dandenong apartment market profile...for the 2014 financial year has not yet been released;...
TRANSCRIPT
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Spectra
219-221 Thomas Street
Dandenong Apartment Market Profile
S E P T E M B E R 2 0 1 4
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M A R K E T P R O F I L E D A N D E N O N G
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INTRODUCTION
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M A R K E T P R O F I L E D A N D E N O N G
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INTRODUCTION
INVESTOR SUMMARY
■ The median apartment/unit price in Dandenong
is $290,000 which is lower than the Greater
Melbourne average of $445,000.
■ Apartments/units are an affordable way for
people to enter the Dandenong housing market
with apartments/units being 29% less than the
median house price.
■ In the past 5 years, prices for apartments/units in
Dandenong have grown by 19% in total. This has
been consistent with the strong growth across
Greater Melbourne.
■ Over the last 10 years, apartments/units in
Dandenong have grown by an average of 6% per
year, exceeding the Greater Melbourne average of
5% per year.
SITE LOCATION SUMMARY
■ From a location perspective the Spectra
development sits in an area of high amenity.
It is close to local convenience shops and
Dandenong Plaza shopping centre. Local parks,
education facilities and health services are all
within walking distance of the development.
■ The site is located less than 35km from
the Melbourne CBD. A short walk from the
development is Dandenong station which is
approximately 45 minutes from the CBD by train.
■ The catchment area’s population is expected
to grow significantly over the next 20 years,
averaging an annual growth rate of 1.3%.
■ Dandenong residents are culturally diverse, of
a young age profile and tend to rent rather than
buy with almost half of all residents living in an
apartment. It is anticipated that over the next
20 years, demand for affordable apartments will
continue to grow.
■ Historically, Dandenong was a major
manufacturing and commercial area. The
Metropolitan Planning Authority has designated
Central Dandenong as a Metropolitan Activity
Centre which is part of the Dandenong South
Employment Cluster, employing over 55,000
people.
■ The State Government has recognised the
importance of Dandenong to the economy and
is taking the opportunity to invest in the future
of the area. Substantial investment by the
Government, City of Dandenong Council and
the private sector is giving Dandenong a new
future. The outlook is positive and demand for
apartments will strengthen.
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M A R K E T P R O F I L E D A N D E N O N G
ECONOMIC OUTLOOK
3.1 Economic Growth
National and State economic activity is showing signs of recovery from the weakness after the GFC. Both the
Department of Treasury and Finance (Victoria) and the Department of Treasury (Australia) forecast a steady
increase in economic growth over the coming years.
During the 2014 financial year Australia’s Gross Domestic Product (GDP) growth was 3.1% over the previous
year, underpinned by continued demand for Australian commodities and the level of business investment
accompanying it. Victoria’s Gross State Product (GSP) growth has been tracking lower than Australia GDP. Data
for the 2014 financial year has not yet been released; however it is forecast that growth will track in line with the
increase in Australia’s GDP growth.
3.2 Employment Growth
Job growth has been low, when compared with much of the previous decade. That said unemployment remains
low, and the job market remains relatively stable. Consumer sentiment is generally improving, supported by
asset price gains and low interest rates.
NATIONAL GDP & STATE GSP GROWTH
SOURCE ABS; VICTORIAN DEPARTMENT OF TREASURY AND FINANCE; AUSTRALIAN TREASURY; URBIS
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Jun-0
0
Jun-0
1
Jun-0
2
Jun-0
3
Jun-0
4
Jun-0
5
Jun-0
6
Jun-0
7
Jun-0
8
Jun-0
9
Jun-1
0
Jun-1
1
Jun-1
2
Jun-1
3
Jun-1
4
Jun-1
5
Jun-1
6
AUS VIC
EMPLOYMENT GROWTH
SOURCE: ABS 5206.0; URBIS; ACCESS ECONOMICS
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Jun-0
0
Jun-0
1
Jun-0
2
Jun-0
3
Jun-0
4
Jun-0
5
Jun-0
6
Jun-0
7
Jun-0
8
Jun-0
9
Jun-1
0
Jun-1
1
Jun-1
2
Jun-1
3
Jun-1
4
Jun-1
5
Jun-1
6
AUS VIC
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M A R K E T P R O F I L E D A N D E N O N G
ECONOMIC OUTLOOK
3.3 CPI
CPI is currently running at 2.9%. While this is towards the upper range of the Reserve Bank target range of 2-3%
over the business cycle, consumer prices are expected to remain relatively stable in the foreseeable future.
