Yep, developer being forced to offload sale I would call it. These will be interesting. They are smart block i.e. only 400m2 though. Sell for ususally $220 to $225k and rent for $230 a week ish.
Peter
Melton Vic.
- Thread starter WBG Redcliffe
- Start date
Yep, developer being forced to offload sale I would call it. These will be interesting. They are smart block i.e. only 400m2 though. Sell for ususally $220 to $225k and rent for $230 a week ish.
Peter
considering getting myself in with one of those.....
any chances the vendor would negotiate, or will they be like "nope. we want this and only this"
i assume i'd need a solicitor in victoria though for a start.
and i'd have to go visit
because it's basically brand new, i could avoid doing the building and pest inspections though, right ?
and - any feedback or suggestions on property managers for the area ?
any chances the vendor would negotiate, or will they be like "nope. we want this and only this"
i assume i'd need a solicitor in victoria though for a start.
and i'd have to go visit
because it's basically brand new, i could avoid doing the building and pest inspections though, right ?
and - any feedback or suggestions on property managers for the area ?
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Yeah will probably buy a 3 bedroom in Melton for around $185,000. The area seems to be on the improve and in 5 years time when the infrastrature is complete could be a steal. When is the harness racing track going to open?
Seems like a good area for young familys too as many young people would buy there for the home buyers grant.
Seems like a good area for young familys too as many young people would buy there for the home buyers grant.
I had some friends visit the area on Saturday, in particular, the "Lakewood" area.
They told me that Melton in general is very nice, and it's cute.. it's got major chains, like a subway at least.. but they don't know if they saw a macdonalds, and plenty of other stores.
the lakewood area i was (am?) interested in, however, didn't look so good. there was alot of rubbish dumped around on vacant blocks, and bent street signs and stuff.
She DID say, that it could be cause it's still new and developing, and in fact, i recall dunlop being like that for a time..
so now, i'm going to have to weigh up further. especially as the one i was interested in is under neg..
They told me that Melton in general is very nice, and it's cute.. it's got major chains, like a subway at least.. but they don't know if they saw a macdonalds, and plenty of other stores.
the lakewood area i was (am?) interested in, however, didn't look so good. there was alot of rubbish dumped around on vacant blocks, and bent street signs and stuff.
She DID say, that it could be cause it's still new and developing, and in fact, i recall dunlop being like that for a time..
so now, i'm going to have to weigh up further. especially as the one i was interested in is under neg..
Melb Wildcat:
This might be of interest:
http://www.meltonhrc.com.au/content/home/
(it's updated regularly..pictures and aerial views of construction too)
This link for FAQ:
http://www.meltonhrc.com.au/content/racetrack/
This one for an artist's impression of part of the complex:
http://www.meltonhrc.com.au/content/links/
(has links to employment, news, motel, etc)...sponsors! "Tabcorp and Harness Racing (HRV) last month signed a Memorandum of Understanding to enter into a new 15 year partnership agreement ....The $7 million partnership reinforces the longstanding affiliation between Tabcorp and HRV and will generate significant financial and strategic benefits for both organisations..."
(Per Harness Racer Publication September 2007)
It's not just the horse/racing aspect of this venture (me talking now) but the associated facilities; eg four star motel, function and conference centre, restaurant, sports bar, Tabaret gaming room and TAB.
Horse racing is the third largest industry in Australia....it's my understanding the HRV want Melton to be the home of Harness Racing..
*When will harness racing commence at Melton?
Harness Racing Victoria is aiming for racing to commence at Melton in the second half of 2009.*
This might be of interest:
http://www.meltonhrc.com.au/content/home/
(it's updated regularly..pictures and aerial views of construction too)
This link for FAQ:
http://www.meltonhrc.com.au/content/racetrack/
This one for an artist's impression of part of the complex:
http://www.meltonhrc.com.au/content/links/
(has links to employment, news, motel, etc)...sponsors! "Tabcorp and Harness Racing (HRV) last month signed a Memorandum of Understanding to enter into a new 15 year partnership agreement ....The $7 million partnership reinforces the longstanding affiliation between Tabcorp and HRV and will generate significant financial and strategic benefits for both organisations..."
(Per Harness Racer Publication September 2007)
It's not just the horse/racing aspect of this venture (me talking now) but the associated facilities; eg four star motel, function and conference centre, restaurant, sports bar, Tabaret gaming room and TAB.
Horse racing is the third largest industry in Australia....it's my understanding the HRV want Melton to be the home of Harness Racing..
*When will harness racing commence at Melton?
Harness Racing Victoria is aiming for racing to commence at Melton in the second half of 2009.*
Thanks Our Obsession for the information. It seems like a good place to invest in now while the prices are still very cheap. Probably just need to wait a couple of years for good growth though. Maybe with what I save I can buy a horse lol.
Thanks to this thread Melton is now on my possibility list for a first home purchase.
Even better than Bendigo or Horsham perhaps, being closer to Melb?
I wonder how it will fare in terms of CG and rental yields and vacancies in future.
tiger,
I bought an IP in Melton 18 months ago and I'm very happy the way things are shaping up. Some cg and no trouble renting. I'm looking forward to some good long term gains .....
