Martha Cove, Victoria - What are you thoughts?
- Thread starter dan_89
- Start date
Hi
Martha Cove is an absolutely beautiful area, however residents do need to travel a little to go shopping. If you are not familiar with the area check out Mt Martha shops for daily items and Mornington for everything else. I nearly shifted to Martha Cove but decided to remain in Patterson Lakes.
Keep in mind the estate is under an OC type setup and all the waterfront properties within the area have to pay very expensive OC fees. I know of one person who has a waterfront block of land and his OC fees are well over $300 per week which is not chicken feed.
The big advantage though of Martha Cove is no height restrictions for boats as the boats don't have to go under any bridges an the depth of the water is much better than Patterson Lakes which is the area I currently live in.
A big disadvantage of Martha Cove is it is the residents that need to pay for the maintenance and all the upkeep of the tidal canal system as the canals are privately owned by the residents I was last told. Unlike Patterson Lakes where the canals are owned by Melbourne Water.
For investment I would give it a miss, for PPOR I think it is a winner!
Regards,
alicudi
Martha Cove is an absolutely beautiful area, however residents do need to travel a little to go shopping. If you are not familiar with the area check out Mt Martha shops for daily items and Mornington for everything else. I nearly shifted to Martha Cove but decided to remain in Patterson Lakes.
Keep in mind the estate is under an OC type setup and all the waterfront properties within the area have to pay very expensive OC fees. I know of one person who has a waterfront block of land and his OC fees are well over $300 per week which is not chicken feed.
The big advantage though of Martha Cove is no height restrictions for boats as the boats don't have to go under any bridges an the depth of the water is much better than Patterson Lakes which is the area I currently live in.
A big disadvantage of Martha Cove is it is the residents that need to pay for the maintenance and all the upkeep of the tidal canal system as the canals are privately owned by the residents I was last told. Unlike Patterson Lakes where the canals are owned by Melbourne Water.
For investment I would give it a miss, for PPOR I think it is a winner!
Regards,
alicudi
im currently doing some electrical work in the area and I know a few real estate agents who have moved into the area. the oc fees are true. IP no way, you'd have to travel into Dromana shopping centre if you need anything as that's the closest shops if you want shopping centres rosebud plaza is xloser than mornington.
Some people say there is an unresolved ongoing flood risk for some of the properties at Martha Cove along the canal (Tassels Creek) when a king tide coincides with a torrential downpour. The level of risk might be partly determined by insurance company attitudes towards this.
http://www.abc.net.au/news/2004-06-27/developers-to-meet-flooded-martha-cove-residents/1999754
http://www.abc.net.au/news/2004-06-27/developers-to-meet-flooded-martha-cove-residents/1999754
Hi
To: jennyk
Yes I do remember that flooding. It happened after a very wet few days and was actually caused by the way the development was proceeding, the developer should have taken precautions during the construction phase to cater for this type of event but they didn't think they had to.
It would not have flooded if the development had not started and most certainly would not have flooded if it were today after the canal system was completed. No flooding issues have been reported to my knowledge once the roads and canals were completed.
Something to note is that it was the older homes that were built before the Martha Cove development that were flooded and none of the newer estate.
I will see if I have an old photo that I can post up when it was all flooded.
Regards,
alicudi
To: jennyk
Yes I do remember that flooding. It happened after a very wet few days and was actually caused by the way the development was proceeding, the developer should have taken precautions during the construction phase to cater for this type of event but they didn't think they had to.
It would not have flooded if the development had not started and most certainly would not have flooded if it were today after the canal system was completed. No flooding issues have been reported to my knowledge once the roads and canals were completed.
Something to note is that it was the older homes that were built before the Martha Cove development that were flooded and none of the newer estate.
I will see if I have an old photo that I can post up when it was all flooded.
Regards,
alicudi
Thanks for the responses all.
I have been visiting Safety Beash ever since I can remember as my parents have a holiday house on Bruce Rd. I remember walking back along the murky little creek which is now the marina. My dad has a book with a whole bunch of images and history of the area, I'll post a few pics if I get the chance!
I was looking at some of the 3 storey terraces for my old man as he's looking to purchase another IP but by the sounds of things it's not the best place to be investing unless buying for PPOR. He was also looking at purchasing a berth which look to be renting for around $10-$15k p.a with rough purchase prices around $200k. Probably not a bad investment when they were first released but getting a little pricey now. I'm sure the berths will see some positive growth over the next 10 years along the rest of the housing estates. If they really want to get things moving Build some cafes, shops, restaraunts etc etc!!!
fantastic location though!
I have been visiting Safety Beash ever since I can remember as my parents have a holiday house on Bruce Rd. I remember walking back along the murky little creek which is now the marina. My dad has a book with a whole bunch of images and history of the area, I'll post a few pics if I get the chance!
I was looking at some of the 3 storey terraces for my old man as he's looking to purchase another IP but by the sounds of things it's not the best place to be investing unless buying for PPOR. He was also looking at purchasing a berth which look to be renting for around $10-$15k p.a with rough purchase prices around $200k. Probably not a bad investment when they were first released but getting a little pricey now. I'm sure the berths will see some positive growth over the next 10 years along the rest of the housing estates. If they really want to get things moving Build some cafes, shops, restaraunts etc etc!!!
fantastic location though!
