Melton Vic.

[Peter 14.7]

Thanks Virgo

VALUATION
So I need to get CBA to desktop valuation and all is good. Worth a try. Ours are 4 bed. God bless lazyness

PM's
I bought on from Sweeney and dumps then after they failed to perform 2 years back. I am with Barry Plant and prop manager is very, very good. WHe just evicted prblem tenant for us and pursued like a root weiler. Name Damian 03 9746 6000. My only complaint is he is little conservative on rental estimates in my opinion.

RENTALS
So that brings up to melton rentals.

We just re-rented the evicted premises similar to yours (only DLUG) for $270 in less than one week and whilst under repair and tenants say she would have paid $280. It is very nice originally and now again, thanks to $3k in repairs after tenants trashed it.

Yours is definanely worth $270 and should get $280.I sense from other reports and investors i know in melton the market has jumped (again). Maybe stock is tight with FHO buying up all the rental stock.

Melton is hard to understand for me because (i think) it is Affordable Westen Melbourne market and I still think like an inner city Sydney person. I could never live there!

Watch quality of tenants and make sure you have read the "fine print" in your insurance cover. I feel am going to be screwed. FYI Once I know I am going to thread the experience so others can learn.

Peter

 

[Peter 14.7]

Ohh, rental statments als o hard to read. Make sure tenants pay weekly and that makes it easier not monthly. part payment rubbish oneach statment makes it one month out of date.

Peter

 

[virgo]

Hi Virgo

That is excellent ! Capital growth of $70 k in 2.5 years is definitely not something I'd thumb my nose up at !

Seems that you have set yourself up for your next purchase. As Peter says, cover costs, have a self sustaining IP, remove LOC and move on to another deal. Great outcome.

Hi Cherry Pro

Yes, definitely looking to buy again! If you think my Melton valuation is good, wait till you hear about my Sydney one. I nearly choked!

 

[Cherry Pro]

Party time, then. Sydney was only a recent purchase and you're saying the price has run away already !

 

[Peter 14.7]

Hi Cherry Pro

Yes, definitely looking to buy again! If you think my Melton valuation is good, wait till you hear about my Sydney one. I nearly choked!

Share the Love!

I also have Sydney Apartment bought in 2007 for $320k which I think is worth $400k so I would like you bank valuation experience. My only issue is a recent sale at under this by bit but I tell you, very very dodgy sale.

Interstate Vendor with no idea of price, divorce sale. Listed, no auction and sold to the third person through the door. No haggling. I smell a REA mate

Anyhow, tell us more re Sydney.

Peter

 

[Suraj]

Where to buy nex then?

Hi huys, it looks like u guys are experienced inestors, just buy b4 price rise. Howeer I am learning the hard way. Just bought one unit in Sydney Hurstille at 340 at the peak of the market, in 2004. Waited so long to get price rise of 2009. Now I knew that the best time to buy was 2007-08 when price was low and house and unit were eery where and no body was buying. But because of the last purschase I scared to buy in sydney that time and I am regreting now. But I knew little bit more now.

How u guys think ? where to buy next ? melbourne? sydney, adelaide or brisbane? your iew is appreciated.

Suraj

 

[Suraj]

Where to buy nex then?

Hi huys, it looks like u guys are experienced inestors, just buy b4 price rise. Howeer I am learning the hard way. Just bought one unit in Sydney Hurstille at 340 at the peak of the market, in 2004. Waited so long to get price rise of 2009. Now I knew that the best time to buy was 2007-08 when price was low and house and unit were eery where and no body was buying, and interest rate was falling. But because of the last purschase I scared to buy in sydney that time and I am regreting now. But I knew little bit more now.

How u guys think ? where to buy next ? melbourne? sydney, adelaide or brisbane? your iew is appreciated.

Suraj

 

[mystery]

Suraj,

This thread is specifically about Melton in Victoria, which is probably why you haven't had a reply.

If you are looking for advice about buying an IP in Melb, Syd, Adelaide or Brisbane then you would probably be better starting you own thread or posting in a similar "where should I invest" type thread where those options are discussed in detail.

Martin

 

[Cherry Pro]

Hi Suraj

It will be best for you to post your query in a new thread but I think the Sydney market is looking pretty good atm. If you can get 7% rental returns, I'd buy in Sydney for sure.

About your first unit purchase at Hurstville - we all learn from our mistakes and move on, the person who doesn't make a mistake usually doesn't make
anything.

I'd look at the surrounds of Liverpool, Campbelltown, Mount Druitt. A few months ago (and you might still be lucky) you could get units at Lakemba for the around the $170k - $180 k mark, renting at $280 per week.

If all else fails, get in touch with Nathan Birch on the forum.

Good luck !

