Wow, hadn't even realised. 85 seems like only yesterday!
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Hi Peter,
Where did you get those figures from, do you have a link?
Thanks,
GSJ
One thing, watch any unit developments. When houses are so cheap, units don’t have much of a demand IMO.
...I have yet to find a good explanation why a unit should cost the same as a house as it does in Melton...
Personally I am seeing the value in the older, well located (ie: either near the High/Coburns intersection or the High/Station intersection) houses. These are large blocks, in the very center of town, going for 180k with a 3 bdrm house on them.
Even if you work in the CBD, supermarkets, fast food and all the other shops are in the Malls so you need to drive to get there, so you need a car.
This has a lot of truth; in Melton one can either live near the major shopping centres or the railway station, but not both.
I consider this a major disadvantage of Melton compared to the better planned suburbs such as Frankston, Sunshine, Chelsea, Mentone, Malvern, Preston and even Roxburgh Park (from next month).
The financial implication of this is that with 2+ cars people can afford lower mortgage payments compared to 1. Which might somewhat limit capital growth compared to better located areas where people can economise easier.
The increasing number of mortgagee/reposessions in outer suburbs is another factor that might also limit growth in Melton. But I can't see prices dropping; if investors see good value, this might support prices, with the only change being an increase in the percentage of rental properties.
So in one sense I can see value in Melton, but there are also factors that might limit its growth.
I believe most of the houses on Plilip St are now sold, but are still listed on Realestate.com.au. A Barry Plant agent told me that the houses were on the market with another agent for a long period of time but did not sell. However since Barry Blant took over they have sold fairly well. Quite nice houses too.
Correctly bought they are cash flow neutral so why worry?
Hi Peter, at what LVR are they cash neutral for you please?
cheers