Top Melbourne Suburbs to Invest, For Budgets of Less Than $500,000

Flemington Post OfficeMELBOURNE’s once booming real-estate market has finally decelerated – and for the first time in a long time, buyers are calling the shots.

If you have a secure job, low debt and a will to own real estate – banks, developers and the Government want to talk.

But a word of advice: if you do take the plunge, spend what you can afford, rather than the maximum amount you can borrow.

Saturday Domain talks to some experts on which suburbs you should look at, no matter what your budget:

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Residential Developer Buys Camberwell Site Until Recently Earmarked to Become Offices

A PROMINENT Camberwell development site opposite the suburb’s Town Hall and until recently earmarked to become a $50 million office building, has sold for $7.7 million to residential developer, Trenerry Property Group.

The site at 347 Camberwell Road, north-west of the busy Camberwell Junction, sold with a permit for a four-level, 8277 square metre office.

However given the recent success apartment projects in the area recently, including Aerial at the Camberwell Junction, the vendor, local developer CGA Bryson, was pursuing another permit for a residential based project with just 1000 square metres of office space, and 112 flats.

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Construction of Camberwell Station Village Delayed, Melbourne

CONSTRUCTION of a contentious Camberwell apartment project dubbed by locals as “Melbourne’s ugliest tower” is now not likely to start until at least next year.

State government agency VicTrack, with private developer Tenterfield, spent ten years pushing through a $100 million mixed used village, The Place, to replace land atop the Camberwell train station, east of Burke Road.

The Place was approved by the Victorian Civil and Administrative Tribunal last April – just seven months before the controversial state government planning policy it relied on, Melbourne 2030, was shredded by the new Baillieu government.

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Aerial Penthouse, Camberwell, Expected to Fetch About $4 Million

Queensland born and now Sydney-based developer FKP has listed for sale the one and only penthouse within its contentious Aerial project, at the Camberwell Junction, in East Hawthorn (pictured, right).

The 388 square metre unit is at the top floor of Aerial’s west tower and includes four bedrooms, four car spaces and a 128 square metre balcony. It also has floor-to-ceiling windows offering uninterrupted city skyline views.

The Victorian Civil and Administrative Tribunal approved Aerial in early 2008, and then in 2009, allowed the developer to increase the number of units within the development by 40 per cent, to 144.

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More Apartments Around Camberwell Station

THINGS are about to get a lot busier around the Camberwell Station.

Developer and town planner Ed Zagame has started marketing apartments within his next project, Encore, opposite the busy stations’ Cookson Street entrance.

Encore will rise five levels and replace a string of historic terrace-style shops, next door to the distinctive Camberwell Antique Centre building.

Kay & Burton South Yarra’s Sam Wilkinson and Peter Kudelka are marketing Encore’s 12 dwellings, configured as two and three bedrooms flats, and priced from $795,000.

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Locals Buy Into FKP’s Camberwell Junction Redevelopment, Getting Construction out of the Ground

Aerial CamberwellSOME Camberwell residents are not practicing what they preach.

Research by developer FKP, shows 90 per cent of sales at a controversial apartment project being developed at the Camberwell Junction, have been to residents within a five kilometre radius of the site.

FKP would not disclose how many of the 144 available apartments it has sold at its Aerial project, but confirmed it was enough to get construction out of the ground.

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Controversial Planning Policy Claims Eastern Suburbs Most Prized Development Site

Geoffrey RushTHE CONTENTIOUS planning policy that eastern suburb-based actor Geoffrey Rush warned in 2004 “would fundamentally alter the tone and character of Melbourne in a way that I don’t believe people are quite aware of” has finally claimed the eastern suburb’s most prized development site.

The Camberwell Station redevelopment – one of the earliest and highest profile planning disputes to arise after the 2002 Melbourne 2030 blueprint (since turned into the Melbourne @ 5 Million planning policy) – should see construction start this year.

Boutique builder Arno (a brand of the developer reported previously as Tenterfield) is accepting registrations of interest for apartments in a major new development, The Place.

 

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Shop Top Living Makes a Comeback Due to New Planning Preferences

IT was a concept last popular a century ago in then-working-class suburbs like Richmond and Fitzroy, but now it looks like shop-top living is making a big return.

Gray Johnson director Matt Hoath, who last week sold five shops energy supplier Origin Energy held for more than 40 years, said residential developers are significantly more prevalent hunting suburban strip retail sites with redevelopment potential.

He cites the Melbourne 2030 planning policy (since replaced by Melbourne @ 5 Million) as the key driver, because it encourages higher density living around retail amenity and transport nodes.

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Dry Zones Facing Extinction in Melbourne’s East

RESIDENTS in Melbourne’s ritzy east are increasingly voting to remove the “dry zone” restrictions around their streets, in what could result in the government and council putting forward a ballot, to remove these zones altogether.

The Director of Liquor Licensing, via the Victorian Electoral Commission, this week distributed ballot papers asking residents to vote for, or against, a liquor licence application at 732 Burke Road – or on the “dry side” of the popular retail strip.

Any venue in a dry zone that wishes to obtain a liquor licence needs to win approval of local residents on a case-by-case basis.

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FKP Launches Aerial, at Camberwell Junction’s Former Henley Honda Site

Aerial CamberwellTHE site that became the subject of a messy planning dispute between Melbourne’s most ambitious planners, and arguably its most conservative council – is ready to be developed.
 
Last Thursday, Sydney-based developer FKP officially launched Camberwell’s Aerial project, to be developed on the former Henley Honda site at the busy Camberwell Junction.
 
The proposal will include two nine-level glass apartment towers with 144 units, a 14-level glass office building and a shopping centre. Aerial is due for completion in 2012.

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Andrew Myer to Reap $55 Million From The Well Shopping Centre, Camberwell

Andrew MyerANDREW Myer has decided to sell his Camberwell shopping centre, The Well.
 
The son of late philanthropist Ken Myer and grandson of Myer department store founder Sidney Myer, can expect to make about $55 million for the 9,240 square metre centre.
 
The Well opened eight months ago and includes about 30 speciality shops, a 1,202 square metre JB Hi Fi and a 2,812 square metre Coles supermarket.

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