3.4 Melbourne House Prices
Average Melbourne house prices have grown significantly (78%) since 2003, outpacing other Australian Capital
Cities (62%) in the same time period. According to the ABS over the past 10 years house prices in Melbourne
have grown at an annual average of 5.7% compared to an average of 4.6% for Australian Capital Cities generally.
CONSUMER PRICE INDEX
SOURCE: ABS; URBIS
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Jun-0
4
Jun-0
5
Jun-0
6
Jun-0
7
Jun-0
8
Jun-0
9
Jun-1
0
Jun-1
1
Jun-1
2
Jun-1
3
Jun-1
4
CPI
RBA Target
HOUSE PRICE INDEX
SOURCE ABS; URBIS
INDEX: SEPT 2003
100
110
120
130
140
150
160
170
180
190
Sep-0
3
Mar-04
Sep-0
4
Mar-05
Sep-0
5
Mar-06
Sep-0
6
Mar-07
Sep-0
7
Mar-08
Sep-0
8
Mar-09
Sep-0
9
Mar-10
Sep-1
0
Mar-11
Sep-1
1
Mar-12
Sep-1
2
Mar-13
Sep-1
3
Mar-14
MELBOURNE
AUSTRALIAN CAPITAL CITIES
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M A R K E T P R O F I L E D A N D E N O N G
4.1 Regional Context
Dandenong is located approximately 35 km from the Melbourne CBD. Dandenong is a well-established suburb located
within the Greater Dandenong City Council area. Neighbouring suburbs include Doveton, Dandenong South, Dandenong
North and Noble Park.
Dandenong is a hub for transport links with convenient road access to the CBD via the Monash Freeway and also to
Eastlink via the Princes Highway. Dandenong is also well connected to the Mornington Peninsula via the Eastlink,
Dandenong Valley Highway and South Gippsland Freeway and Peninsula Link, each of which can be accessed via Princes
Highway.
Dandenong train station is on both the Cranbourne and Pakenham lines as well as the Gippsland V/Line service. Journey
times to Melbourne CBD by train are approximately 51 minutes to Flinders Street station. Express trains in peak times
reduce the commute time to 42 minutes.
Monash University’s Clayton and Berwick campuses are both located 11 km from the subject site, with Clayton being to
the north west along the Princes Highway and Berwick being located to the south east along the Princes Highway. Monash
University is one of Australia’s top ranking universities and offers students all of the major faculties of study.
Dandenong is an ethnically diverse area having attracted significant in-migration during the post war industrial years,
becoming a major manufacturing and commercial area. Dandenong continues to have a high proportion of residents who
were born overseas.
The Greater Dandenong Municipality benefits from multiple sports and recreation facilities, nearly 100 kilometres of off
and on-road cycling paths, numerous walking paths, Noble Park Aquatic Centre and Dandenong Stadium which is host to
the Dandenong Basketball Association and Volleyball Victoria.
SITE & LOCAL CONTEXT
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M A R K E T P R O F I L E D A N D E N O N G
SITE & LOCAL CONTEXT
CATCHMENT AREA
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0M A R K E T P R O F I L E D A N D E N O N G
SITE & LOCAL CONTEXT
4.2 Local Context
The site at 219-221 Thomas Road, is positioned 500 metres from Dandenong town centre. This proximity provides a
multitude of dining options within walking distance as well as Dandenong Plaza and Dandenong Market for convenience
and discretionary shopping.
Dandenong Plaza consists of major retailers including Target, Kmart, Coles, and Safeway, as well as a six screen Reading
Cinemas complex and 180 specialty shops.
