Melton Vic.

No problems finding tenants for my IP in Melton, ... the day after old tenants moved out the new tenants moved in. This was about 6-8 weeks ago and we increased the rent at the same time.

I was talking to my PM the other day about rent amounts, ... she was saying that she has increased the rent for over 150 of her rent listings in the past couple of months. You generally wouldn't be able to do that without their being a demand for the properties available.

Martin ..... :p
 
Woodgrove Walk

Is anyone familiar with this area of Melton and able to shed share any info?
I am looking at a brand new 3x2 + study for 254K.
Developer has (apparently) dropped price by 20K to sell it and move on to next stage.
Would be ok I suppose from the perspective of it being new so depreciation would be good, however what about location/rental returns etc? and pricing compared to general area.

Tim
 
The increase is Melton's Crime rate is consistent with an expanding area. It includes the entire shire of Melton which involves all the new estates (Caroline Springs etc). Without researching the issue, I have no doubt the increase will be in 'low volume crime' which is theft of number plates, theft of motor vehicles, burglaries etc. With the population and new building explosion the crime rate will continue to rise as there are more people, more houses (to be burgled, especially those under construction), many more motor vehicles (so this drives up the theft). This crime increase is common with expanding areas and I wouldn't put much emphasis on it. If serious crime was on the increase alarm bells might ring, but there is a much larger increase in this closer to the city.

As for me I purchased a 10 year old house in Melton 2 months ago on 730m block which I plan to subdivide. Paid $180 and rents for $200. It's a long term investment for me, and by the time I get a unit on the back I think it will be a good pick up.

If you knew what Melton was like 10 years ago, it is a different place now. Main roads have been duplexed, streets upgraded, major shopping centres built (including bunnings megastore) with another shopping complex due to be built not far from the new harness racing complex. Melton is aiming to be seen as the equestrian center of Victoria. Google 'Eynesbury Estate' and check out the new estate being built a few km's South of Melton South. It has a new golf course (which I think is already operating) and will have an equestrian centre.
 
timmyboy said:
Is anyone familiar with this area of Melton and able to shed share any info?
I am looking at a brand new 3x2 + study for 254K.
Developer has (apparently) dropped price by 20K to sell it and move on to next stage.
Would be ok I suppose from the perspective of it being new so depreciation would be good, however what about location/rental returns etc? and pricing compared to general area.

Tim
Click to expand...

Has a similar (maybe same) property offered to me for $262k just now. Back in July you could get these for $225k. What does this mean? The deal from the Developer aint that great.

Also I am told new house and land is $273k so who is telling the truth.I woudlbe suprised if the market has moved from $225k to $250k plus in such short time...

I passed on Woodgrove Walk as the block sizes are small. Why not pay a littel more for full size block and wider appeal?

Peter
 
As a Melton long term local, i find all your posts v interesting as outsider comments.
Some clarifications:
Deer Park bypass will have HUGE impact on commuters - i can personally sit on that stretch of highway near Caroline Springs for 30 mins
Melton predominently commuters - rail service generally seen as inadequate to meet growing numbers - although recent Ballarat fast rail has improved travel times slightly
Yes, shopping precincts are split, but this has actually created different flavours in different areas - still need a car to get around tho
Lots of recent shopping developments, and major centres relatively close by (Watergardens, Werribee)
Eynesbury and Strathtulloch new upmarket developments just below Melton Sth worth a look but more $$$
Caroline Springs regarded as higher priced for less land, drain on Melton ratepayers for new infrastructure
Melton vs Melton Sth vs West vs Kurunjang etc - pockets of nice/less so all over - nice development v central - Darlingsford - a little $$er
Crime rate - no noticable difference that i can tell - i think this number taken from whole of shire - C Springs, Hillside, Burnside, etc included

Overall, i would say Melton is on the improve and the vibe is +ive. would be better if more local employment. No longer just 1st home buyers - local adult children now buying into the market themselves, and i'm considering local IP's myself!
 
Very interesting to hear from a local Katlin :)

So would you be comfortable purchasing in Melton South? Thats where Im seeing the cheapest properties.
 
I live in Melton Sth myself and have seen some values decline as people sell and houses become rentals; this applies Melton overall. i would still buy in Sth, but i would lstill look at the immediate area and have a good PM. a house 2 doors from me just sold days ago - 4br 2bath, 215K, approx 10yo, v nice but no garage or carport. i dont know whether its worth mentioning Melton is a v low rainfall area, and drought has seen virtually all lawns and v many gardens die, surely this has some effect on prices.
 
