Is Waterford estate in Melton South a good place to buy a land?

I am looking to buy a land in Waterford estate, in Melton South, Victoria. This is a new estate, being developed by land Source Australia and being sold by Oliver Hume. Their master plan looks pretty good, and the extension of Metro railways to Melton in the future, together with a freeway connecting to Caroline springs (approved by the State govt in the last budget) suggest that, Waterford has a good growth in the next 5-8 years!

Can anyone share your suggestions or Point of Views on this?
 
Welcome to the forum. I'm going to give you the benefit of the doubt and trust that you're not here to advertise this estate.

Buying land in a new estate in an area with no shortage (read:surplus) of land in a declining market...

If you're going to invest in Melton South, buy a 70s brick veneer within walking distance to the station. These can be picked up in rent-ready condition for 230k and under.

If you're after land to build a PPOR on, then buy wherever you'd like to live. No need to ask for opinions.
 
I wouldn't hold my breath waiting for the metro train line to go through! Residents have been waiting 20 years so far. Search the Melton Shire Council or google it - you will find no plan - no action. It even looks like the residents group lobbying for the train have given up.
 
I drove past this estate this morning and its moving along, but I have to agree with fifth, money is probably better spent at the moment on an existing dwelling ready to rent either near the station or shopping centres on a large block.
There are new estates going up all sides of melton, so I'd check them all out for their pro's and con's. If its for a ppor, go ahead, its about what you like, If its for a rental, I'd be doing some due diligance, one on whats proposed for new area, along with its current proximity to existing ammenities.....its great they may propose schools/shopping centres etc, but until they are built, those who live there have to travel to the existing places and it may just be money better spent looking around areas.
 
Thanks for your comments.. am not looking to rent that property or to advertise that estate. Certainly not, after having an experience where, (The Agent tried to sell me all the bad LOTS like corner ones and irregular ones, wasn’t that Honest at the beginning).
My only concern is how often these developers would keep their promises!! They all say so much to sell their land, but once it’s sold they don’t even care about what they said previously. I see a good potential growth in Williams Landing, but the land prices are enormously high. Currently I live in Derrimut, and this place has grown up so quickly, Easy access to freeways and 20 min to the city, I didn’t have a clue when I first moved in 3 years ago that, Derrimut will have growth like this in no time. Again the lands are highly priced. Having said these, Derrimut and deer park have no Metro Train services either!!!!!
On the other hand, considering Werribee, (Wyndham City), “The estimated population as at June 2012 is 184,191 people representing a 7.1 per cent annual growth rate. Wyndham has experienced the largest and fastest growth in all Victorian local government areas and is the third fastest growing in Australia. Its estimated residential population set to exceed 245,000 people by 2021.
The reason for this growth is purely because of the substantial growth occurring in Tarneit, point Cook, Truganina, wyndham Vale and Currently, Williams Landing. These are all new developments.
Similarly If new developments like Waterford, Arthurstone .. (anything else?), show positive growth, Melton and its surrounding will be one of those rising suburbs. Not To Forget Tulern Project.
Would That Happen??? That is still a !!!!!!???
 
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