Dandenong Market is one of the oldest markets in Victoria, having opened in 1866. Covering an area of over 8,000 square
metres it provides a range of fresh fruit and vegetable stores along with seafood, butchers, baked goods and an assortment
of clothing, toys, homewares and jewellery stores.
Parks within walking distance include Dandenong Park and Hemmings Park. Also located in Dandenong are the Australian
Shark and Ray centre and the Le Mans Go Kart track.
Located 1.5 km from the subject site is Dandenong North Primary School and also Dandenong Hospital. Residents also
have access to The South Eastern Private Hospital which is located along Princes Highway.
The Dandenong Metropolitan Activity Centre provides for over 17,000 jobs, predominantly in health care, public
administration and retail trade as well as manufacturing, transport and warehousing in the broader Dandenong South
Employment Cluster.
Major office buildings in Dandenong include the recently constructed Dandenong Government Services office, The
Australian Taxation Office Dandenong building which is currently under construction and the Greater Dandenong City
Council offices.
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M A R K E T P R O F I L E D A N D E N O N G
SITE & LOCAL CONTEXT
DANDENONG AMENITY
Activity Centre
1. Dandenong Principal Activity Centre
Education
2. Lyndale Greens Primart School
3. Yarraman Oaks Primary School
4. Emerson School
5. St Gerard’s School
6. Dandenong North Primary School
7. Dandenong High School
8. Dandenong West Primary School
9. Berry Street Victoria
10. Dandenong Primary School
11. St Mary’s School
12. St John’s Regional College
13. Dandenong South Primary School
Hospital
14. South Eastern, Noble Park
15. Dandenong Hospital
Parks / Open Space
16. Lois Twohig Reserve
17. Dandenong Police Paddocks Reserve
18. Essex Reserve
19. JC Mills Reserve
20. Robert Booth Reserve
21. Greaves Reserve
22. Dandenong Park
23. Thomas P Carroll Reserve
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2M A R K E T P R O F I L E D A N D E N O N G
SITE & LOCAL CONTEXT
4.3 Development Activity
In the past three years medium to high density development has been the main source of new dwelling approvals in the local
area. There has been an emerging concentration of new dwelling approvals in Dandenong, predominantly located along the
transport corridor of the railway line, which provides connection into the CBD.
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M A R K E T P R O F I L E D A N D E N O N G
SITE & LOCAL CONTEXT
4.4 Local Infrastructure Investment
Greater Dandenong City Council is continuing to invest in its infrastructure and along with Places Victoria has
created the Revitalising Central Dandenong initiative. This initiative includes key projects as part of a total $290
million investment plan:
■ Lonsdale Street transformation into a green, pedestrian-friendly boulevard.
■ Creating a new entrance into central Dandenong from the west via Stockmans Bridge which will cross the railway
line.
■ Linking of Station North Plaza and City Street to create a well-lit path between Dandenong Train Station and the
town centre.
■ Metro Village 3175 development of old land to create more homes within walking distance of the town centre.
■ Improvements to the streetscape and roads to reduce traffic congestion in central Dandenong and widen
pedestrian walkways.
■ New Government Services Office to amalgamate services in one location.
■ Creation of a temporary park to encourage activity in Dandenong.
■ New civic building in central Dandenong for the City of Greater Dandenong.
■ The Cogeneration Precinct Energy Project (PEP) which will be delivered by Places Victoria and project partners
Cogent Energy (a subsidiary of Origin).
These projects aim to define the future for central Dandenong by making it a great place for people to live, learn,
work, and socialise. With the initiative having been launched in 2005, most of these projects are now complete,
the effects of which are yet to be fully realised but early signs are showing a positive impact for Dandenong. The
construction phase of this initiative has created jobs and provided a major boost to local retailers and suppliers, and
will continue to do so.
This initiative is expected to generate over $1 billion in private investment spending over its 15-20 year project
life in central Dandenong. With further private investment beyond the initiative, central Dandenong will continue
to transform. This will be spurred on by public and private investment and development. Such as industrial land
development in Dandenong and Dandenong South:
■ The Logis business park site in Dandenong which is expected to attract nearly $500 million in private investment
spending by companies such as Hobson Engineering.
