is melton south good location to invest in property

[adamco]

I AM LOOKING TO INVEST IN MELTON SOUTH CLOSE TO TRAIN STATION ,HOWEVER THE NEW DEVELPMENT OF TOORLEN IS OF CONCERN TO ME AS CONSTENT SUPPLY OF LAND TO HOUSES COULD KEEP THE PRICES STABLE AND NOT HAVE A GOOD CAPITAL GROWTH FOR YEARS TO COME .:confused

ANY IDEAS ,POINT OF VIEW IS VERY MUCH APPRECIATED?

 

[thyechen]

I have not been to Melton South hence is not able to comments. Generally new estate is not as easy to rent out, just too many new houses.

 

[units4me]

Adamco, I think you've answered your own question. No need to yell BTW.

 

[Lisa1965]

adamco, I know jack about real estate, but I am currently working in Melton and all the "locals" say stay away from Melton South. As soon as it is mentioned they all say ahhhh stay away.

I have many friends who live in melton and they also say they would not live in that part of it.

But as I said, as far as real estate goes, I have NFI.

Cheers

Lisa

 

[wobbycarly]

adamco, I know jack about real estate, but I am currently working in Melton and all the "locals" say stay away from Melton South. As soon as it is mentioned they all say ahhhh stay away.

Easy to get distracted by prejudice like this, and miss out on seeing the trend to gentrify a previously unfavourable area. Not that I'm saying this is happening here - I also have NFI!

I have many friends who live in melton and they also say they would not live in that part of it.

But as I said, as far as real estate goes, I have NFI.

Cheers

Lisa

 

[sash]

Well....I own a property in Melton South....I personally think it is under valued as you can walk to the train.

I bought it for 155k in 2007 and it is now worth between 2350-250k.

 

[MSB]

I would go and buy at Brookfield which is next to Melton South. You get new houses and can look for good deals around the $300k mark with good depreciation. There are two new estates - Botanica Springs and Riverina. Toolern development should increase the value of this part of Melton. Metro trains would be extended to Melton in 2016.

 

[s050399b]

but if u concern by the supply of land......then u wouldn't have consider melton?

 

[adamco]

i Would Go And Buy At Brookfield Which Is Next To Melton South. You Get New Houses And Can Look For Good Deals Around The $300k Mark With Good Depreciation. There Are Two New Estates - Botanica Springs And Riverina. Toolern Development Should Increase The Value Of This Part Of Melton. Metro Trains Would Be Extended To Melton In 2016.

Hi Msb

Do You Mean Toolern Development Would Increase The Value Of Brookfield Or Melton South , How This Is Possible
As Land Content Appreciates Over Time If There Is Lack Of Land Supply Would Be Good As In The Case Of Melton South There Is Alot Of Land Availble So The House And Land Contents Do Not Increse In The Case Of House And Land Content In Werribee For Instance.

Happy To Have Your Opinion On This Matter

 

[Jim Goose]

Hey Adamco,

why not try Frankston North:
http://www.somersoft.com/forums/showthread.php?t=64631
or Craigeburn:
http://www.somersoft.com/forums/showthread.php?t=64755
or Melton South:
http://www.somersoft.com/forums/showthread.php?t=64534
or your next choice:
<insert thread link here>.......

 

[adamco]

hey Adamco,

Why Not Try Frankston North:
http://www.somersoft.com/forums/showthread.php?t=64631
Or Craigeburn:
http://www.somersoft.com/forums/showthread.php?t=64755
Or Melton South:
http://www.somersoft.com/forums/showthread.php?t=64534
Or Your Next Choice:
<insert Thread Link Here>.......

Hi

It Would Be Better Idea If You Could Have Given Me Your Opinion Of Any Of These Areas As Am In The Process Of Selecting Most Appropriote Area To Invest And Ideas And Valuble Informations Only From Somersoft Members Would Me Appreciated.

 

[schweedy]

I live in melton and work in melton south......whilst it does attract more loc eco individuals, the rentals seem to turn over there quicker, due to it being close to the train station, public transport and shops. Its more like the frankston north of frankston, I also earn a rental there. Great if you can get a large block, those cement houses are solid and harder to damage, and slowly the worst of the worst are moving away for cheaper areas.

Your right, there is average capital growth around melton, I think it sits around the 7%.

The new estates, whilst great, lack public transport and are generally miles from any local convenience (schools/shops/drs etc), this is where melton south will gain in the future and always be good for rentals. Larger blocks are still available in the older areas like melton south, so subdivision may be the way to look at increasing your potential capital gains/growth

 

[MSB]

Hi Msb

Do You Mean Toolern Development Would Increase The Value Of Brookfield Or Melton South , How This Is Possible
As Land Content Appreciates Over Time If There Is Lack Of Land Supply Would Be Good As In The Case Of Melton South There Is Alot Of Land Availble So The House And Land Contents Do Not Increse In The Case Of House And Land Content In Werribee For Instance.

Hi Adamco,

I agree that there are many new land developments in an around Brookfield like Botanica Springs, Riverina etc. But you should know that when developers release new land they also increase the price of the lot by atleast $5K, so artificially inflating the price. These increases in the price would automatically increase the value of our property. Again, if you purchase a house and land deal in the early stages of any development then you would see capital growth when they complete other associated developments of the estate - in this case when they develop and open up the Botanica Springs shopping centre/town centre that would then increase the property values in Riverina estate. Also when Toolern is being developed, you get closer to major activity centres, so people would start renting more in the Melton south/Brookfield areas. Also keep in mind that the Metro extension is planned for Melton which should complete in 2016. This would again increase the property value in this part of Melton.

 

[bricman]

I have my one and only investment property to date in Melton South, bought it just over two years ago and has performed rather well. Have just used the equity to purchase another property in Sydney.

To me it is all about the numbers and if they work out then i will buy in areas that i would not want to live in myself. Everyone has to live somewhere and if you get a good PM and tenant, then from experience this is KEY, you get good and bad tenants everywhere...

Everyone has different strategies and ideas, do what works for you.
I have been to Melton a few times and i always enjoy my visits there, other people, i.e. my partner hates it!!

Ian

 

[meggala]

bought there 3.5 years ago good capital growth and good demand for rentals I have a fairly large block . this is where I live I like it I live away from the station though at the other end good public transport that feeds the rail etc there are are other developments as well as toolern they will boost prices of established houses the small one belle gardens has already done this. toolern wont be in full swing for 2-3 years. at least.

 

[dragonlady309]

Hi Adamco

You need to look at the rentals on realestate.com.au in melton - look how many new houses are on it and look at what you will be competing against. However, now look at the rentals for Bacchus Marsh which is 10-15 minutes further up the freeway. Lower vacancy rates and cheaper outlay.