VIC Broadmeadows or Frankston?

Discussion in 'Where to Buy' started by Ghoti, 16th Jul, 2016.

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  1. Ko Ko Naing

    Ko Ko Naing Well-Known Member

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    I'm just wondering what is wrong with housos. If a house has a strong bone to begin with, I assume that's good enough already. Unless the housos are typically built in a low budget with cheap materials, that's another story.
     
  2. sauber

    sauber Well-Known Member

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    Get me down to funky town!
    Also the young st redevelopment has begun too (where the station is)
     
  3. strongy1986

    strongy1986 Well-Known Member

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    Nothing really wrong with the house itself, just the area
    From your point of view - a housing commission home will always be seen as one (unless you live in port melbourne) and it wont be that attractive to future owner occupiers (future target sales market).
    essentially you are buying a house that will most likely get pulled down in the next 20 years so you should be trying to buy as close to land value as possible.
    in theory if you can get a bigger non commission house for 100 - 150k more its probably worth it
     
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  4. melbournian

    melbournian Well-Known Member

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    agree with @strongy1986
    nothing wrong with a ex-housing commission house or area. Just look at the ashwood, chadstone, port melbourne, northcote, thornbury. The potential is in the possibility of redevelopmnet.

    However, It is really the demographics, income levels that has to change. either that of new infrastructure like shopping, redevelopment, schools, universities, highways along those lines that can bring the suburb up. Take ringwood for highway for e.g. clayton for university, maidstone for highpoint SC and Vic Uni. These suburbs weren't actually that expensive a few years ago.
     
  5. Ko Ko Naing

    Ko Ko Naing Well-Known Member

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    Compared to Frankston, even Frankston North, Broady has no other potential, apart from being closer to CBD distance-wise. Do you reckon?

    These were out of my target areas and it might be a bit late to be in the market at this stage. My eyes were too focused on Logan over the last 12-month. Well, time in the market is more important than timing the market, don't you agree? :)
     
  6. melbournian

    melbournian Well-Known Member

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    all things being equal after driving to broadmeadows to get the keys off a trade who has an Ip there and seeing a number cut out top cars with no number plates. Even the trade who is lives in hadfield and has ips in glenroy, westmeadows and broadmeadows says he doesn't even dare buy there anymore. I would pick frankston over broadmeadows. i studied in mt eliza area and had to go to frankston to take train and even back then i didn't see sutff i have seen in broady personally i have been on the ground to see logan wouldn't touch it, other areas in brisbane yes.
     
  7. strongy1986

    strongy1986 Well-Known Member

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    Broady will boom
    Doesnt matter how crap it is

    Its part of a huge expanding city

    Logan will have to wait another decade at least because brisbane isnt a big enough city to float all boats. Buyers there can still buy houses in good suburbs for 400k so why bother spending 300 and living in the worst
     
  8. MTR

    MTR Well-Known Member

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    It did boom in 2008 and of course it will boom again. Close to CBD and many markets have boomed in Melb recently, suddenly people/investors will wake up and the penny will drop that this area is cheap in comparison to other areas this close to CBD. Same has happened to West.

    If you want to make money in real estate do things differently as Steve McKnight has said many times, don't follow the herd.
     
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  9. Otie

    Otie Well-Known Member

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    I have been keeping an eye on Jacana- since July, almost everything that has sold in the last 12 weeks has been 470-550k. First half of the year was easy to buy in for 360-390k. Last one that sold was a chinese buyer from Sydney. Thats the first I have seen of chinese money at Jacana auctions.
    I think its going to clean up well in the next 10 years. Noticing young OO priced out of Glenroy are buying in aswell as investors. I think its just a waiting game for the old residents to die off and the new young money to move in
     
  10. melbournian

    melbournian Well-Known Member

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    agree it will take off (it's proximity to the CBD) if you compare to the maidstones, sunshines, they have all taken off (600-700K averages).

    Logan is a different ball game - I saw some poster put a link on 3000 housing commissions being put there and everyone was saying it was a good thing, no dramas. It's OK for one or two towers even in doncaster (right in front of westfield) in the Chinese fav suburb there is housing commission just build it and it's OK. But when you throw 3000 houses assuming 300sqm each that's like a mini suburb itself 90 hectares will make the area stigmatized as you can only stay there if your income is below X per year and with no other higher income demographics to even it out. Like doncaster, the million dollar houses and high income swallows that small housing commission tower.

    They haven't been to broadmeadows or the likes of some parts of ascot vale here in Melbourne to understand the impact of large housing commissions areas. And broadmeadows is changing for the better selling off many ex-housing commission.
     
  11. MTR

    MTR Well-Known Member

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    .... and different zoning, massive impact on opportunity to add value this close to CBD, try finding development sites at this price point, you wont
     
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  12. melbournian

    melbournian Well-Known Member

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    yes for sure even see few prices edging towards 500kish in last week auction.
     
