Moonee Ponds, Essendon your thoughts?

[carlau]

What do you think about purchasing in Moonee Ponds or Essendon, the prices there have gone through the roof.

Do you think with this years interest rate increases will slow the market down in Moonee Ponds and Essendon or prices in these areas might actually come down or will we still see the same capital growth like in 2007?

 

[Belu]

unit/apartment or house?

I dont think you will stop house prices in that area, it is one of the best areas out this side of town and as far as OO go they usually have the money to afford the increases. if you want to know any specifics about the area let me know, its in my own backyard.

 

[our obsession]

Essendon + Moonee Ponds Historical Growth..

They have performed strongly according to historical data too, Carlau.

Moonee Ponds: 1994 Median House Price was: $165,000.......2004: MHP $447,000............Change in 10 years: 171%

Essendon: 1994: $180,000...................2004: $525,000.............192%

Essendon North: 1994: $148,750....................2004: $415,500.........179%

So, for the decade 94-05; Essendon was one of the top performing suburbs across Northwest Melbourne.

Northwest:

Maribynong: Change 94-04: 205%...........Growth PA: 11.8%.........Change 03-04: 6%.............2004 median: $376,000

Essendon: ..192%.........11.3%.............0.0%...........$525,000

Niddrie:.......191%.........11.3%.............minus 1.0%........$372,000

Kensington:...185%........11.0%.............7.0%...............$400,000

Ascot Vale:....178%.......10.8%..............6.0%..............$425,000

Figures are courtesy of Victorian Valuer-General 1994-2005

 

[carlau]

Im looking at purchasing a house in the area, something I can demolish and build either 2 units or 1 unit and 1 townhouse or 2 townhouses depending what size the land is and what direction the land is facing.

As Moone Ponds have amended C55 and now want builders or developers to provide the following when building.

40M2 Open Space
20% Landscaped
60% Max Building Site Area
2 Carparks
and list goes on.

Im just wondering how much capital growth you will see in that area if interest rates were to increase this year.