Melton Vic.

[zapjelly]

Hello all Melton investors

Hi all - not sure if anyone posted this.

http://www.destiny.net.au/media_centre.aspx

30 March 2009 Money Makers, with Melton VIC as Town Spotlight
© Sky News Business. Reproduced with permission.
Assistance provided by Elders Melton

 

[dragonlady309]

Bypass open for business!

Suraj

Bypass is open and is saving commuters at least 10 minutes (and approx. 6 sets of traffic lights!).

Harness Club open for eating and drinking only. Races will start in a few months.

 

[investwest]

I'm thinking Werribee

our obsession

Thanks for the VG figures. Looks like valuations went no-where between 1987 and 1994 (from our sale and your figures above), but have followed the "doubled in 10 years" theme since then.

Mmm - might be worth another look!

One for the Melburnians - we were thinking the Werribee/ Wyndham area might have offered better prospects. Would you prefer Melton or Werribee?? Anyone??

Thanks
LynnH

Hi, I think they are both good, but I would choose Werribee at the moment, we have an IP there, and it was a good buy, good capital growth, and excellent rental return. We bought it just on 2years ago for $219,000 and it was valued by the bank in September last year at $265,000, I dont think thats too bad. I think Melton will do well too, but you can still get bargains in Werribee, its closer to the city, you've got the Marina happening, and you're not paying that much more than you would for a property in Melton. Don't listen to any one who says not to buy over the bridge either, we have friends in NSW who laugh at the Melbournians who scoff at places like Werribee, they laugh because Werribee has great infrastructure, and is close to the city,and with the river and the town centre, its appealing to look at. I am glad for "Tobe's" friends that they did'nt take his advice, smart move buying in Yarraville.

 

[virgo]

Werribee

Hi InvestWest

Am also looking at surrounds of Werribee for my second IP. What's the main advantage and disadvantages of Werribee over Hoppers' Crossing?

Do you have any major problem renting out your IP seeing there are so many available at any one time? What do you think is the marina like compared to Frankston?

Looking to hearing from you

Thanks
jenn

 

[Peter Parker]

Hi InvestWest

Am also looking at surrounds of Werribee for my second IP. What's the main advantage and disadvantages of Werribee over Hoppers' Crossing?

Advantages of Werribee

- An old 'main street' town centre with all services close by - don't need a car
- Character homes south of Synnot St
- Werribee river and riverside houses
- Fully staffed station and trains to Geelong
- Designated major activity centre in Melb 2030 plan (though no evidence of much happening)

Advantages of Hoppers

- Closer to Mebourne CBD
- Newer houses (on average) that are mostly post '87 depreciable
- Has less of the 'sewage farm' reputation
- Werribee Plaza
- Doesn't have the rough looking suburbs of parts of Werribee

 

[Edwardo]

PM in Melton

Hi, thinking about purchasing my 1st IP in Melton and am after a good PM.. Can anyone please recommend someone?
Thanks,Ed

 

[Cherry Pro]

Hi Ed

Give Sharyn Callendar from Sweeneys Bacchus Marsh a call. I found her
on these forums and she manages our IP at Melton West very well.

Good luck !

 

[Edwardo]

Hi Ed

Give Sharyn Callendar from Sweeneys Bacchus Marsh a call. I found her
on these forums and she manages our IP at Melton West very well.

Good luck !

Thanks, I will

 

[investwest]

gee, you have put me on the spot here!

Hi InvestWest

Am also looking at surrounds of Werribee for my second IP. What's the main advantage and disadvantages of Werribee over Hoppers' Crossing?

Do you have any major problem renting out your IP seeing there are so many available at any one time? What do you think is the marina like compared to Frankston?

Looking to hearing from you

Thanks
jenn

Hi, I like Hopper's too, for different reasons. I think they are both undervalued, I might be biased though, as I live in Altona Meadows. The Werribee town centre has potential, you've got the river, train station, tourist attractions, and I think it's cheaper than Hoppers, the rental returns are good if you buy in the newer area's. We had our property rented out to a great tenant within a month, and that was before the rental crisis really hit in that area. How did Hoppers compare to Werribee as in what is available to rent? demographically I think, and I'm guessing on this, maybe Hoppers Crossing is better. I think they are both good, and Werribee is not that much further out than Hopper's. I don't think you will go wrong if you buy in either suburb, just watch where you buy, as they both have pockets that are better or worse than others. I think they have just started building the marina in Werribee. The plans look really spectacular, have you had a look at their website? the marina is in South Werribee, so I think that to cash in on that you would need to buy in South Werribee or as close to the town centre that you can get. Most of the houses in south Werribee are pretty old compeared to Werribee north, and you will probably pay more as the location is more desirable, but your capital gains will be higher in the long run. What do you want to spend? because if we were in a position to buy right now, personally I would be looking at Laverton, I think it's going to go right off, you watch.

 

[empire]

I had two properties in Melton South up for lease two weeks ago and they both went to very good tenants within days of being advertised. The rental market is very strong in Melton at the moment especially for brand new properties.

