FW: snippets, Sat.12.8.17
  Roderick Smith

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From: Roderick Smith [mailto:rodsmith@werple.net.au]
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170812Sa Melbourne 'Age' - end-of-line property.

170812Sa 'SMH' - Westconnex.

170812Sa Melbourne 'Herald Sun':
- South Yarra - Chapel St link.
- new ten dollar note.


August 11 2017 Triangle of prime Rozelle land threatens to add $80 million to WestConnex.
An urgent court action threatens to disrupt the billion-dollar WestConnex project and add more than $80 million to the final price tag.
Listed property company Desane Group filed a short service order in the NSW Supreme Court this week accusing the NSW government of trying to unfairly seize a Rozelle property.
The WestConnex proposal includes a plan for the acquisition of a property on Lilyfield Road, Rozelle. Photo: Supplied .
Joined to the action was Roads and Maritime Services and the Sydney Motorway Corporation, the principal agencies behind the government's signature infrastructure project, WestConnex.
At the centre of the dispute is a 5200 square metre triangle of land in Rozelle, on Lilyfield Road. The Desane Group has grand plans for the site, including 200 apartments with views of the city and Blackwattle Bay and 1800 square metres of retail and commercial space.
RMS wrote to Desane earlier in the year offering $18.4 million for the site, which it said represented current market value. Desane, which has a 70 per cent interest in the property, refused the offer and brought in experts who valued the site at more than $100 million, based on its development potential.
The site adjoins the Bays Precinct previously identified as a "priority growth area" by the state government.
Desane claims RMS rushed its acquisition order, without considering alternatives and before finalising its own design plans.
An RMS spokesman declined to comment citing legal advice.
"As the matter is now before the Supreme Court, Roads Maritime Services is unable to comment," he said.
Desane's chairman John Sheehan is well versed in property law. He was previously acting commissioner at the NSW Land and Environment Court and is an expert on strata titles and compensation legislation. In the past, he has been critical of the government's approach to compulsory acquisition.
On August 4, he wrote to shareholders accusing RMS of "overreach" in seeking to purchase the property.
"It is our board's view and that of our expert consultants, that the compulsory acquisition of our property is an overreach by RMS and is contrary to the public interest," he said at the time.
"Our board has continuously maintained the view that it wishes to avoid the need for unnecessary and unduly costly compulsory acquisition litigation with the NSW government."
Desane has been trying to develop the site for some time. In 2013 it asked its architects to consider potential uses of the site, before lodging a master plan and rezoning plan in June 2015.
The site is in the way of the the third stage of the WestConnex project, which will provide a link between the M4 and M5 motorways. But WestConnex has not yet finalised plans for the leg, leading Desane to argue its acquisition notice was premature.
It's not the first time the government's compulsory acquisition scheme has been in the spotlight. In 2014 the government received a report from David Russell, QC, which recommended the process be made fairer.
In response to the report, in October last year then NSW Premier Mike Baird announced reforms to the land acquisition process.
At the time Mr Baird said the culture of employees involved in the land acquisition area needed to change.
"From a government point of view they don't do caring, as a general principle, well," he said at the time.
The matter will return to court on Wednesday.
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Melbourne terminus train stations prove to be hot property Aug 12, 2017.
This Frankston home sold for $728,000 in July. Photo: Barry Plant.
For many people, these suburbs are simply the end of the line, but for savvy property hunters they are increasingly desirable and, in some cases, a good bargain.
Many of the suburbs at the end of Melbourne’s 16 train lines have shed their reputations as daggy places far away from the city’s thriving centre, with some now considered prestige real estate.
As people are increasingly priced out of inner and middle-ring suburbs, buyers look to areas on the city’s fringe that are well serviced by public transport.
More than $60 million in funding has been allocated for the redevelopment of the Frankston station precinct. Photo: Paul Jeffers Domain Group chief economist Andrew Wilson said traffic congestion at peak hour was a growing concern for many Melburnians.
