VIC New Melbourne Suburbs North, SE, West -Observations

Thanks @sash

 

I am no expert but just like western sydney has Penrith as a booming place and the growth impact goes to neighbouring suburbs like kingswood etc, I hope that may be the case for Werribee as a penrith and Wyndham vale , tarneit etc be like kingswood

 

@sash its just that is so much land in melton and bugger all in Bacchus and people prefer a town compared to Melton...which is so spread out
Usually higher rents in Bacchus as well

 

Melbourne Airport rail to be under way within 10 years, premier says

This will give west Melbourne another boost. Tarneit, Truganina and other areas along the train line is gonna do well I believe...

 

Nice

 

They've been talking about the train line since the 1960's. Tarneit and Truganina are not along that train line.

 

The train line will come off Sunshine.

However, what Tarneit and Truganina will have is the Outer Metropolitan Ring road.

 

What they are proposing is having a separate train for Melbourne metro and Geelong. So there will be an electric train running from Werribe through tarneit to southern cross while keeping the diesel train just serving Geelong. This will be part of the airport train line upgrade.

 

It is quite a gamble to compare Penrith to Werribee (and generally what has taken place in the Western suburbs of Sydney) as the geography between the two states are considerably different. Sydney land is locked in by National Parks which creates a land release barrier whereas in Melbourne (with the exception of the East and North East) there is substantial supply of land without National Parks etc creating a barrier (and thereby limiting land supply).

In terms of the general premise of this post, it astounds me why anyone would want to invest in these housing estates which generally have no infrastructure, not close to high paying employment (which is critical for sustainable growth) or quality schools and they attract the lowest common dominator type tenants. These areas tend to be under substantial mortgage stress which can’t be good when interest rates start going up. Don’t be fooled by the false economy.

Price growth is also capped by those entering this market, who are in low paying jobs (probably single income due to being a young family) and receiving at best CPI wage growth.

If you’re a FHB or a first time
Investor, save harder, spend less and get another job if needed then buy in a better suburb. The sacrifice will be life changing. Trust me, I’m a greedy investor and love it

 

@Sky I think u forgot one thing werribee is a nominated ACZ with major infrastructure planned across the years to come. It is also to become a Australian education city By vic gov.

 

I’m still perplexed as to why anyone would want to invest in Werribee given the copious amount of land out to Lara and beyond. It’s a different case for those that hold a property in Werribee who have won the lotto due to the rezoning.

Calling Werribee an Australian Education City sounds like an unfunded election promise. Will the best and brightest minds travel out to Weribee to teach and learn? Hmmmmm...

 

Well rezoning is happening as we speak - for plots that are to be rezoned it offers opportunity. secondly not everyone can afford hawthorn or Albert park hence it is the most affordable areas in Melb for upcoming ppl who have gain employment and starting a home. Home and land estates still getting sold out in stages.

Well that is what they’re calling it - they’re no melbourne or Monash uni but u’re better off having something rather than nothing maybe some vocational skills for ppl who do need work and also employments for teachers. New hospitals - ppl do fall sick and need treatment. End of the day - ACZ benefits the overall suburb due to more infrastructure and dev. Outside of werribee where else then for that price bracket ?

 

Hi All,

Between Werribee and Broadmeadowa, what do you think is a better surburb to invest now. Both are rezoned to ACZ. Broadmeadows is much closer to the Melbourne CBD but infrastructure is not as good as Werribee. Price wide is not much different. Werribee South is a bit higher (due to new, nicer houses) while Werribee North is cheaper (socio housing). My budget is around $600,000 and I am looking for longterm investment (10 years). Thanks a lot.

 

If u ask me Broadmeadows gonna take longer time to gentrify. Also very strong middle eastern demographics many who are new migrants or refugees who are out of work. A lot of my trades which are Turkish Lebanese Iraqi some who live ard next door suburbs also caution when buying there

 

Thank you Melbournian. I have the same observation hence still cannot decide to enter the market there. However, with my budget there are not many places to choose. Werribee is getting too hot now and my concern is it is very close to its peak, similar to its neirbourhood (Hoppers Crossing). Eppings, Lalor or Thomastown are all red hot and command more than 600k now if I am not wrong. So apart from Werribee and Broad, there are only places like Melton (too expensive now), Corio, Geelong North, etc., which are very far away from Mel and do not have good existing and near future infrastructure.

 

Corio's 50 mins from Melbourne (at 6am I know), has an existing train station that trains stop at, it has the bay a few minutes away, and has arguably the best fish n chips joint in the area and finally here's a link to the revitalization plan the council has for the area. Only thing not in its favour is it's lower (or lowest) socio-economic background.

 

This might prod prices along further! Government approves West Gate Tunnel from Yarraville to West Melbourne

 

ACZ anyone?