 

[virgo]

Melton (& Sydney)

Hiya Peter and Suraj

Peter, sorry i missed your earlier post re valuation in Sydney....

My PPOR in Sydney has come back with a valuation of 18% increase since 2007...(lower north shore, middle ring). Did not do much apart from mowing the lawn and tidy up the (usually) messy house. It helped that the valuer is Chinese (i think) and knows this area is popular with the Asian community. He indicated my land value alone is 700K

Suraj, don't be discouraged by your Hurstville purchase; time cures all wounds, it is the whole portfolio's performance that counts. My last purchase was in Ambarvale (in Campbelltown); bought 245K, rented 320 per week; the last time i looked, there are still bargains out there.

And yes, my next purchase will still be in Sydney.


Cheers

 

[human]

3 cheapest properties sold across Melbourne Metro last week:

1.48 Coburns Road, Melton South $185,000
2. 3 Richard Road, Melton South $225,000
3. 29 Bernard Drive, Melton South $238,000

Not sure about all the ho hum - but Melton imo has a very long way to go. Hactares and large vacant paddocks every where you see - land is not in short supply here.

Human

 

[ForeverStudent]

Hmmm.... I didn't realise that Melton's median price is still so low. I will be keeping an eye on the progress here. Maybe development opportunities soon...

 

[sash]

Great....Coburn Rd is a busy road......but I would be happy with 225K for my Melton South place.

3 cheapest properties sold across Melbourne Metro last week:

1.48 Coburns Road, Melton South $185,000
2. 3 Richard Road, Melton South $225,000
3. 29 Bernard Drive, Melton South $238,000

Not sure about all the ho hum - but Melton imo has a very long way to go. Hactares and large vacant paddocks every where you see - land is not in short supply here.

Human

 

[RRR]

Investment in Melton

I have just invested in my 2nd property and have chosen Melton for number 2 despite the negative stigma attached to Melton.

I have bought a land and house package in the new Botanica Springs Blvd MELTON (Brookfield).

I believe this is a great location in Melton as it’s near ALL major amenities and is going to be a premium estate (better then the new Melton West).

It has cost me $285000 and includes or the basics including air con and landscaping. No more to pay!! (Well I hope anyway as im a bit weary of some developers and their promises)

The stage will be completed by mid next year sometime and I think I will be able to get $280 for it.

Any thoughts about this area of Melton?

 

[Suraj]

Hi Cherr Pro

Hi cerry Pro thanks for your adice. I hae one 19yo 3bdr, 1 bath, 2car, in Norma st. just at the back of police station, 7 min walk to High street shops bought at 200K in 2008. I think its gone up by now. rent is 230pw. As this forum is only for the melton inestor, at the same time the melton inestors are also inesting somewhere else and hae idea about the market. Thats why I asked that question in this melton forum any way. not a problem. Thanks for ur suggestion.

Suraj

 

[empire]

Hello RRR

We have a number of managements for clients and my own personal properties in the Brookfield Estate and the lowest rental we collect in this estate is $285 for just a very basic 4 bedroom home with no air con and very little area for children to play and the highest being $320.

Your right it is a lovely estate and whenever we have a new property come up for rent we are never short of really good applications.

Good Luck with the build.

 

[empire]

Hiya Peter

Valuation by Westpac was a desktop one. The house is a 3BR plus study; it has a triple garage and ducted airconditioning. Haven't seen it myself tho but according to hubby the condition is average. Location is very good tho for that part of Melton West.

Rental $260. (thinking of increasing it to 270). Not happy with my current
rental manager at Sweeneys. Couldn't make head or tail of the rental statements (and i have an accounting degree!!!) Any recommendation?


Cheers

Hello Virgo

Send me an email and I will send you a copy of what a good rental statement that is easy to follow and you do not need an accounting degree to make head or tail out of it.

Cheers

 

[RRR]

Hello RRR

We have a number of managements for clients and my own personal properties in the Brookfield Estate and the lowest rental we collect in this estate is $285 for just a very basic 4 bedroom home with no air con and very little area for children to play and the highest being $320.

Your right it is a lovely estate and whenever we have a new property come up for rent we are never short of really good applications.

Good Luck with the build.

Thanks empire

 

[Suraj]

How is property market in melton

Thanks empire

Hi Melton investors, how is the current market in arrund melton? Property prices look increasing in the last two year also the rent. How is the market at present, is there any effect of current interest rate rises? How is the rental market? If any idea appreciated.

Suraj

 

[Peter 14.7]

My thoughts on melton are;

rents rise steadly and surely.
tenants can be issues with lastepayments and good PM is essential.

Those who rent, ususally cannot buy so whilst the FHO boost worked in Investors favour by taking stock from the market as more moved into Melton and thus tightening rents for the remaining stock.

If you pay $250 it will rent for $250a week. Then is rises.

Peter