■ Salta Properties’ Interport inland port estate will provide 170 hectares of land for logistics orientated
development, housing a Bunnings distribution centre and the potential for many other retailers such as Coles.
■ Major retailers and suppliers of products such as Reece Plumbing have recently moved distribution facilities to
the Dandenong area in recognition of its superior logistics connections.
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4M A R K E T P R O F I L E D A N D E N O N G
DEMOGRAPHICS
5.1 Population
5.2 Household Incomes
Within catchment suburbs there have been
significant increases in household income
between 2006 and 2011. Average household
incomes for the catchment area as a whole
($66,439) are lower than the Melbourne
average ($86,412). Between 2006 and 2011,
household income of the catchment area
increased by 25% and Dandenong household
incomes increased by 30%. This increase in
household incomes can be partly associated with the increasing proportion of people who work in white collar
occupations in Dandenong. With the increasing supply of office space in Dandenong, it is expected that this trend
will continue.
Household income is one of the key indicators of residents’ ability to access the housing market. If incomes
continue to see significant increases, the catchment area will benefit further from residents’ increasing capacity
to support rental or mortgage payments on residential property.
POPULATION GROWTH
SOURCE: ABS, DEPARTMENT OF TRANSPORT AND PLANNING. VICTORIA IN FUTURE; URBIS
194,500201,900
220,100226,600
237,000
254,800
271,000
286,300
150,000
175,000
200,000
225,000
250,000
275,000
300,000
2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 2029 2031
HOUSEHOLD INCOME COMPARISON 2006-2011
SOURCE: ABS, CENSUS DATA 2011; URBIS
$52,949
$66,439 $66,669
$86,412
2006 2011
Catchment Area Greater Melbourne
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M A R K E T P R O F I L E D A N D E N O N G
DEMOGRAPHICS
5.3 Age Profile
Compared to the Melbourne average, the age profile of the catchment area suggests it is a particularly attractive
location for those aged 20 – 39 years. This age group forms part of the group most commonly associated with
medium to high density dwellings in Melbourne, in both the rental and owner occupier market.
5.4 Family Households
The catchment area has a higher proportion of family households (52%) than the average for Greater Melbourne
(46%). However the suburb of Dandenong is markedly different to the catchment area with 8% less family
households and 7% more lone person households.
A higher proportion of smaller household types might be expected to support higher density dwelling forms such
as apartments, as opposed to family households with children that require larger dwellings with more bedrooms.
AGE DISTRIBUTION
SOURCE: ABS, CENSUS DATA 2011; URBIS
0%
2%
4%
6%
8%
10%
12%
0-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-55 55-59 60-64 65-69 70-74 75-79 80-84 85+
Percentage of Residents
Age Brackets
Dandenong
Catchment Area
Melbourne
HOUSEHOLD STRUCTURE
SOURCE: ABS, CENSUS DATA 2011; URBIS
Group Household Lone Person Other Couple No Children Family
!!" #$" !%"
$$"$&"
$#"$"
$"'"
$("$)" $&"
#" &" #"
Dandenong Catchment Area Greater Melbourne
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6M A R K E T P R O F I L E D A N D E N O N G
DEMOGRAPHICS
DWELLING TYPE
SOURCE: ABS, CENSUS DATA 2011; URBISApartments Semi-Detatched Houses
Dandenong Catchment Area Greater Melbourne
8%
44%
48%
8%
77%
15% 12%
73%
15%
Compared with Greater Melbourne, the catchment area is relatively similar in terms of the type of dwellings
which people live in. There is a slightly higher proportion of residents living in houses (77%) in the catchment
area compared to the Greater Melbourne average (73%).
Dandenong has a much different mix of dwellings than the catchment area and Greater Melbourne. There is a
greater proportion of apartments (48%) than houses (44%) in Dandenong.
The high proportion of apartments is positive for renters and is a key driver of the household structure and
dwelling size statistics.
