VIC Melbourne: Are these good suburbs for investment?

If anything is interested: this is the link to the interactive zoning map
Planning Maps Online

Does RGZ1 on the map mean it's confirmed rezoned? or is it still subject to approval and this is just a map of zones in varying stages of the process?

 

@G-Dubz these have already been approved and gazetted by planning either way if you buy a property, I twill be clearly listed in the s32

Check this article in the age (clearly tells what zoning does) in St albans
Once known as "stab albans' there was police armour truck bust a couple of weeks ago on a drug lab too - cashed up ppl from Sydney, vietname, Chinese now all buying up

St Albans: Big new money arriving in this once sleepy yet thriving suburb

 

Why won't people consider Broadmeadows? Same reason they wouldn't consider Footscray a few years ago? Or is that not even a valid comparison?
I would buy in Jacana or Broadmeadows if they fit my budget. Which they did a couple of years ago and I ignored them. Now about 70-80k more than I can pay..

 

it's prob not that valid Footscray is not exactly the same as Jacana or Broadmeadows.

1. First the demographics are different. There is a large refugee migrant community (which if you have just arrived in the country - surviving is prob more important than buying a house. Vietnamese are hardcore savers (and also a good at doing business). As much as people talk about mainland Chinese, the overseas Vietnamese are big on $$ since their economy opened up. It was a Vietnamese person who paid 1.81 million for the 600sqm block in St Albans. No one in Broady or Jacana could do that.

2. Footscray has huge huge number of eateries and restaurants from Asia to many hipster cafes) if compared to broady

3. Distance (footscray access to CBD is very near compared to jacana or broadmeadows)

4. If you compared both crime rates in footscray and broady, I would still feel safe in footscray.

That being said broady according to plan Melbourne 2017-50 is undergoing a massive redevelopment so yes it is likely to grow further over the years.

 

Nice map. I wonder how current it is. No England?

 

All valid points. My comparison was I guess more interns of questioning the stigma. Footscray had all that yet didn't grow like other suburbs around the city at that distance and those level of amenities cz there was a stigma to it. I look at these northern areas and feel that the same is happening there. These areas have good transport links, trains take 30 mins to city and you are 10 mins to airport, theses a mall and several retail outlets etc. I feel like these places are undervalued and don't quite get when people don't consider them. Signs of me being a novice at this?

 

"commission park" what area in reservior are you referring to?

 

Sunshine / Albion for future airport rail

 

I don't think you're wrong, these places are growing well and there are reasons to think that middle class families will replace the lower-class people there.

Ex-commission houses in Jacana selling for 630-650k at the moment. That's expensive and cheap at the same time, when you see Fawkner prices anywhere between 850-950k for a house on 600sqm - and Fawkner isn't much better than Jacana, I almost got mugged in full daylight at the station, but it at least has a very good (koranic) school

 

Good one, I didn't see that.

Changes in prices? Pretty much like anywhere in Melbourne for landed property. Changes in stigma? No, it will take a lot longer, but druggies add to the edgy appeal of a suburb. Social mix adds value according to hipsters.

 

Hi @melbournian Sir,

I’m just wondering if you could shed a light on this point - I have been trying to find the information online but the answers seem to be in grey area.

1/ If it is GRZ then ideally we want 600sqm but what if the lot is just shy of this threshold?

I notice many 570-585 sqm properties recently sold in St Albans.

2/ If it is RGZ then even smaller lot like 500sqm would still be okay?

Thank you in advance Sir and I wish you a great day!

 

Stretch for 200K more and go for villas in Oakleigh South and Ashwood. They are like gold. Highly sought after by young families and downsizers.