“The point is clearly there are issues with the commute time in Melbourne,” Dr Wilson said. “Those suburbs that have good proximity to train lines certainly have more interest.”
Dr Wilson said having a train station close by was a “big tick” for suburbs and a key driver of price growth.
Train terminus suburbs in Melbourne are recording above average price growth. Photo: Chris Hopkins Melbourne’s median house price rose 15 per cent in the past year but many suburbs where train lines end recorded stronger growth, Domain Group data shows.
Williamstown’s median jumped 24 per cent in 12 months, Hurstbridge recorded a 23 per cent growth and Lilydale’s median rose 21 per cent.
The humble south-eastern suburb of Frankston was the best performing train terminus suburb, with the median house price rising 29 per cent. The state government hopes the $63 million redevelopment of the Frankston train station precinct will breathe new life into the city centre.
Williamstown has recorded huge price growth in the past five years. Photo: Wayne Taylor Local agent Thomas Larkin from Barry Plant said infrastructure upgrades were helping the suburb shrug off its reputation for being rough around the edges.
“The train station had a stigma about it,” Mr Larkin said, nodding to The Footy Show‘s interesting escapades to Franga for its Street Talk segment. “The only thing it doesn’t have going for it is its name.
“It is starting to lose its reputation. It’s not 100 per cent gone but I reckon give it five years, I think demographically it will be a very different place.
“A lot of young people closer to the city are coming down here because of the train line because they can still work in the city.”
Dr Wilson said outer suburbs with train lines fared better in terms of price growth compared to those without.
“The further you go out, the more you see that differentiation between suburbs closer to the train line and those that are not,” he said.
House prices in South Morang, Cranbourne and Melton — all more than 20 kilometres from the CBD — have jumped roughly one-fifth in the past year.
In Doncaster and Rowville, where rail has long been promised but never delivered, prices have increased 13.1 per cent and 8.9 per cent, respectively, in the past year.
The most expensive train terminus suburbs are Ashburton and Sandringham, which both boast a median house price above $1.7 million.
Not far behind is the portside suburb of Williamstown – Melbourne’s historical maritime hub.
RT Edgar Williamstown director Joanne Royston said the local train stations were a huge drawcard for residents and investors.
“No matter where you live in Willi, it’s a one to two minute walk to a train station,” Ms Royston said.
There are four stations in the suburb, and express trains can take as little as 20 minutes to reach the CBD.
Ms Royston said there had been an influx of people from other bayside suburbs in recent years.
Find out how the suburb at the end of your train line is faring.
How the property market is changing in Melbourne's train terminus suburbs.
* Ashburton (Alamein line) Median house price: $1,787,500 One year price change: 16.8% Distance from CBD: 12km.
* Sandringham Median house price: $1,780,000 One year price change: 10.8% Distance from CBD: 16km.
* Williamstown Median house price: $1,410,000 One year price change: 24.4% Distance from CBD: 9km.
* Glen Waverley Median house price: $1,337,500 One year price change: 13.3% Distance from CBD: 21km.
* Hurstbridge. Median house price: $732,750 One year price change: 23.2% Distance from CBD: 26km.
* Lilydale Median house price: $720,000 One year price change: 21% Distance from CBD: 35km.
* Belgrave Median house price: $600,000 One year price change: 15.8% Distance from CBD: 35km.
* South Morang Median house price: $590,000 One year price change: 20.5% Distance from CBD: 23km.
* Frankston Median house price: $562,000 One year price change: 28.7% Distance from CBD: 41km.
* Craigieburn Median house price: $485,000 One year price change: 11.2% Distance from CBD: 26km.
* Campbellfield (Upfield line) Median house price: $482,300 One year price change: 16.2% Distance from CBD: 16km.
* Cranbourne Median house price: $471,000 One year price change: 22.3% Distance from CBD: 43km.
* Pakenham Median house price: $466,500 One year price change: 12.4% Distance from CBD: 56km.
* Sunbury Median house price: $455,000 One year price change: 16.7% Distance from CBD: 42.4km.
* Werribee Median house price: $442,250. One year price change: 17.9%. Distance from CBD: 32km.
* Melton Median house price: $339,500 One year price change: 19.1% Distance from CBD: 35km.
•Related: Meet workers with extreme commutes.
•Related: Melbourne’s next big suburbs.
•Related: Property prices rise despite warnings.

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