Roxburgh Park....thoughts?

Hi all

Someof you have replied to another recent post of mine re: where to buy our melb IP.

My new question is, what about Roxburgh Park??? Does this have CG potential? Is it more OOor renters? A good investment area?

 

Personally I think money would be better spent elsewhere.

 

my friend paid a deposit on a land in Roxburgh Park Central. I'm going to see the place with him next week. Again, it's best that you get onto the ground to see it for yourself. Are you looking at established or House and Land? If House and Land, go to the house and land thread - Making Money on House & Land Packages

 

Yea not really thing new build at thus stage....more after completed new build. Trying to avoid holding costs and extra bother.

I am planning to go down there but i need to narrow things down a bit first...melbourne is big lol!!
I will only have a day or two at most and need to short list the areas that make the cut so i can focus on those when i head south

 

A feature of Roxburgh Park is the extent to which household incomes in the area have fallen since the area was first developed 20 or so years ago. It's happened elsewhere as well but seems to have hit Roxburgh Park the hardest.

You can see a discussion and animation for all Melbourne suburbs at Visualising the changing socio-economic landscape of Melbourne

Roxburgh Park was new estates dominated by first homebuyers. You pretty much had to have two incomes to qualify for a loan. Two 'average' incomes puts your household ahead of most. Whereas established suburbs had more diverse populations, including renters, retirees and those in low incomes.

Like how postwar manufacturing suburbs (eg nearby Dallas) went from good blue collar incomes to a high proportion unemployed, Roxburgh Park appears to have gone through a similar degentrification. It slid down the income scale despite fancier housing stock than in the traditional worker or housing commission areas. Nearby Meadow Heights may have had a similar trend.

Roxburgh Park was not originally marketed as a cheap suburb. However today it has problems - eg it's seen as too dangerous for buses to go there late at night. Live travel updates - Public Transport Victoria Schooling may be another concern. Whether it's justified or not the perception can affect prices.

Will Roxburgh Park turn around or will it continue its slide in desirability? Will enough people consider it cheap that they'll settle there? Or will it be considered so undesirable that people will instead skip over it and build way up north in Wollert (like how people skipped Doveton to build in Narre Warren/Berwick)?

 

No, not Roxburgh Park
Some of the houses there may look like McMansions but there are underlying reasons why it has degentrified and I agree with @Spiderman's anaylsis and @Greyghost's opinion.

 

i think you will need to check out melbourne several times for DD.

 

I didn't think it justified going into reasons why haha. OP didn't seem to excited about it, so didn't warrant my deterrent via facts haha...

 

If I was owner occupier looking at that area, Wollert would be the pick.

For investment, maybe Jacana or Glenroy ex commission house with big land.

 

The hard thing about this is to anticipate what will happen to the suburb in 20 years. Some suburbs (eg Roxburgh Park) start off high income but go right near the bottom in 15 years.

Whereas others more or less maintain their prestige. Eg you could argue that Caroline Springs and Berwick have held up better than Roxy. Then there's little pockets, eg Westleigh estate near Werribee has held up while other areas have dropped in income.

 

Great info thanks. Don't know Melb at all but have a job opportunity so starting to look at PPOR under $400 & around 30 - 40 mins to city by train & Roxburgh Park appeared in my searches. Think I'll keep looking!