Apartment dwelling growth forms part of the wider trend of medium to high density development that is occurring
in designated activity centres of Melbourne.
DWELLING SIZE
SOURCE: ABS, CENSUS DATA 2011; URBIS
!"#$%# $
"'#
%(# ()#
(%#
!'# $*#
(# "# %#
Dandenong Catchment Area Greater Melbourne
One Bedroom Two Bedroom Three Bedroom Four+ Bedrooms
5.5 Dwelling Size & Type
Data on dwelling size and type indicates there is a far greater propensity to live in smaller dwellings in
Dandenong than the Greater Melbourne average and also the catchment area as a whole. A greater proportion
of Dandenong residents live in 1 and 2 bedroom dwellings (49%) and a lower proportion live in 3+ bedroom
properties (50%) compared to the catchment area and the Greater Melbourne average.
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M A R K E T P R O F I L E D A N D E N O N G
DEMOGRAPHICS
5.7 Key Characteristics
The socio-economic characteristics indicate that Dandenong is home to a diverse mix of residents with multicultural
backgrounds, who are younger, tend to live in apartments and are more likely to rent. The location amenity of being
close to work and affordable living are key drivers for this socio-economic profile. This lifestyle preference drives
demand for affordable higher density residential development closer to transport networks and activity areas such as
Dandenong and other high amenity areas, underpinning the housing market in these types of areas.
As Dandenong forms part of a broader catchment area which is gentrifying, there will be opportunity for future uplift.
5.6 Proportion of Renters
Dandenong is a major rental market, with over
half of residents renting their home and with
the proportion of renters having increased over
the 5 years to 2011. With transport links to the
CBD and access to universities, both young
professionals and students would be expected to
be attracted to this rental market.
PROPORTION OF RENTERS
SOURCE: ABS, CENSUS DATA 2011; URBIS
Dandenong Catchment Area Greater Melbourne
48%54%
26%30%
26% 28%
2006 2011
CHARACTERISTICS DANDENONGTOTAL
CATCHMENTMELBOURNE
AVERAGE
Average Household Income $54,956 $66,439 $86,412
Variation from Melbourne Avg -36% -23% -
Average Household Size 2.7 2.9 2.6
Aged 20 - 34 (% of Population) 29% 24% 23%
Aged 65+ Years (% of Population) 13% 12% 13%
Average Age 35.7 36.4 37.3
Apartments (% of Dwellings) 48% 15% 15%
Owner/Purchaser Occupied Households (% of Households) 45% 69% 71%
Renting (% of Households) 54% 30% 28%
White Collar Workforce1 47% 53% 72%
Australian Born (% of Population) 33% 43% 67%
University Student (% of Population) 3% 4% 6%
1. Manager & Administrators, Professionals, Para Professionals, Clerks and Sales & Personal Services Workers
SOURCE: ABS CENSUS OF POPULATION AND HOUSING 2011; URBIS
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8M A R K E T P R O F I L E D A N D E N O N G
IMPACT OF MOVERS
Dandenong
Movers: Dandenong
MOVERS: AGE DISTRIBUTION
* Includes those who moved within the suburbSOURCE: ABS, CENSUS DATA 2011; URBIS
0.9%
1.1%
1.3%
1.3%
1.7%
1.9%
3.3%
3.9%
4.9%
6.9%
10.4%
15.1%
17.0%
11.3%
6.5%
6.3%
6.3%
0.0%
2.1%
2.3%
2.7%
2.9%
3.0%
3.8%
4.7%
5.3%
5.5%
6.1%
7.8%
9.9%
10.6%
8.2%
6.0%
5.6%
5.4%
8.2%
0% 2% 4% 6% 8% 10% 12% 14% 16% 18%
85+
80-84
75-79
70-74
65-69
60-64
55-59
50-55
45-49
40-44
35-39
30-34
25-29
20-24
15-19
10-14
5-9
0-4
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M A R K E T P R O F I L E D A N D E N O N G
ORIGIN OF MIGRANTS (FROM OUTSIDE THE AREA) OVER THE LAST 5 YEARS
SOURCE: ABS, CENSUS DATA 2011; URBIS
0
1,000
2,000
3,000
4,000
5,000
6,000
Interstate Overseas Elsewhere in
Victoria
NSW
44%
QLD
22%
SA
15%
WA
11%
Tas.
