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.