Im thinking that the 200k range is the best way to go in Melton at the moment. 180-190k seems to be near the bottom of the market properties.
Which unfortunately may mean Melton is off limits to me now.

Thanks for reviving this thread :)
 
Thanks Katlin.

Local knowledge is invaluable. Please keep posting, pros and cons, as you can add essential knowledge :) .

I am glad to see you believe the Bypass is an Ace Card as I believed.

I base my call on my Sydney experience. Being a newbie to Victoria (18months) and having lived 10 years in Sydney I am amazed at the ease of road links in Vic but I can see trafffic increasing in 10 years making these links even more valuable to IP growth. The fact the bypass is toll free is even better.

In Sydney the right suburb is very much on travel time and access, public and private transport. Melton is in transformation like Surry Hills was when I moved in in 1996. It was seen as dodgy, low rent suburb, full of old terraces, dangerous at night and one step up form Redfern. Nothing like Paddington.

In 2007 SH is trendy. All the old terraces have been bought by owners and refurbished. Rent is high and desirable. Street scaping abounds. Night life from cafe, etc.. is everywhere.

Now Melton is not going to be inner city cafe but the new shops, cinema, hospital, harness racing etc.. will add desirability for those who want a affordable new home in estate. And this brings jobs....

As and example in Macedon Ranges we use to have and ultrasound in our town. It closed and they consolidated to Melton being only 30 minutes away. That means high end white collar jobs went to the there. And when we visited for wife recently, yes we bought in a local cafe, then played in McD and then popped into Bunnings. All money being spent in Melton because of it regional status.

Peter 14.7
 
Thanks Katlin and Peter ... for all those insights .. from people on the ground and in the know of things.

All this is music to my ears having bought sight unseen in Melton earlier in the
year.

Cheers
 
I was talking to the re agent on the phone today that sold me my Melton IP. We bought a couple of years ago, but I still like to keep track of what the market is doing. He was telling me that new listing are hard to find and that investors who are procrastinating are just missing out as properties are moving very quickly now at the bottom end of the market. Always a good sign that things are starting to move.

He was saying that things are really starting to tick along very well and he expects things to really heat up shortly. New listings are thin and any new listing coming onto the market are generally at higher price levels that before. He was saying once the few still available under the $170k level are gone, they will be very hard to find in the future.

My brother managed to pick one up yesterday for a very good price in a central Melton location, coincidentally with the same agent.

Seems to be a lot of publicity about the area at present and in the Nov issue of API on page 100 in the section on Victoria, it has Melton listed as the number one most affordable Melbourne suburb, .... this you'd imagine can only help promote further interest in the region.

Anyway, ... I know some people don't rate the suburb, but I'm one that is very happy I have an IP in Melton.

Martin :D
 
Happy to supply local knowledge, some more tips:

I agree with confidence in earlier posts about the Harness Racing Centre, and can confirm this construction is booming ahead, at all hours and days of the week. Advance publicity announces largest of its type in Aust (and poss sth hemisph), and will incorporate hotel, conference facilities, etc. etc. on a huge parcel of land, on the industrial park end of town. Across the road from the golf driving range, and a neighbour of Frews, (v large meat wholesaler), Saizaryia(?), Boral etc. etc.

Other recent developments - new health facility (Melton Health) with day procedure centre, chemo suite, etc. , Aldi store (v popular), Tasman meats (exc meat wholesaler direct to public).

Children - everywhere; Melton is disproportionate to the general population of Vic in this regard. Larger than average number of kids, v small pop of seniors (although recent developments of large nursing homes). As a result of bulge in this population, lots of services for kids. Wave pool, basketball stadium, although just redeveloped has also been outgrown and a further stadium mooted. Lots of primary & secondary schools (a couple with enrolments 1500+) also small campus of Vic Uni. All the associated sporting assoc, and playing fields. All good news for investors...

More on transport issues: Deer Park bypass ahead of schedule due to no rain stoppages during winter (silver lining to drought I guess). More roadworks at Rockbank fixing blackspot intersection of minor country road with Wstn Hwy. Other road option to city is Melton Hwy (struggles at peak times) and then Calder/Tulla Fwy (heavily congested as then joining with traffic from Watergardens, Taylors Lakes, Sunbury etc).

Todays local paper - Caroline Springs residents holding public meeting to complain about lack of train station between Rockbank and Albion, forcing them to drive or bus to either of these (15 mins drive), and then standing room only. BY comparison Melton has established station and has extended car parking in recent years. Rockbank has station but limited service.

