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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APBC to Sell Frankston’s Most Distinctive Building

EIGHT months after the Frankston City Council deferred plans to build the multimillion dollar Frankston Safe Boat Harbour, city developer Asian Pacific Building Corporation has decided to offload the area’s most prominent property.

In doing so, Frankston’s most ambitious privately proposed redevelopment – the $50 million-plus Peninsula Centre – may be no more.

The distinguishing 12-level building at 435 Nepean Highway – once described by comedian Barry Humphries as “the worst building in Australia” is for sale with price expectations of between $13 and $16 million.

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Australian Unity Sells Footscray Plaza Shopping Centre For Speculated $20 Million

Footscray PlazaAUSTRALIAN Unity is understood to have made about $20 million from the sale of its Footscray Plaza complex, at a busy intersection, in the burgeoning western suburb.

Private development company Banco Group, headed by Mario Lo Guidice, confirmed he purchased the 13,968 square metre plaza, at the busy corner of Paisley and Albert streets.

Coles and K-Mart are the two biggest tenants in the centre, occupying about 84 per cent of Gross Lettable Area.

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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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Planning Strategy Affecting 2400 Hectares Between Caroline Springs and Melton Being Formalised, Tenders Called

THE FORMER “thoroughbred country” of Melton is a step closer to becoming part of metropolitan Melbourne, with the council formalising a major planning strategy affecting 2400 hectares of vacant land – effectively creating two new suburbs and allowing for the area’s population to more than double within 15 years.

The affected land between Paynes Road at Rockbank (some 30 kilometres from town) and Toolern Creek, at Melton South (40 kilometres away) is proposed to make way for two new activity centres, shops, offices, a new train station, and low, medium and high density residential.

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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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Housing Industry Association Slams Victorian Government For Threatening Not to Expand the Urban Growth Boundary

The Housing Industry Association is pleased the Victorian Government’s unfair levy on new housing has been defeated in parliament, but is now calling on the Government to proceed with the expansion of Melbourne’s growth boundary or risk jeopardising the state’s land supply and affordability.

“It is disappointing that the Brumby Government is still holding the housing industry to ransom by threatening not to expand the Urban Growth Boundary,” HIA Victorian Executive Director Gil King said.

“This will seriously impact on the cost of land and housing. How can Premier John Brumby break his commitment to ensure adequate land supply into the future?”

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Landmark Decision to Build 38-Level Apartment Building in Melbourne’s Suburbs

Justin MaddenBOX Hill will be identifiable from almost all of Melbourne, after the Victorian Planning Minster Justin Madden “called in” a controversial 38-level tower, behind the Box Hill train station.

The tower would be the tallest outside of the CBD and St Kilda Road area, and is one of two projects called in by the Minister this month.

The other sped-through project is a $100 million homemaker centre in Springvale, in Melbourne’s south-east.

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