VIC Future of Greensborough

Hi there:

Just wanted to start a conversation around future of Greensborough as a suburb.

I currently live here (house) and thinking of buying another one (house) near the good school zone(s) (primary schools). Wondering if it's a wise move?

What's future like for Greensborough?

Any help will be much appreciated.

Cheers!
DU

 

A good friend of mine lived in the Greensborough area for about 5 years, then moved on to Eltham in early 2016 where he currently lives. According to him his place in Greensborough rose in value so much that he was able to half pay off the house in Eltham (of a similar size) with the amount he received. While his house may have grown in value because of rezoning or something, who knows, but he thinks the horse has long bolted in the area. Our resident experts, @melbournian and @The Y-man, will surely shed more light here.

 

Thanks Westie. Yes some more expert opinion would be good.

BTW when you say 'the horse has long bolted in the area', do you mean it's not a good time anymore to buy there as it had its run already?

 

Hi

I have investment property in Greensborough. I bought it in 2014 for 440000 and I think at present it is worth 640000. I do not see more capital growth in the near term. It would be ridiculous if it starts quoting in 7's. I think suburb is done with growth in this cycle.

As for suburb, it is quality suburb with lot of potential. 22 ks from city. M 80 to Great Ocean Road and western suburbs. They are building north east corridor, that will pass through Greensborough. Then suburbs like Northcote and Thornbury (great food) are quite near. We always regret moving from Greensborough to Forest Hill. There is train to city, all major bus routes 902, 901, Glenroy, runs through it.

I am not expert in the property so please your own research. My two cents

 

@Westie - I have been to a few auctions. They're much better quality and larger houses there compared to the inner suburbs and some go for 700-1.2 mil depending on the specs - some with pools etc. I don't believe there is any rezoning occurring - I think if you can get anything below of 700Kish is still a good place to invest. Reservoir and Thomastown are rougher areas which are already in the 800kish.

But you also have to take into account it is close to rosanna which has a 1.16 million median and will benefit greatly from the flow on effect of rosanna which is more expensive.

For those who know these areas there was once upon a time a part of heidleberg heights (was renamed to) Ivanhoe. I know someone who basically had a 500K property then went to 1.6 million once that name change occurred. So it is always good to be next to an expensive suburb.

 

I am only looking for houses with land. My current one stands on around 680 sq m of land, 15 mins walk to the plaza and same amount of walk to Watsonia and Greensborough station. And yes I am looking for long term hold. Expecting to see some more replies .....

 

The thread is only 45 mins old hahaha.

I live in Watsonia so not Greensborough but there has been significant gains in Watsonia (don't follow Greensborough as closely).

4 Papua Street, Watsonia - Sold Sept 2016 being 3/1/1 unrenovated on 603m2 land sold for $702,000

60 Orana Drive Watsonia - Sold May 2017 - 3/1/4 (find it hard to park 4 cars though) unrenovated on 555m2 sold for $880,000

These days for these walking distance to station properties you are likely getting around the 1M.

I bought in Watsonia for 500k back in 2011 and would estimate it is worth 1M today (conservative) as it is 4/2/2 (tandem).

This is RE.com/Corelogic price estimate.


Will Greensborough do well, I think so with the North East link project along with the works that is happening at Greensborough plus the older people moving out with younger families moving into the area and doing up their properties these are all positives in my eyes.

 

I like Greensy. Shopping centre has gotten a few upgrades and is getting a new food precinct soon. The area has a local pool, bunch of sports clubs and schools. Train, buses and freeway access. Pretty communal, everyone seems to know everyone.

Be interesting to see what the North-East link does for the area.

 

Pay close attention to the zoning. GRZ1 for more development potential than GRZ2. Alternatively if you are trying to find something where the block next door doesn't get developed soon then look for large trees and the NRZ !

I believe that the area immediately to the west of the Plaza (bound by Grimshaw St and the Train line) will become RGZ, within 10 years.

There's a 12 storey apartment building currently in planning (see Banyule council website) on Para Rd opposite the train station. Expect an approval for about 8 or 9 storeys in the end. This is within the ACZ tho'.

 

Wow! Thanks for all the replies. Sounds like everyone has got +ve thoughts

Do you mean the area marked in red circle by me? I have attached an image below



Any take on Nepean Street and surrounds?



Thanks

 

My red circle good, yellow even better.


Elder street is less desirable due to the power lines and being a major thoroughfare and your 'outer ring' is to far from the train station for tenants to walk to the station. The far side of Delta road is less desirable in my books as the distance to infrastructure is less.

The yellow part has access to the train plus the shopping village (although it isn't the greatest village) plus schools and parks.

 

I live in the area and have rentals here. Yallambie has been very under priced in relation to the surrounding suburbs. Its distance from the station does hold it back but the ex commission houses in Watsonia appear to be bringing higher prices which leads me to believe that Yallambie will be the next to rise. There are not a lot of houses in the area coming on to the market currently, being close to Christmas, people tend to wait.

 

Smaller blocks. But i really like the streeton views estate in Yallambie.

It will be interesting what effect the north east link has on values.

 

Yallambie will be very close to the entry point without being too close ... in other words it won't get the noise that the houses in Viewbank will get.

At the time Yallambie was developed the blocks were considered smaller but now when you look around Montmorency most of the blocks are getting cut into 2 , 3 or 4 house/units sites, so Yallambie blocks look larger

 

Spot on!

What do you guys think about effect of North East link on Greensborough? Positive? I know as per the report, there will be an entry point via Grimshaw street.

 

Positive unless you are losing your home.

The tunnel entrance is down at Lower Plenty Road but they are changing the intersection at Grimshaw street. My guess is one road will go under and the other will go over, as you cannot keep Grimshaw street intersection as is with all this new traffic it already is a bottleneck and with this project it would put all traffic to a stop.

Video gives a good overview.

 

Should of spent 2 minutes more research and I would of had my answer about the Grimshaw street intersection, below is the concept drawings - which I was correct with my assumption. No tunnel but Grimsaw Street will go above North East Link/Greensborough Hwy.



Like I said earlier positive (unless you are losing your home).

 

I received a copy of that in my letterbox. I think it will bring a lot more people in to the area, with such easy access to the freeway. Currently the traffic has been horrendous with Bolton Street being out of action one way. Something needs to be done to relieve the traffic on Fitzsimmons Lane. I think the Freeway should help get the traffic toward Ringwood.

 

What does this mean? You gonna handover your home?

Do you guys know which area is getting affected by this?