VIC Melbourne - please educate me on Richmond

Discussion in 'Where to Buy' started by jaybean, 28th Apr, 2017.

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  1. jaybean

    jaybean Well-Known Member

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    Im currently looking in Richmond and it's a BIG suburb. I know the CBD like the back of my hand having spent a lot of time here but not Richmond.

    Please correct me if I'm wrong:

    1) restaurants / trendy areas run along the three main roads that run horizontally east of the city - Victoria St, Highett St, Bridge Rd....Swan Rd (??), everything in between are mainly homes and not shops or restaurants

    2) Victoria st is mainly Vietnamese, while the others are more western

    3) the closer to the west of Richmond, the better (close to CBD)

    4) if I were looking to purchase in Asian areas (this is my investment strategy in all cities I have properties in), closer to Victoria St would be better


    Let me know how far / close to the mark I am
     
  2. Joynz

    Joynz Well-Known Member

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    Don't you live in Melbourne? Maybe just drive / walk around and have a look.

    Some areas in Richmond are closer to public housing than others. I have never thought of Richmond as a huge suburb.

    It's pretty pricey though.
     
  3. Konn

    Konn Well-Known Member

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    Used to be druggie central when I visited weekly as a kid. I heard there still are a lot of druggies but it has died down.
     
  4. jaybean

    jaybean Well-Known Member

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    Just then CBD. Not anymore. I'm here for the weekend and need to go for a drive but trying to be focused about it as my time here is limited.
     
  5. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    Hmmm.... Asian buyers are not only clustering near Asian restaurants. Some are clustering in "lifestyle" areas near rivers and greenery.
     
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  6. The Y-man

    The Y-man Moderator Staff Member

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    Victoria St = little Saigon

    Cnr of Church and Victoria is the housing comm towers. Probably better to stay EAST of them.

    East side of Richmond is nicer IMHO - closer to the Kew/Hawthorn end, Victoria Gardens shopping centre (ok, disclosure - I own shares in that building), river walk etc.

    Also north side of Victoria is actually Abbotsford - nice area.

    The Y-man
     
  7. jaybean

    jaybean Well-Known Member

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    What are some highly concentrated Asian areas other than around Glen Waverly / Box Hill? I'm looking for the equivalent of Sunnybank in Brisbane, or Burwood / Ashfield / Chatswood / Eastwood in Sydney.
     
  8. jaybean

    jaybean Well-Known Member

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    Oh so that's what that epic tower is. It looks like something from the projects in that show The Wire.
     
  9. au contraire

    au contraire Well-Known Member

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    North Richmond in the Victoria street area (the Vietnamese good strip) is a notorious junkie area with some big problems at the moment. Locals are pushing for a safe injecting area but the government won't budge. Not really popular with weathy Asian buyers (whom I assume you are honing in on). Perhaps read these articles:

    https://www.google.com.au/amp/s/amp...20-people-die-each-year-20161206-gt590p.htmli

    The street with no taps: ground zero for Melbourne's new heroin crisis

    And for confirmation it's not a media beat up: The street with no taps: ground zero for Melbourne's new heroin crisis • r/melbourne

    Bridge road/burnley area is nice. Trendy and wealthy but very pricey and probably coming into oversupply of apartments. Especially cremorne. But a few interesting things are in the pipeline:

    Future of Rosella sauce factory revealed

    Who knows if it will proceed.

    Definitely reccomend you take a walk through both areas to get a vibe. Neither are dangerous but I'd stay on the Victoria street in the north area at night.
     
  10. The Y-man

    The Y-man Moderator Staff Member

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    Holy heck! I knew there was a reason the big guy above arranged for us to sell out of the apartment there!

    The Y-man
     
  11. jaybean

    jaybean Well-Known Member

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  12. The Y-man

    The Y-man Moderator Staff Member

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  13. jaybean

    jaybean Well-Known Member

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    Maybe it's because I'm comparing this to Sydney, but it seems a bit cheap? I thought Melbourne is at the end of a boom?

    I'm a bit surprised at how low some of these are - in a similar proximity to the Sydney CBD you'd be looking at double this:

    13/65 Richmond Terrace Richmond Vic 3121 - Apartment for Sale #125270310 - realestate.com.au

    106/28 Tanner Street Richmond Vic 3121 - Apartment for Sale #125303090 - realestate.com.au

    13 Grattan Place Richmond Vic 3121 - House for Sale #125302126 - realestate.com.au

    42 Jubilee Place Richmond Vic 3121 - House for Sale #125308746 - realestate.com.au

    What am I missing? Is the gentrification process in Richmond still considered in its early stages? (clearly the northern end is based on what everyone is saying, but a lot of the above properties are further south)
     
  14. The Y-man

    The Y-man Moderator Staff Member

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    It's small - probably no one can get a loan for it.
    Also NO CAR PARK (not sure if there is unallocated spots)
    Need to check OC minutes - see if there is some issue with building.

    I'd say vendor expectiaiotn in high 200's

    The Y-man
     
  15. jaybean

    jaybean Well-Known Member

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    You're right that looks under 50sqm.

    What about the others? I expected all the terraces and high end apartments in Richmond to be around the 1.5-2m range but to my surprise they're in the low 1m.
     
  16. willister

    willister Well-Known Member

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    Still is! Druggies galore near that Commbank on Lennox and Victoria Street.

    I think Box Hill is the equivalent of Sunnybank in Qld and Hurstville in NSW.

    Richmond was historically clustered by Vietnamese refugees and commission blocks.
     
  17. The Y-man

    The Y-man Moderator Staff Member

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    13 Grattan is only 104 sqm land.
    Jubilee not much bigger at 112.

    Having said that, Grattan is not bad (there is a brothel down the road but meh!)

    Remember to add 10%~15% on advertised prices for auctions.

    The Y-man
     
  18. John Wood

    John Wood Member

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    Richmond is a very large suburb and has mini areas within as mentioned above. (Vic gardens / Victoria st / bridge Rd / swan st end)

    There is a massive amount of apartment builds in Richmond so I'd be weary of what kind of property you are buying. Location wise it's a winner for the younger professionals and proximity to the cbd. Great train access along hoddle and swan st. also great trams as well (vic st / bridge Rd / swan st.)
     
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  19. MTR

    MTR Well-Known Member

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    Agree
    Attacts millenial market
     
  20. jodes

    jodes Well-Known Member

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    @jaybean this is exactly my question- Melbourne has boomed but it's still SO cheap compared to Sydney- and it's population is expected to exceed Sydney's within 10-20 years and it's consistently voted the most livable city in the world.

    I live in (and mostly love) Sydney and have a great job here but often discuss with my husband whether we'd be better off selling up here, collecting our profits and living in a similar location/ apartment in Melbourne with a MUCH smaller mortgage.