This is a great question actually. I tossed up between Port Melbourne and Docklands a year ago and finally decided on Port Melbourne, just because of it's proximity to the beach. I was a little turned off by Docklands because of all the apartments going up. Anyone living there love it?
Yeah true true an I love the beach so Port Melbourne is appealing, but I like the idea of being able to walk into the city.
Your point about all the app going up is exactly why I am a little turned off buying at Southbank. Still love the place but it is getting very saturated. Don't want to buy and then find in 5-10 years your equity is not what you expected.
Unfortunately it is very hard to plan THAT long in advance. Port Melbourne is getting 500 new apartments within a few blocks of Bay St in the next year or so, and I had no idea that was happening when I bought down there. Oh well.
Are there any parks down in Docklands? It sorta feels too much like a concrete jungle down there to me. Walking into the city would be pretty cool though.
I love Port Melbourne, although I think that a lot of the apartments are of very poor build quality (I can speak from personal experience). You really are paying for the beach and proximity to the city. It's worth it though, especially in summer.
So you are looking to move from Southbank to Docklands? It's a tough call really. I don't think the lifestyle would be THAT much different. Perhaps you could rent for a short while in Docklands to see if you like it?