Just sold our 4x2 in Melton West at $300k, bought it in 2007 at $215k. I'm not complaining - approx 7% growth pa, not bad. Rental yield was around 6.7%.
Melton (VIC) buy or not to buy?
- Thread starter jayshi
- Start date
Yes Peter, 4 bedroom with 2 bathrooms.
Count yourself lucky.
Melton has been going backward in terms of prices over the last year.
We use Damian at Barry Plant Melton. Excellent but ask for Damian only not the underlings. No charges, electronic statements, paid fortnightly.
Peter
Hi Peter
Just saw this ... ours was a 900 sq metre block without ducted aircon and had a DA in place (from purchase) to put a 2 bed unit at the back
Just saw this ... ours was a 900 sq metre block without ducted aircon and had a DA in place (from purchase) to put a 2 bed unit at the back
Interesting approval re the DA. 900 m2 is rare in Melton. Well done, Peter
Why did you sell? Have you reached your $5m goal already? 
Guessing from what you posted...the profit is more like $70k...
House price $215,000
Stamp duty $ 9,000
Legals $ 1,000
Selling Fees $ 5,000
Cheers
Sash
Guessing from what you posted...the profit is more like $70k...
House price $215,000
Stamp duty $ 9,000
Legals $ 1,000
Selling Fees $ 5,000
Cheers
Sash
I ran some numbers out of curiosity as my parents bought their PPOR their.
Sold 3x1 in Melton south in 1988 70k to housing commission.
Bought 4x2x2 850sqm in West Melton 130k 1988 (house was 2 yr old - near James Cook Drive closer to Woodgrove end).
Sold 12-13 years later for 230k (100k CG) (not inc buy & sell costs)
Cherry Pro posted she sold 4x2x2 with DA for 300k
So the numbers in this situ are not great just under 5% CG pa for the first 12 years and for the next 12 I think it had increased to 6%
CherryPro has CG at 7 % as her profits I assume are divided by 6 years not twelve.
What I take from this is that Melton is slowly increasing in CG% even though lots of land available.
My only rent experience was that in the 1996/7 cheapest 2 bed I could rent was $110 per week - don't know what they rent for today or how the yields compare then to now.
Sold 3x1 in Melton south in 1988 70k to housing commission.
Bought 4x2x2 850sqm in West Melton 130k 1988 (house was 2 yr old - near James Cook Drive closer to Woodgrove end).
Sold 12-13 years later for 230k (100k CG) (not inc buy & sell costs)
Cherry Pro posted she sold 4x2x2 with DA for 300k
So the numbers in this situ are not great just under 5% CG pa for the first 12 years and for the next 12 I think it had increased to 6%
CherryPro has CG at 7 % as her profits I assume are divided by 6 years not twelve.
What I take from this is that Melton is slowly increasing in CG% even though lots of land available.
My only rent experience was that in the 1996/7 cheapest 2 bed I could rent was $110 per week - don't know what they rent for today or how the yields compare then to now.
It is still not bad.....
Lots of people bought houses in he better areas for 450500k and they are now worth about 600-650k during the same period.
Their profits are lower...after stamps and growth.
I bought my place in Melton South for 155k in 2007....it is now worth about 250k. I am happy with 95k growth in 6 years. However, I have spent about 10k in renovations.
Regards
Sash
Lots of people bought houses in he better areas for 450500k and they are now worth about 600-650k during the same period.
Their profits are lower...after stamps and growth.
I bought my place in Melton South for 155k in 2007....it is now worth about 250k. I am happy with 95k growth in 6 years. However, I have spent about 10k in renovations.
Regards
Sash
IMO Melton should have growth in 2014.
Cheapest Off the PLan 4 bed is $310k and often more like $325k. They use to be $200 's.
Supply is the issue but it has dropped 50% according to my agent both rental and sale.
Sadly, the RUDD led FHO Boom pumped massive numbers of houses into here and keep all things flat. Could be worst, SE QDL people paid high $200s and selling for low to under $200's. Rents are higher though.
Stil not great but, you have to be in it, to win it.
Peter 14.7
Cheapest Off the PLan 4 bed is $310k and often more like $325k. They use to be $200 's.
Supply is the issue but it has dropped 50% according to my agent both rental and sale.
Sadly, the RUDD led FHO Boom pumped massive numbers of houses into here and keep all things flat. Could be worst, SE QDL people paid high $200s and selling for low to under $200's. Rents are higher though.
Stil not great but, you have to be in it, to win it.
Peter 14.7
yes, Melton West new houses are relatively cheap and affordable. People looking for affordability should look there to start up their property investment portfolio.
When I first started my portfolio, I bought in affordable suburbs like Churchill and Melton to set up my portfolio, then after a few years, I bought in the CBD. I found in the property game, the hardest part is to find a property that fits your affordability range and then get the bank loan. After you got the loan, it gets easier because you let time, inflation and capital growth and tax advantages to work to your advantage. The trick is to get yourself into the game.
How much is the FHOG now?
When I first started my portfolio, I bought in affordable suburbs like Churchill and Melton to set up my portfolio, then after a few years, I bought in the CBD. I found in the property game, the hardest part is to find a property that fits your affordability range and then get the bank loan. After you got the loan, it gets easier because you let time, inflation and capital growth and tax advantages to work to your advantage. The trick is to get yourself into the game.
How much is the FHOG now?
You and your siblings are going to get lots of marriage proposals!
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lol, once they start knocking but for now there's too much land available in melton.
On the basis of being rezoned and excluding fees, gross profit is 100 acre yield two blocks per acre after road and parks so 200 blocks @ $100k gross return $20M.
Not bad investment. Peter
Very true considering he purchased it 1985 for $105k. If council rezones he'll be in big trouble as rates could be as high as $40k per year.