6%
NT
1%
ACT
1%
Interstate (%)
It is interesting to see how the changing
demographic characteristics of Dandenong are
flowing through to the choices people make in the
type of dwelling they live in. The chart to the right
highlights the impact that movers preferences in
Dandenong have on dwelling type, compared to all
residents.
A pattern is visible; that there has been an impact
on the type of dwellings new residents are living in
compared to the broader population.
At the time of the 2011 Census, the profile of all
residents in Dandenong indicated 47% of residents
lived in an apartment, while 45% lived in a
detached dwelling and 8% lived in a townhouse.
Comparing this to residents who have moved into or
within the suburb in the last five years, there has been
a distinctive push in dwelling choices, with only 36%
of movers living in detached houses; with a larger
proportion choosing to live in an apartment (55%).
Suburbs within Victoira
1 Dandenong North 11%
2 Noble Park 10%
3 Doveton 6%
4 Endeavour Hills 6%
5 Hampton Park - Lynbrook 5%
6 Springvale 4%
7 Keysborough 3%
8 Narre Warren South 3%
9 Narre Warren 2%
10 Hallam 2%
Other 48%
Townhouse Apartment Detached
DWELLING PREFERENCES OF MOVERS
SOURCE: ABS, CENSUS DATA 2011; URBIS
36%57%
45%
55%
37%47%
9% 6% 8%
Movers Non-Movers All Residents
IMPACT OF MOVERS
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MARKET DATA
M A R K E T P R O F I L E D A N D E N O N G
7.1 Median Sale Price
The median apartment price in Dandenong is currently $290,000 compared to a median local house price
of $410,000. This compares to the Melbourne median apartment price of $445,000 for an apartment and
$525,000 for a house.
Apartment prices in Dandenong are around 29% less than the median house price; this difference is much
greater than the difference between house and apartment prices in Greater Melbourne where the median
apartment price is around 15% less than the median house price. The difference between the median apartment
price and house price suggests that apartments are relatively more affordable (compared to houses) in
Dandenong and even more so than that seen in other suburbs of Greater Melbourne, on average.
7.2 Change in Median Apartment Price
In terms of annual price growth there has been solid performance for apartments in Dandenong and the
surrounding catchment area, with good performance in Springvale South, Keysborough and Dandenong in the
last 12 months. The average price growth has been 6% per annum over the last decade compared to 5% in
Greater Melbourne. Over the last 5 years median prices have grown by 19%.
MEDIAN PRICES ($’000s)
SOURCE: RP DATA; URBIS
Apartments/Units Houses
0
100
200
300
400
500
600
Dan
den
ong
Key
sborough
Noble Park
Springva
le
South
Springva
le
Dan
den
ong
North
Endea
vour
Hills
Dove
ton
Eumem
merring
Hallam
Ham
pton Park
Lyn
brook
Dan
den
ong
South
Noble Park
North
Greater
Melbourne
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MARKET DATA
M A R K E T P R O F I L E D A N D E N O N G
12 Months 3 Years 5 Years 10 Year Average
Dandenong 4% 1% 19% 6%
Keysborough 4% -3% 20% 4%
Noble Park -1% -1% 17% 5%
Springvale South 9% -4% 20% 6%
Springvale -1% -3% 17% 7%
Dandenong North 2% 0% 22% 6%
Endeavour Hills -4% -5% 10% 4%
Doveton 2% 0% 0% 6%
Eumemmerring n.a. -4% 28% 6%
Hallam -15% -11% 4% 4%
Hampton Park 0% -7% 12% 5%
Lynbrook n.a. n.a. n.a. n.a.
Dandenong South n.a. n.a. n.a. n.a.
