Melton vs Sydenham ~

Suraj said:

Hi every one, I have bought a 3bdr, 1bath, 2 car, 17 year old house closed to melton town centre at 200K, last month knowing that melton is one of the fastest growing suburb in VIC,population growth rate is higher, deepark bypass in under construction, harness race course in under construction and melton council and state gov is planning to develop the area. I thought these factors can play a big role in property price growth in near future.
Do you guys agree that it can be a good investment area? or not? I am watching the sales movement and also thinking to buy another one if my view is correct. Pls share if any ideas,

Suraj/Sydney

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Suraj,

We have two IP's in Melton both near High Street (in fact, .. side by side). Everybody on this forum knows that I am a huge fan of Melton's future growth prospects.

Have you read the Melton thread? ......

http://www.somersoft.com/forums/showthread.php?p=400850#post400850 .. It's 27 pages long and spans 12 months, but well worth reading and seeing how attitudes change over time towards the area.

Also .... the first page on this link... http://www.melton.vic.gov.au/Files/Insite6thEdition.pdf ... will show you the proposed High Street development that Melton Shire is planning to do. The development/strategic plan was passed by council at the June/July 2007 council meeting, so I believe that when complete .. any property close by will benefit.

Good luck

Martin

IndexFund said:

Yes, hence why Sydenham PT is much better.

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have you used the PT in sydenham?

willy008 said:

have you used the PT in sydenham?

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I have caught the train every now and then yes, but I currently use Broady/Cragieburn lines daily.

Melton /hillside sydenham etc are next to boom price wise, because we are nearing the end of our last property boom. IE The ripples are now striking the outer suburbs flowing on from the inner city growth which I might add is slowing.

BUT ,once the cycle starts again it will be the inner city or south eastern suburbs which will run first,so imo , once growth slows in the outer burbs and the "downturn" in inner city areas stops,sell or better still,refinance using the growth from melton sydenham taylors etc and buy "inner city" or
"south eastern suburbs" again, as they will boom again FIRST.

I live in Hillside, have my original property in Broadmeadows and have a 2 bedder in great spot in Glen Iris.