Melton Thread ....No 2

[Kinnon Bell]

Guys,
Has anyone bought an IP in Brookfield in Melton. There are new estates like Botanica Springs and the location is great. It is closer to the freeway and train. Many new houses are between $310K to $350 (3 to 4 bedroom). Based on my research I think there is will be capital growth and good rental yield if I hold it for 10 years or so. I would appreciate any comments on this area? I think this estate is better than the new estates in South East such as in Cranbourne North or Officer.

I am also a bit nervous on the quality of the tenants I could find in Melton. Again this issue is there in all the outer suburban areas.

MSB

Hi MSB, I purchased my PPOR in silverdale estate (off blackdog drive) which is a tiny estate next to botanica springs and will be looking to rent out my PPOR in the next 6 months or so. It's a 3 bed, 2 bath, 2 car house and could realistically expect around the $330-$345 mark for my house.

A bloke across the road from me had his house (same specs as mine) advertised for rent for a week at $350, then dropped it by $5 a week and found people within days. They don't seem too bad so far, they seem to be your typical "meltonites" with hotted up commodores but they're quiet, are gone during bh and don't have loud parties of the weekend. Can't comment about the interior of the house though. The house behind me has just been rented out (not sure what price sorry) and it seems to be to uni students (vic uni is within walking distance) but haven't hear a peep out of them either, and off my back deck I can see into their house (not that I try to) and it seems to be very neat and tidy. Another house that is on the corner from my house is rented out to what you would call a "professional" couple and they've been there for 18 months or so and I barely see them. So in regards to you "quality of tenants" question, at least in my little area there doesn't seem to be any issues that are obvious, but then again, I don't know what goes behind closed doors either. What I am suprised at though is the diveristy of the renters from bogans, to professionals to students so it does seem to be a good area for all types.

A bit of background on my house - purchased it as a house and land package for $252,000 in oct 08 and moved in may last year. Block size is about 550m2 so not huge, but not tiny either. Last month my bank valued my house at $339,000 (and from what I'm told they always undervalue) so there's certainly no complaining there. I'm in walking distance to the train (about 2.5k's) they're builing a new highway exit to the estate, and only a few min drive to the shops.

Hope this helps and I apologise if it's a bit disjointed as I'm trying to do 101 thigns at once here.

 

[virgo]

Melton

Hi Kesse

Thanks for the input on the ground; could you share which bank did you revalue with?

cheers

 

[Kinnon Bell]

Hi Kesse

Thanks for the input on the ground; could you share which bank did you revalue with?

cheers

No worries! Any questions I can help with I'll be more than happy to try and answer them. I should have apologised for all my typos too!

The bank I did the revalue was with ANZ melton.

I forgot to mention that the house diagonally across the road from me is on the market for $342,000 and the only difference is I *think* they have 2 living areas whereas I only have one. This suprised me even more with the value of my house being close to that, but there is a bit of an interesting story behind the house accross the road from me aswell....

 

[virgo]

Melton

Hi Kesse

Thanks for info! i bought in Melton West in Aug 07; standard 3 bedder in Picolotto Dr; nothing flashy, 15 year old (i think) on 750K triple garage 235K...last revalued in Dec 09 for 300K....but hey! you seem to have done much better in terms of revaluation!

Congrats.

p/s: not sure about the fuss in quality of tenants ;have heard Melton West is better tho where that is concerned.. Sydney Mount Druitt and surrounds...now that is scary!

 

[MSB]

Hi MSB, I purchased my PPOR in silverdale estate (off blackdog drive) which is a tiny estate next to botanica springs and will be looking to rent out my PPOR in the next 6 months or so. It's a 3 bed, 2 bath, 2 car house and could realistically expect around the $330-$345 mark for my house.

A bit of background on my house - purchased it as a house and land package for $252,000 in oct 08 and moved in may last year. Block size is about 550m2 so not huge, but not tiny either. Last month my bank valued my house at $339,000 (and from what I'm told they always undervalue) so there's certainly no complaining there. I'm in walking distance to the train (about 2.5k's) they're builing a new highway exit to the estate, and only a few min drive to the shops.

Hope this helps and I apologise if it's a bit disjointed as I'm trying to do 101 thigns at once here.

Thanks Kesse. I have decided to buy a house and land 3 bedder + study with 2 bath + double garage for $290K in the Riverina estate. Based on my research I don't think I would go wrong with this IP.

 

[Georges]

anyone know where to rent carpet steamcleaning machine in Melton? how much?

Alternatively, how much does it cost to get a steamclean guy to come in?
any recomendation.

 

[schweedy]

You can hire them from coles melton south....just ask at the kiosk, not sure how much, there is a half day and full day rate from memory.

Steer clear of the jims guy, saw a job he did in a mates rental and it was shocking, could have done better with a vaccuum.....
let us know how you get on

 

[Mandy Mac]

I like to do it myself. I find you can do it better. A proffessional comes in and only goes over it once. Whereas when you have it for a day you can do it three times - which you need when the kids tip the 2lt of tomato sauce on the carpet & play slip 'n' slide on it.

 

[Kinnon Bell]

Just wondering what people's thoughts are on the new melton suburb (north melton) that I've been hearing about a bit lately.