If you are allowed to buy one IP only, which will you choose ? I feel Melton is really way out there, the public transport is not as good.
Melton or werribee ?
- Thread starter oasis1frog
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That was what people said about Woodridge, Logan, Elizabeth, Frankston North before the house price tripled.
Pieman, I am curious......on what basis do you say that Werribee and Melton are duds?
I bought on Melton and Werribee. Though they have not exploded in growth...they are going up steadily at a rate of 10% year for the older houses. The stuff I bought at 130k (2006) and 155K (2007) are now 175k and 180k.
Perhaps, I maybe missing something?
Pieman, I am curious......on what basis do you say that Werribee and Melton are duds?
I bought on Melton and Werribee. Though they have not exploded in growth...they are going up steadily at a rate of 10% year for the older houses. The stuff I bought at 130k (2006) and 155K (2007) are now 175k and 180k.
Perhaps, I maybe missing something?
Will the recent news about the reposession rate in Melton have any material effect on prices and prospects for growth there?
I read that article also....but not if the number of repossession rate is 17 per quarter or 68 per year. I think you will also find that most of these would be 100% finances on New homes around the 220-250k mark.
I went for the older stock.
There was I believe one of the principals of Barry Plant on the radio yesterday and mentioned that even with the soft start to the year, which he also said is pretty normal, but Werribee, Point Cook (and few other suburbs in that area) still have very strong buyer interest and prices being paid.
The West of Melbourne has a unfair stigma....but at the same time suburbs 23-30 klm out have nice tidy houses for well under 250k.
Try going the same distance in the East.....the the same type of houses start at 300k. You can get stuff in Dandenong and Doveton....but they start at about 230k for very run down fibros and weatherboards.
Frankston Nth? In Melbourne? Tripled? What time frame??
Boring, flat, no trees, too much land available, poor housing, little infrastructure, no beach, little of no growth since say dec 04', no reason in the future why people would want to live there, where as frankston has many ticks against it when measured against those criteria.
btw you did ask for an opinion.
pieman
Median House Prices 1994-2005
G'day! Thought you might be interested in some longer term growth shown for the areas mentioned, (and some not).
Just for fun.
Melton South:1994 Median House Price: $80,000.........2004 MHP: $175,500...........Change of: 119%
Melton West: 1994: $90,000................2004: $207,000.........130%
Bacchus Marsh: 1994:$100,000............2004: $228,125.......128%
Sunbury: 1994: $110,000....................2004: $240,000........118%
Ballan: 1994: $74,000......................2004: $192,000.............159%
Werribee: 1994: $100,000................2004: $207,000.............107%
Wyndham Vale: 1994: 87,500.............2004: $195,000.........123%
Moonee Ponds: 1994: $165,000..........2004: $447,000........171%
Warrnambool: 1994: $100,000.............2004: $245,000.......145%
Ballarat: 1994: $75,000....................2004: $190,000............153%
Carlton: 1994: $215,625...................2004: $460,500...............114%
Coburg: 1994: $116,000.................2004: $360,000................210%
Mortlake: 1994: $40,000.................2004: $112,870...........182%
Frankston: 1994 $103,000................2004: $230,000.........123%
Frankston North: 1994: $68,750..............2004: $170,000.........147%
Statistics are courtesy of Victorian Valuer-General 1994-2005
G'day! Thought you might be interested in some longer term growth shown for the areas mentioned, (and some not).
Just for fun.
Melton South:1994 Median House Price: $80,000.........2004 MHP: $175,500...........Change of: 119%
Melton West: 1994: $90,000................2004: $207,000.........130%
Bacchus Marsh: 1994:$100,000............2004: $228,125.......128%
Sunbury: 1994: $110,000....................2004: $240,000........118%
Ballan: 1994: $74,000......................2004: $192,000.............159%
Werribee: 1994: $100,000................2004: $207,000.............107%
Wyndham Vale: 1994: 87,500.............2004: $195,000.........123%
Moonee Ponds: 1994: $165,000..........2004: $447,000........171%
Warrnambool: 1994: $100,000.............2004: $245,000.......145%
Ballarat: 1994: $75,000....................2004: $190,000............153%
Carlton: 1994: $215,625...................2004: $460,500...............114%
Coburg: 1994: $116,000.................2004: $360,000................210%
Mortlake: 1994: $40,000.................2004: $112,870...........182%
Frankston: 1994 $103,000................2004: $230,000.........123%
Frankston North: 1994: $68,750..............2004: $170,000.........147%
Statistics are courtesy of Victorian Valuer-General 1994-2005
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Thanks guys, interesting to see Carlton only grew 114% in 10 years to 2004, but I doubt you can buy a house for $460500 in 2007 !
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