More on Rockbank: personally i wouldnt recommend. Its name derives from the fact that it is built on a base of rock, which has to be jackhammered or blasted to make way for slabs, plumbing, etc. Costly. Also only has a general store - even petrol station closed down. No shopping at all. Does however have a caravan park (??) which has recently been overhauled and has a lot of new permanent cabins. (Melton also has rocky soil, and all houses are built on slab due to this)

So i guess if you're considering the area; Melton still a rural/urban mix and a services hub for surrounds; Bacchus Marsh (8 mins west) more rural but also seeing housing growth,;Rockbank a dormitory type suburb but with virtually no services; Caroline Springs much more suburban, but not yet caught up with facilities (still building schools, etc), ditto its adjoining cousins, Taylors Hill, etc.

One final thought that might go a little way to explain the lure of Melton - A LOT of truckies live here as its on a major route, and the low land price is attractive as larger blocks which allow truck parking.

If any of this is of interest, fine. Please feel free to pump me for specifics, as i have only recently discovered this site, and i'm learning heaps myself.

cheers,
 
Great info Katlin, .... keep it coming. I haven't been back to Melton since we bought our IP (Jan 06) and many others have bought sight unseen including my brother (yesterday), so this info update is really useful.

Interesting to hear that the Deer Park bypass is ahead of schedule. When we bought the Bunnings superstore was in the pipeline and the re agent was talking about the Melton Health facility opening, .. I didn't know about Aldi and the Harness racing centre wasn't even mentioned. Our IP is one street back from the gold course, so I presume the harness racing centre is near there.

Martin ;)
 
Hi Martin,
Yes, your IP is quite close, technically it could be called Melton or Melton East. If you are familiar with Melton Hwy (aka Melton/Keilor Rd and the main road betw Melton & Keilor) - this is v close to your IP. This road changes its name to Ferris Rd when it reaches Wstn Hwy. If in doubt check it out online with Melways, or even Googlemaps, or even the Melton Council website.

The new Harness Racing centre is on the southern corner of Wstn Hwy and Ferris Road, so its technically Melton Sth (as is anything this side of the highway). So you could drive to it in 2 mins easy.

Congratulations on picking up in that locale. That area of Melton is v desirable - established and close to High st shops. That area is generally v well kept also. Also v accessible to exit/entry routes - Melton-Gisborne Rd, also Melton-Keilor Rd and Wstn Hwy. All of this area is established, so i doubt there's still a vacant block left in immediate vicinity. Once you cross Centenary Ave much more available - you're into Kurunjang then. This area is also v close to the main parkland - Hannah Watts Park - good facilities, including extensive bike tracks, bbqs, play equip etc. You are also v close to the premier private school in the area - Mowbray College (Centenary Ave), and also an original public school, Melton Primary, and RC church & school, St Dominics. Also, civic centre walking distance.

Katlin:D
 
API quoting Melton

Hello All

FOr those following this thread you may be interested to know the NOv 07 API Mag had an article on melbournes budget buys and listed the top 10 base don affordablity, potential, crime, etc.. They are in order:

Melton
Werribee
Broadmeadows
St Albans
Cranbourne
Meadow Heights
Hampton Park
Hoppers Crossing
Carum Downs
Sunshine West

The bold ones are in Melbournes West. What stood out to me is Melton Population was quoted at 7,305 and I understand proposed final figure is 30,000 by 2020.

Peter 14.7
 
Peter 14.7 said:
Hello All

FOr those following this thread you may be interested to know the NOv 07 API Mag had an article on melbournes budget buys and listed the top 10 base don affordablity, potential, crime, etc.. They are in order:

Melton
Werribee
Broadmeadows
St Albans
Cranbourne
Meadow Heights
Hampton Park
Hoppers Crossing
Carum Downs
Sunshine West

The bold ones are in Melbournes West. What stood out to me is Melton Population was quoted at 7,305 and I understand proposed final figure is 30,000 by 2020.

Peter 14.7
Click to expand...
Sorry Peter 14.7, but your data is incorrect.

Please see http://www.id.com.au/melton/forecastid/default.asp?id=116&pg=1 for accurate figures on 2006 and projections for 2021.

Actual figures for Melton township are 37,132 (2006) projected 2021 - 57,845

this is a very good site (by the Melton Council) and well worth a look by anyone interested in household and population breakdowns and projections for the future.
 

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