  13. MTR

    MTR Well-Known Member

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    Its just logical that prices will go north, in fact I some developers doing stuff in this area and making some great profits. Opportunities missed by many due to the stigma, but areas change... remember Redfern, Sydney and I can name many others in my State but no one will know these areas.
     
  14. melbournian

    melbournian Well-Known Member

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    that was what I was saying about the logan comment. with Broadmeadows - they selling off to private owners (ex-housing comm etc) but with logan they are building more housing commission. The same happened in all those northern suburbs glenroy, reservoir, preston, etc with the selling off. I personally bought around the north (and waiting for more infrastructure changes to happen)
     
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  15. MTR

    MTR Well-Known Member

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    Apparently deve site sold in Reservoir recently for over $1M... OMG North has been so hot... sorry off topic but extraordinary times in Melb
     
  16. melbournian

    melbournian Well-Known Member

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    there has been so many in reservoir (they selling off those ex-housing commission as opposed to building more housing commission)

    these are the ones I have been.

    249 Spring Street, Reservoir, Vic 3073 - Property Details
    1.7 Million.

    221 Broadway , Reservoir, VIC 3073
    1.34 million

    149 Broadway, Reservoir, Vic 3073 - Property Details
    1.1 million

    86 Summerhill Road, Reservoir, Vic 3073 - Property Details
    1.602 million
     
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  17. MTR

    MTR Well-Known Member

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    Oh my.. should never have any regrets, but I let a 5 unit site in Reservoir about 3 years ago... oopsy
    Price around $595K
     
  18. Otie

    Otie Well-Known Member

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    Ouch!
     
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  19. fantail

    fantail Well-Known Member

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    The Victorian government no longer builds housing commissioin towers ( or large housing commission estates) as these concentrate large numbers of low-income/unemployed people in smaller areas, leading to a whole range of issues. The apartment towers springing up all over the place in Doncaster are private developments of rather upscale apartments being promoted in weekend press as off the plan sales. A friend of mine is looking to buy a 2bed/2bath apartment in one on Doncaster Rd.
    Apart from that, my ten cents worth on the original topic "Broadmeadows or Frankston" - for me, it'd be Frankston every time.............reasons?? Frankston ticks lots of boxes on an investor's checklist - several shopping centres, good transport links- train/bus, major public hospital + private hospital, lots of schools, good safe bay beach, parks, Botanic Gardens, cinemas, Arts and Cultural Centre, some decent restaurants and bars and is also the gateway to the Mornington Peninsula with the wineries, holiday houses, bay and surf beaches, B&Bs etc. etc.
    But Frankston South is the area to explore - yes more expensive than other parts of Frankston, but Frankston Sth is highly sought after due to being in the Frankston High School zone (highly regarded) and is on the border of more upmarket Mt. Eliza. It's also close enough to the main zone while still being far enough away from the negative aspects.
    There has been lots of development going on in this general area - knocking down of older houses on large blocks and building two or more townhouses which sell in the $500k-$600k (or they were last time I checked)
    When relatives of mine sold in Frankston Sth earlier this year, some buyers unfamiliar with the general area told the agent that they could get a similar house "much cheaper" in other parts of Frankston and his reply was that yes he had some cheaper on his books but Frankston South is more expensive than Frankston North and Karingal because it's a better part of Frankston and people with kids want to buy into the Frankston High School zone.
    Large tracts of Broady/Glenroy/Jacana/Meadow Heights contain original housing commission houses occupied by blue collar workers (nothing wrong with that or the people) but with the sustained loss of manufacturing, process work and other unskilled jobs, there's lots of unemployment in these areas. and also a rather high crime rate.
    Hope this helps interstaters or others not from this side of town.
     
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  20. melbournian

    melbournian Well-Known Member

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    I don't think that is correct. They're called social housing or affordable housing (although many refer to it as housing comm). DHS (dept of housing) part of the Vic Gov definitely do new towers and do redevelopments of old housing commissions (like the one in carlton). The tower I was referring to is 95-99 Tram Road Directly opposite the officeworks and within a couple of minutes walk across to Westfield Doncaster. There are even talks of more towers like these being planned. Of course the majority are private, I know that but this one isn't.

    I lived in doncaster for a couple of years and had property around the area in doncaster and there were notices send in the mail to residents back in 2010/11 regarding the build of this tower

    To be honest, it integrates perfectly with the next door tower (panorama which was sold out) - maybe consider letting your friend know before putting that deposit (as additional info for his consideration). Or possibly he is buying across the road tram road as that is the tower.

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    http://www.doncasterhill.com/sites/default/files/Fact Sheets/Tram Rd fact sheet_091209.pdf

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    Last edited: 13th Dec, 2016