VIC Melbourne Rezoned - ACZs, NEICs, RGZs GRZs etc

today, would personally never buy this product. I guess it suits some, but my guess is it will limit your market.

 

theres a few of them with slightly bigger floor plans in 1 street near train line out in Bayswater - Kingstreet.

How is this for a 2 year CG?

41 King Street Bayswater Vic 3153 - House for Sale #127706842 - realestate.com.au
https://www.realestate.com.au/property/41-king-st-bayswater-vic-3153

 

i wouldn't want to live in one either 4-5 storey building - 3 is ok. though if you look at some places like even in alphington - they're doing it as well and sold out. also reverse living limits your access to the courtyard.

The Mills - YarraBend

 

man bayswater is pretty far out for these - if you compare to fitzroy, carlton, south melb, north melb etc.

 

was looking at these 4 townhouses on 188sqm near the vic mkt - pretty compact 2 corner site.

 

Some of these 3 level ones around the Victoria Market have been around for a while. They are considered cool and safe as you only have a garage door and fort knox door on the ground level (while still having full street / car frontage right in the city), and who wouldn't prefer that over an apartment if that is where you want to live. Could mean the difference of 10 minutes getting in and out of your property compared to lifts and complex parking bays.

p.s good to see a new build finished all in brick and not covered in pasty render that is guaranteed to turn to **** in the next 5 years. These ones will weather very well.

 

I thought townhouses are semi-detached i.e., only have one wall shared with the next one. Houses side-by-side like this are called terrace houses?

 

I'm originally from Adelaide too! Would love to hear a bit more from you about the Melbourne market and your views on next 5 years. My issue is that our family income over the next few years could be variable due to a forced career change for the husband so keep getting stuck that a strategy which involves anything more than a small amount of -ve gearing could end up in tears for us.

 

interesting sale over the weekend - RGZ still do well - over 1.5 mil and 3 mil for double block.
similar to another RGZ 3.3-3.4 mil sale a month ago off Plenty Rd
@Stevo123

 

@melbournian Interested to hear your thoughts on the RGZ properties around the Doncaster, Lower Templestowe, Bulleen area? Seem to be a lot on the market atm, ranging from low to mid 1M's.

 

i lived in doncaster, did a 3 townhouse dev in doncaster years ago (i know the area well)- the thing is it is a diff product to emerging suburbs. you can't put a standard build in doncaster and expect top dollar - those china guys want some marble and some high end kitchen (and 3 storey townhouses is still a new thing around those areas). it's not like fitzroy or south melb yet.

Also not sure it is all low 1mils since this is an ACZ it is sold very high - but your eye is keen 710sqm for 1.325mil is a good buy. - 76 tram road (occasionally u get these ones come up) - that's an apartment block site but majority seems pretty exp in doncaster.

Bulleen got an aunt who lives off helene st - bought it for like 90K in the 80s - now worth 1.3-1.4 mil. yeah they're some good ones off in bulleen - 1.1 plus million but personally would rather prefer doncaster over bulleen - nearest station is heidelberg and everyone goes to doncaster westfield - there isn't much happening ard bulleen.

don't think there is much in lower templestowe.- the other thing about this doncaster and templestowe is it is very hilly and the build ain't gonna be straightforward. it is not like in some areas where the land is flat etc.

 

16 Greenwood Street Doncaster Vic 3108 - House for Sale #128019998 - realestate.com.au

This block does nose dive a bit on the back, but still has reasonable potential. Passed in at auction and still no takers at all!

 

Yea, I'd prefer Doncaster over the other 2 but it appears to be a bit saturated atm. With Bulleen and Templestowe Lower, you have to rely on buses. There is good freeway access, supermarkets and some eateries but choices are limited. I think the North East Link might help improve property prices in these areas though. I've compiled a list of all the RGZ zoned property in these areas that I could find in the low to mid 1M's. I'm thinking Bulleen and Templestowe Lower will also become very saturated with townhouses and apartments and developers looking to offload their products in the coming months/years.

Doncaster:
368 Manningham Road Doncaster Vic 3108 - House for Sale #127974002 - realestate.com.au

Bulleen:
220 Bulleen Road Bulleen Vic 3105 - House for Sale #128131286 - realestate.com.au
184 Thompsons Road Bulleen Vic 3105 - House for Sale #128189022 - realestate.com.au
200 Manningham Road, Bulleen, Vic 3105 - Property Details
8 Montgomery Place Bulleen Vic 3105 - House for Sale #128179922 - realestate.com.au
32 Manningham Road Bulleen Vic 3105 - House for Sale #127888442 - realestate.com.au

Templestowe Lower:
275 Manningham Road Templestowe Lower Vic 3107 - House for Sale #128132806 - realestate.com.au
236 Manningham Road Templestowe Lower Vic 3107 - House for Sale #126495066 - realestate.com.au
234 Manningham Road Templestowe Lower Vic 3107 - House for Sale #127810074 - realestate.com.au
201 Manningham Road Templestowe Lower Vic 3107 - House for Sale #128125058 - realestate.com.au

 

Thats a lot of stock on the market in similar price point targetting developers to churn out a similar low grade product. And yes most is very low grade, particular the bigger projects in the area. In 10 years time its going to keep trades people very busy fixing all the issues and owners very mad.

Some of the large developments near shopping town already have major mould / water leaking issues just to name a few and the buildings are so new.

 

some nice research there - as you saw only one listed doncaster site they put a 4 townhouse site on there. (prob could do more in RGZ but In doncaster - they want those decent size houses there) not like the other suburbs which you can still fly with a different product. If it was townhouses stack up - would rather be in balwyn then doncaster. BUt you are right - doncaster over bulleen and templestowe.

I lived in Bulleen when younger - didn't particularly liked it. When i lived in doncaster - i had to go to the CBD - just the bend off hoddle is a killer (still is unfortunately). so that's what i think is lacking. Otherwise it is just asian style shopping - in westfield and some bubble tea in box hill.

 

I went to this auction yesterday 791 Plenty Road in Reservoir in RGZ. 8 groups of bidder and was shocked to see it went from 800k to 1.332 mil. This shows the power of growth zone..Still in high demand.. A site they can probably build 7-8 townhouses. Literally infront of tram line and 2 mins walk to Summerhill shopping centre. A lot of bidders were stretched beyond their maximum budget and started making phone calls most likely to pull more finance help.. A very interesting auction as it went for about an hour and the auctioneer started to get tired.. He didn’t want to wait for the second highest bidder to finish her phone call and dropped the hammer although one of the agent asked him to give her some time. This I thought was very unprofessional. It might have gone much higher. The winner put on a complete poker face from the start to the end and she didn’t come in until the very last minute just before the auctionner announce to drop the hammer and everyone was shocked.

 

Hi Melbournian,
Many thanks for valuable tips and advice. I think you should open up a consultancy or act as a buyer's agent. I will be the first one to recommend you.

 

I'm pretty certain he does both these things to varying levels already. The man's a gun.

 

@melbournian any suggestions for an investment with 1.5 mil.

Possibly looking at Mernda which is all-though GRZ1 but would it be possibility to change to RGZ in near future for Schotters road Mernda. or you suggest at looking at suburbs like Corio, St Albans etc.

i have a property in High St thomastown which is within the RGZ1 but prices have gone up over there selling for 1 mil for 700 sqm.

 

From a brief look, seems like an acz in some suburbs is worth less than a rgz in others (assuming same size block), can anyone confirm what the most conservative councils are?