  1. ashimashi

    ashimashi Well-Known Member

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    17th Mar, 2016
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    Location:
    Melbourne
    What a transformation this suburb/area has had in the past 10-12 years, and with what's going on in Knoxfield area it will only continue and even pick up steadier CG, still a great pocket in Knoxfield to be snapping something up for decent prices. Same goes for Bayswater. These two suburbs that are located between or in the close vicinity of both Ringwood/Ringwood East and Knox will be in for some serious growth in the next 5-10 year's.

    One side you got the new Westfield shopping center revamp in Ringwood being finished/Costco etc huge money being invested in Ringwood/Ringwood East areas at the moment, then other side you got the new massive expansion happening to Westfield in Knox coming up. Huge pool of schools to pick from, hospitals/medical centers, public transport, infrastructure, strip of shops everywhere and anywhere, cafes/restaurants galore, TAFE and other education institutes. Even read somewhere a while ago that IKEA is planning to open a new store in Melbourne soon and Maroondah, more specifically Ringwood is one of their shortlisted suburbs.

    Just to put it into perspective, in 2004 when we moved down to Australia from Sweden a family friend purchased a house on a 1100sqm block of land in Boronia, walking distance to train station, and all other amenities. Purchased it for 305k, and got rid of it in Dec 2014 for $815k (biiiigg mistake, he absolutely regrets it after i told him about the information below).

    Because i always have my eyes on Boronia/Bayswater areas etc. I found out, that property just sold again a bit over a month ago for roughly 1.48million with permits approved for 9 units.

    Dec 2014- $815,000 >>> March 2016- $1.48million = $665,00 in 16 months obviously not taking into consideration expenses for gaining permits, costs of selling/purchasing etc. Still would have made a huge chunk of profit in that 16 month period that smart cookie who ever picked up the property in 2014 from our family friend.

    Even the socioeconomic feel of these suburbs have begun changing at an increased pace, 10 years ago and still clearly visible in certain pockets of these suburbs Boronia/Bayswater remain for lack of words "scummy", but that will change 100%. Bayswater is in my opinion going to be the strongest grower in the next 10 years out of the two. Prediction is this whole area, Boronia/Bayswater will be absolutely unrecognizable in the next 5 even from what it used to be in circa 2004.

    Out of Maroondah/Knoxfield suburbs, Bayswater/Boronia/Chirnside Park/Croydon/Mooroolbark etc are the ones that pop into mind still with very decent buy in prices available with plenty of growth left.

    Anyone on here from Melbourne looking into or in the midst of picking anything up in Boronia/Bayswater or the areas surrounding it?
    .
     
    dan_89 and hanskyut like this.
  2. LarryC

    LarryC Member

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    18th Jun, 2015
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    Location:
    Victoria
    Yeah, can't complain. The the house I bought in Boronia has grown nicely in capital growth, since buying it in 2014.
     
  3. dan_89

    dan_89 Well-Known Member

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    Location:
    Melbourne
    Agree with the above. I purchased a unit in Boronia 2011 for $370k but it's really only started moving in the last 12 months. I wish I had of bought a house on a decent sized block instead though.. I agree Bayswater will be the high performer of the mentioned suburbs.
     
  4. LarryC

    LarryC Member

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    Victoria
    That's the only bit I'm kicking myself over. I bought in a patch of boronia bordering right next to Bayswater and Wantirna South. Can't believe postcode makes a 50-100k difference. Should have just paid the extra and bought in one of these two suburbs back then.
    Bought a house for 457k, easily worth 550k+ now (evaluation last year came in at 600, but prices have flattened since then).
    Developements in Westfield Knox ozone happening nicely and there's always the upgraded Eastland Shopping Centre if Westfield S.C is not your thing.
     
  5. ashimashi

    ashimashi Well-Known Member

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    Melbourne
    Nice stuff! How big is the block you have in Boronia?

    Of course post code would make a big difference, Wantirna, Scoresby etc are a completely different story, they will go through much stronger growth simply due to their close vicinity to Knox. Specially with the plans in motion to extend tram lines on Burwood Hwy as far down as to Ferntree gully/Belgrave etc + the new train line that would see even Rowville and a few other suburbs finally getting their own stations. Plenty going on around these areas ;)
     
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  6. ashimashi

    ashimashi Well-Known Member

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    Location:
    Melbourne
    This article is old, but once this is completed, along with their transport plans for the area. Knoxfield/Maroondah will become huge hubs, much, much more popular then what they already are and have become. I think they will surpass areas/hubs such as Oakleigh, Glen Waverly, Doncaster and even Chadstone within time. Just my opinion.

    No Cookies | Herald Sun

    My guess is by 2018-2019 shopping center/new transport system will all be finally completed. It was meant to finish by end of 2017, i think early/mid 2018 is more like it.

    No Cookies | Herald Sun
     
  7. LarryC

    LarryC Member

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    Location:
    Victoria

    My house is in a 725 sqm block. Just buggered that I'm bloody 500m away from the price being another 50k.


    I remember reading an article similar to the one you posted, but back in March/April 2014. We'll see how the area turns out. Let time do it's thing, I suppose.
     
  8. LMD

    LMD Well-Known Member

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    29th Jun, 2015
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    Location:
    Melbourne
    just remember anything south of Dorset rd (towards the dandy mountains) has restrictions on development. Best to check with council if interested in buying house with a decent land component.