Noble Park North 0% -9% 5% 6%
Greater Melbourne 5% 0% 26% 5%
In the last 12 months apartment sales accounted for 54% of total residential
transactions in Dandenong, which exceeds the catchment area (26%) and
the Melbourne average (30%).
NUMBER OF TRANSACTIONS
SOURCE: RP DATA; URBIS
Apartments/Units Houses
0
50
100
150
200
250
300
350
Dandenong
Keys
borough
Noble Park
Springva
le
South
Springva
le
Dandenong
North
Endeavo
ur
Hills
Dove
ton
Eumemmerring
Hallam
Hampton Park
Lyn
brook
Dandenong
South
Noble Park
North
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2M A R K E T P R O F I L E D A N D E N O N G
MARKET DATA
7.1 Rents and Indicative Yields
Median asking rents for houses in Dandenong are $330 per week, compared to a catchment area median
of $335. Dandenong apartments achieve median rents of $275 per week, with the broader catchment area
achieving median rents of $290 per week.
MEDIAN ASKING RENTS
SOURCE: RP DATA; URBIS
Apartments/Units Houses
200
250
300
350
400
450
Dandenong
Keys
borough
Noble Park
Springva
le
South
Springva
le
Dandenong
North
Endeavo
ur
Hills
Dove
ton
Eumemmerring
Hallam
Hampton Park
Lyn
brook
Dandenong
South
Noble Park
North
Greater
Melbourne
INDICATIVE GROSS RENTAL YIELD
SOURCE: RP DATA; URBIS
Apartments/Units Houses
0%
1%
2%
3%
4%
5%
6%
Dandenong
Keys
borough
Noble Park
Springva
le
South
Springva
le
Dandenong
North
Endeavo
ur
Hills
Dove
ton
Eumemmerring
Hallam
Hampton Park
Lyn
brook
Dandenong
South
Noble Park
North
Greater
Melbourne
Indicative gross rental yields for apartments in Dandenong (4.9%) are
comparable to a number of benchmark suburbs where gross rental yields
range from 4.3% to 5.6% and above the Melbourne benchmark of 4.2%.
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M A R K E T O U T L O O K A R C H E RM A R K E T O U T L O O K A R C H E RM A R K E T P R O F I L E D A N D E N O N G
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-
This report is dated September 2014 and incorporates information and events up to that date only and excludes any information arising, or event occurring, after that date which may affect the validity of
Urbis Pty Ltd’s (Urbis) opinion in this report. Urbis prepared this report on the instructions, and for the benefit only, of Barnes Capital (Instructing Party) for the purpose of report (Purpose) and not for
any other purpose or use. To the extent permitted by applicable law, Urbis expressly disclaims all liability, whether direct or indirect, to the Instructing Party which relies or purports to rely on this report
for any purpose other than the Purpose, and to any other person which relies or purports to rely on this report for any purpose whatsoever (including the Purpose).
In preparing this report, Urbis was required to make judgements which may be affected by unforeseen future events, the likelihood and effects of which are not capable of precise assessment.
All surveys, forecasts, projections and recommendations contained in or associated with this report are made in good faith and on the basis of information supplied to Urbis at the date of this report,
and upon which Urbis relied. Achievement of the projections and budgets set out in this report will depend, among other things, on the actions of others over which Urbis has no control.
In preparing this report, Urbis may rely on or refer to documents in a language other than English, which Urbis may arrange to be translated. Urbis is not responsible for the accuracy or completeness of
such translations and disclaims any liability for any statement or opinion made in this report being inaccurate or incomplete arising from such translations.
Whilst Urbis has made all reasonable inquiries it believes necessary in preparing this report, it is not responsible for determining the completeness or accuracy of information provided to it. Urbis
(including its officers and personnel) is not liable for any errors or omissions, including in information provided by the Instructing Party or another person or upon which Urbis relies, provided that such
errors or omissions are not made by Urbis recklessly or in bad faith.
This report has been prepared with due care and diligence by Urbis and the statements and opinions given by Urbis in this report are given in good faith and in the reasonable belief that they are correct
and not misleading, subject to the limitations above.
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