What is up with Springvale (Vic)?

I've lived in Springvale for 40 years, although these days I live in Brisbane ... a long story.

I can tell you Springvale is a special case due to the Vietnamese influence. They aren't looking for a cafe culture. The prices were already high before the train station was put underground or any other fundamental you can think of. Fundamentals are fundamentals ... but the Vietnamese want what they want and are more than willing to pay for it and they want to live in Springvale.

The central area behind the shops bordering Springvale Rd, Osbourne Ave, Regent Ave and St. Johns Ave is especially desired. Windsor Ave, good luck getting a house there.

28 Princess Avenue, Springvale, Vic 3171 - Property Details July 2016, $1.14m
14 Victoria Avenue, Springvale, Vic 3171 - Property Details July 2016, $1.2m
25 Royal Avenue, Springvale, Vic 3171 - Property Details May 2016, $1.6m
36 St James Avenue, Springvale, Vic 3171 - Property Details May 2016, $1.26m
80 Albert Avenue, Springvale, Vic 3171 - Property Details May 2016, $850k (a bargain!)
49 St Johns Avenue, Springvale, Vic 3171 - Property Details Feb 2017, $920k
56 St Johns Avenue, Springvale, Vic 3171 - Property Details Feb 2017, $1m
18 Royal Avenue, Springvale, Vic 3171 - Property Details Apr 2016, $1.7m

It could be that this section of Springvale is so expensive due to its development potential (lots of multi units have been constructed) but it was always more expensive even years ago.

As you move away from this central area prices become a bit more "cheaper" but still not exactly cheap.

10 Watt Street, Springvale, Vic 3171 - Property Details July 2016, $835k
2 Watt Street, Springvale, Vic 3171 - Property Details April 2016, $1.015m
6 EDMOND STREET, Springvale, Vic 3171 - Property Details Oct 2016, $1.1m

 

Thanks for the info.

This is what I can't quite work out though. Suburbs like Balwyn North, Glen Waverley, Box Hill etc, are Mainland Chinese favourites, they have a much bigger population than Vietnamese and the country itself is much bigger/more economically developed = a much bigger middle/wealthy class. The Vietnamese have never really gambled on property, most came via the war, settled in the cheapest parts of Melbourne with access to factory jobs and pretty much ran from there.

There has not really been a massive boom of rich property speculators from Vietnam as such and I am only hearing reports that there is a trickle rolling into suburbs like St. Albans, Sunshine etc. Then comes to my original point about Springvale, yes, it is a hub, the underground station was a massive win for them, had it been after it was done (like now) then it would have been skyrail, in my opinion a much inferior system. Added to this it does have a school and now with Monash becoming very popular amongst the Asian students (probably the 2nd best reputation after Melb Uni).

I dare say, even Noble Park these days is becoming out of reach for many...

 

Vietnamese always had $$ tucked away (that's their culture in saving). in all races, there are rich and poor. I think if you go to ho chi minh, it is vastly change now with many entrepreneurs and even other parts of Asia are going in to do business.

Also, Again not all Chinese are mainland Chinese (there are Malaysian, Singaporean, Taiwanese, Indonesian). Some of these other Chinese also are buy in places like St Albans and Springavle. Got a friend whose dad said, look just buy this place in Caulfield north 1.8 million townhouses (i'll send the funds across for the purchase (not mainland Chinese)

 

good research just realized majority of the 1 million plus are growth zone suburbs vs the non- growth zone suburbs below 1 mil.

 

My mother shops there almost of a weekly basis (she lives in Glen Waverley), I almost go there once a month for my 'pho' addiction. It's improved since they got rid of the old shops (was filthy with all those poultry and fish shops), but still, asking for a million for those houses, you're better off somewhere in the North or West.