Regards
Trish

 

[Peter 14.7]

I think the budget announced money for Rail Link to West Werribee.

Regards,

Peter

 

[sash]

Sure did......that should improve prices there further.

I think the budget announced money for Rail Link to West Werribee.

Regards,

Peter

 

[Edwardo]

bulk of new homes on sale/rent

so am looking at re*.com.au to pick smth ... and see around 30 new townhouses + units/villas in andrew st area.
google map says it's under (south to) freeway, 1,5km to the m. south station, 1,5km to woodgrove shopping centre and even less to to high/palmerston streets, which as I understood is a shopping precinct as well.

seeing that some of the new villas are even offered with 2 weeks free rent as an incentive, this begs a question of my ability to compete with such an amount of available homes for rent.. anyone's opinion on this?
(Am I too late to enter melton's market? )

 

[Peter 14.7]

(Am I too late to enter melton's market? )

IMHO Yes.

Melton is has been featured a number of times in VIC papers, API, etc and I think the bargain status has moved on. It is also very affected by FHO demand which means rentals have stopped rising as FHO buy into house and land deals.

I say this a Melton Fan but I would not be buying here at the moment. There is a real risk that when rates rise these FHO will be forced to offload the packagaes at cost as happened when I bought in 2007 at 2003 prices.

Myself I see my meltong homes ar long tern set and forget superannumaiton investment. I bought at $230k and having locked in good rents and soon hopefully 10 year very low rates it willbe cash flow positve and in 2019 doubled in value as my St Albans VIC IP has. BUt now too much heat form uninformed FHO.

Here a tip, Units CHIPPENDALE NSW 2008. I have one here and thinking of getting more.

Peter

 

[Peter Parker]

Sure did......that should improve prices there further.

Not necessarily.

The rail link is intended to provide dedicated tracks for country trains to get into Melbourne without being held up by suburban trains.

Instead of routing Geelong trains via Werribee the plan is to route them via Sunshine on extra tracks.

Werribee itself could well become a dead-end as there is no guarantee that it will see direct trains to Geelong if their trains are diverted. If the Geelong - Werribee rail link is severed then this reduces the potential for central Werribee to develop as a 'suburban CBD', attracting commuters from the Geelong area.

Werribee and Laverton may gain through improved surburban rail services to the city, but continue as dormitory rather than employment areas. If you wanted to boost Werribee CBD (in particular) as an employment hub then you'd be retaining it as a stop and improving infrastructure there rather than building a bypass around it.

While there may be stations at Wyndham Vale and Tarneit one must ask what trains will run on them. If it's only country trains from Geelong then the service level won't be as high as a regular suburban station. There is also an issue of suburban stops slowing country trains, so we may be back to our original problem.

The project may assist Ballarat, Bendigo and Melton train travellers. It may also assist city-bound suburban train travellers in areas like Sunshine, Laverton and Werribee. As for the sort of service available at Wyndham Vale and Tarneit it's too early to know.

 

[R377]

anyone know what the minimum size requirements are for sub-dividing in melton ?

 

[mystery]

anyone know what the minimum size requirements are for sub-dividing in melton ?

My understanding is that they evaluate each case as its submitted. I spoke to a town planner at council a while ago, and basically he couldn't give me a set of guidelines. The impression I got is that council is very pro-development and will consider any proposal.

 

[normailson]

Hi, thinking about purchasing my 1st IP in Melton and am after a good PM.. Can anyone please recommend someone?
Thanks,Ed

Edwardo, I'm with with Coopers and quite happy with them. Fellow investors are with Sweeneys and happy with them. I would suggest you stay away from JG as they have little focus on the PM side of things. I think they focus more on sales.

 

[kero]

not sure anyone has a read on the shire's structure plans... the development coming to melton is MASSIVE... i don;t hold any interest at the moment... still doing my research.

Have a look at the following attachments. its like a whole new industrial park and city... not sure how long it is going to take for this to unfold 100% though... haven't seen a report from the state govt about contributing x%...

thank goodness someone taught me how to read structure plans... this indeed can be the best kept secret for investors...

not ramping... but will ramp after i buy an IP there

 

[mystery]

not sure anyone has a read on the shire's structure plans... the development coming to melton is MASSIVE... i don;t hold any interest at the moment... still doing my research.

Have a look at the following attachments. its like a whole new industrial park and city... not sure how long it is going to take for this to unfold 100% though... haven't seen a report from the state govt about contributing x%...

thank goodness someone taught me how to read structure plans... this indeed can be the best kept secret for investors...

not ramping... but will ramp after i buy an IP there

Thanks for the info Kero,...... I believe this is all part of the $15 Billion Government development plan for the area ...... It is going to be a huge benefit to Melton township when complete.

The Melton council also wants to make Melton a major commercial centre to attract business and employment. A lot of good things in the planning for the next few years, ...... a lot of upside I believe.

I've noticed a big upward price push on property in recent months, ...... virtually nothing under $200k now and new listing coming on around $235k ......

Martin