I know of a couple of other investors who hold IP's in Melton and some others looking to buy in, .... all very positive news coming out of the area for future growth and infrastructure. My opinion only, you must make up your own mind with your own DD.
Martin
I bought an IP in Melton 18 months ago and I'm very happy the way things are shaping up. Some cg and no trouble renting. I'm looking forward to some good long term gains .....
I know of a couple of other investors who hold IP's in Melton and some others looking to buy in, .... all very positive news coming out of the area for future growth and infrastructure. My opinion only, you must make up your own mind with your own DD.
Martin
Well Im going there to look around in 2 weeks time. Previously was thinking of buying much further out west or north, but if I can get something decent in Melton under 200k then that will be my pick.
Was told from a Melbourne friend that there are some rough dodgy parts in Melton though and I assume thats where the sub 200k houses are coming from.
Was told from a Melbourne friend that there are some rough dodgy parts in Melton though and I assume thats where the sub 200k houses are coming from.
I just bought a property in Melton within the past week and I'm really excited about it. Lots of great info on this thread, it was a great place to start looking at the area.
Lots of wonderful generous people helped me too.
Lots of wonderful generous people helped me too.
Congrats!
Its fast becoming my most likely location.. just put off by a few comments from people who think it won't grow due to too much land being released there.
Wish I could be like you and just decide
Congrats!
Its fast becoming my most likely location.. just put off by a few comments from people who think it won't grow due to too much land being released there.
Wish I could be like you and just decide
tiger,
Re: the comments quoted above. As I mentioned in my earlier post we bought 18 months ago, .... we knew when we bought it was a flat market, but our research gave us confidence that it would be a good investment long term and we are not disappointed. In the short time we've held our IP it has grown at least 10% - 12%, ... and get this .... new homes and land sub-divisions were being released in that time-frame as well.
The capital growth hasn't exactly exploded as yet, but most of us are long term holders of IP's and with the amount of money being invested in the area for improved infrastructure then I believe it has a prosperous future.
The capital and rental return is not to bad. I expect it to improve over time (We are getting over 6% rent return at present). For the amount of money you have to invest tiger it's not a bad place to consider, especially with it's close-ish proximity to Melbourne CBD and the Deer Park Bypass due for completion in 2008 from memory. This will reduce commuting time even further according to reports.
Regarding investors negative feedback, .. well I imagine that those people don't hold IP's in the area which is fine. Don't take our word for it either positive or negative, ..... read all the threads available on SS re: Melton (some good ones available) and speak to the Melton Council and read council reports on it's web site and research on the net for announcements ...... I think you will find more positive indicators compared to negative.
Ultimately it's your decision and it doesn't matter whether you invest in Melton or not as long as you do your own DD and make your decision based on the facts as you see them.
Good luck
Martin
Congrats Shutter Girl on your recent purchase and hope all goes well with it.
Tiger, I agree with Mystery. I bought in Melton without getting input from the forum and was pleasantly surprised to find a few happy 'campers' who had also bought there.
Have you read all the posts about Frankston - the market there has moved
substantially over the last 5 - 6 months and don't think there's much land being released there but doubt you can buy there now at prices equivalent to Melton but maybe ... I'm not comparing apples with apples here.
I know for a fact that one could have got into the Frankston market earlier this year at about $200k - $210k mark for a 3 bedroom freestanding home but that is now a thing of the past, the yields however were not as good as Melton.
DYODD and good luck !
Tiger, I agree with Mystery. I bought in Melton without getting input from the forum and was pleasantly surprised to find a few happy 'campers' who had also bought there.
Have you read all the posts about Frankston - the market there has moved
substantially over the last 5 - 6 months and don't think there's much land being released there but doubt you can buy there now at prices equivalent to Melton but maybe ... I'm not comparing apples with apples here.
I know for a fact that one could have got into the Frankston market earlier this year at about $200k - $210k mark for a 3 bedroom freestanding home but that is now a thing of the past, the yields however were not as good as Melton.
DYODD and good luck !
I just bought a house in Melton! yahoo! It;s also very close location to the Kmart, Coles, Safeway, Bunnings, KFC, McD, Red Rooster there. Very good!
The best deal is 2 agents told me the rental is hot there now, one of them rented 18 houses in the past month!
Had a phone conversation with her today and she said almost every home she has has 10 people applying to be tenant.
When the freeway and racecourse are completed it will be even better.
The best deal is 2 agents told me the rental is hot there now, one of them rented 18 houses in the past month!
Had a phone conversation with her today and she said almost every home she has has 10 people applying to be tenant.
When the freeway and racecourse are
completed it will be even better.Georges, care to share who you spoke to????? Who is your property manager
Hello Camel
Not quite sure what you mean by second and third options .... there are
plenty of places available for sale in Melton so if I missed one ... (and I
did miss 2 or 3 - got sold at higher than my offers) there's always another
one around the corner.
Congrats Georges on your purchase. What did you end up buying ? Good to
know that there is a strong demand from tenants in the area as well.
Good luck !
Not quite sure what you mean by second and third options .... there are
plenty of places available for sale in Melton so if I missed one ... (and I
did miss 2 or 3 - got sold at higher than my offers) there's always another
one around the corner.
Congrats Georges on your purchase. What did you end up buying ? Good to
know that there is a strong demand from tenants in the area as well.
Good luck !
