Melton Vic.

[rodimus]

Hi Pete,

HOw much did you buy yours and what rent are you getting?

I think Melton for new homes should be about 240 - 260pw?

I use Ned from Barry Plant 0401 284 479 for my three.

He returns calls and gives realistic appraisals.

Congrats on your new IP.

Peter

 

[mystery]

I just bought in Melton West.

Does anyone know a good agent/manager that is able to lease it out for me quickly?

It's in the building process now, I wonder if i can rent it out before building is complete?

I rmeember someone in this thread saying she rented hers out even before her purchase settled...

I use Melissa Ely or Roxana Fernandez at Stockdale & Leggo -. I have found them to be very good.

You may struggle to get someone in quickly over the Christmas/New Year period, .... usually a quiet time I would imagine as PM will be on hol's and tenants not looking to move until New Year.

Martin

 

[virgo]

Melton rental manager

Hi Rodimus,

I use Candice from Sweeney's. I am happy with her service.

Cheers

 

[myoung]

Hi Rodimus,

I use Candice from Sweeney's. I am happy with her service.

Cheers

Same, I can recommend her too.

 

[Peter 14.7]

Hi Pete,

HOw much did you buy yours and what rent are you getting?

I think Melton for new homes should be about 240 - 260pw?

Correct. All are in Kuranjang ( melton north east). All DLUG with ensuite and bathroom.

$227k medium 4 bed no air con gets $240 rising to $250 in Feb,
$230k large 3 bed with air con gets $240 rising to $245 next review
$230k medium 4 bed with no air con went from $240 to $250 when bought due to keen tenant.

I would be interesed to hear others feedback especially the Sweeney ones as I used them to start and they failed to perform but that was the old manager before Candice.

Peter 14.7

 

[Cherry Pro]

Hi ...I too use Candice from Sweeneys ...can't complain but surely not the best when compared to my Elizabeth PM but she's heaps better than her predecessor ..glad they sent her packing ! But then again ... pay close to double the property management fees in SA.

For all those who deal with Sweeney's have you had to remind Candice about
rent reviews or routine inspections. In my case, I've even had to remind them about rent transfers every month ...if I don't call, it just doesn't happen....has
been the same for the last 5 months or so.

 

[myoung]

I have only started using Candice recently but she and Jill have been very proactive so far, i also use LJH as well and they have been pretty good too.

 

[Peter 14.7]

We should mention what we pay as PM fees.

I am 5.5% inc GST plus a $2 per statment/payment fee. I dont paying that fee as it direct payment via the net and letter in the mail which I don't really need.

I do my own maintenance as often the oddue is minor and lets me keep and eye on the tenants.

Peter

 

[JIT]

We should mention what we pay as PM fees.

I am 2.2% inc GST.

Peter

Really?! That's the cheapest PM fee I've ever heard of! - good work, I think.

I thought I was doing well at 5.5%!

 

[Peter 14.7]

Really?! That's the cheapest PM fee I've ever heard of! - good work, I think.

I thought I was doing well at 5.5%!

Dooh. I got confused with the selling fee. It is 5.5%. I have amended my post.

Thanks for the heads up. I thought it was too low but I am on "holiday brain".

Peter

 

[JIT]

Just wondering, does anyone here know how much the state government is contributing towards the development of Melton in terms of a dollar value?

Eg. $20 MM, $100MM, $300MM etc...?

Are they actually committing real dollars towards Melton or is it largely privately funded?

Thanks.

 

[myoung]

Dooh. I got confused with the selling fee. It is 5.5%. I have amended my post.

Thanks for the heads up. I thought it was too low but I am on "holiday brain".

Peter

Same 5.5% inc

 

[Katlin]

Haven't been watching SS for a little while, but i can add some comment to this discussion about Melton PM's.

i recently settled on an IP in Melton Sth and spoke to the following PMs before deciding which one:

Ned from Barry Plant was quite casual and offered his services at 6.6% - gave us no paperwork at all. new REA to Melton

Candice from Sweeneys a little more professional but not very forthcoming and i had to squeeze information from her, but she came down to 5.5% when pushed - also only been doing the job for some months and has 130 IP's to manage - makes appts with propsective tenants and takes them singly to view proprerties - only REA who advertises rentals in the local paper and after watching these regularly i've seen these houses for weeks on end

Roxana from Stockdale & Leggo - a whole new ballgame - she won our vote with a thoroughly professional presentation and package (although the $$$ at 7%) she manages 600+ IPs and has experience in the area (9 yrs). she had a tenant for us within 2 days and they shifted in the day after settlement. she outlined her strategies for getting tenants and managing them. makes open days and gets lots of tenants - ensures motivation and competition and encourages rent bidding

once we had seen Rozana the others didnt meet the grade. She actually got our tenant from a walk in and matched them to our IP - didnt even need to advertise but also has a list of applicants most times. its early days yet to comment on her ongoing service, but so far so good. Anyway, IMHO she's the goods.

further to the debate between areas of Melton - I personally live in MS and admit there are some less than savoury streets here, but the same is true of Melton overall. MW has been built for nearly as long as a lot of MS and certainly has some crappy public housing areas there. it really pays to look at the surrounding streets and the amenities. Also, dont forget that EVERYTHING below the highway is classed as Melton Sth, and this includes Brookfield, Brookfield Acres, the lovely areas along the creek, the new estates of Botanica Springs and Strathtulloch and Eynesbury, Mowbray Waters, etc. etc. So, as the saying goes, buyer beware - if you're scared off because its called Melton Sth you could be overlooking some of the most valuable properties in Melton. Even the new harness racing complex will be in Melton Sth!

Katlin

 

[Peter 14.7]

Another Great Post Katlin

I concir with your assessment and also found Stickdale and Leggo not bad but I didnt go that fair. I acutally went with Sweeney with theprevious PM who cose me $100 in lost rent, OUCH! and a good tenatn at $255 a week instead of $240 due to slack service DOUBLE OUCH.

I think as a whole it is symptonatic fo most things of late. IT is very hard to find people to do jobs who care and actually know what the &*# they are meant to do.

It really is the peron that matters. Sadly they move on or get taken for granted by bosses. Hence my interest in Self Manage. Then I only have myself to blame.

Peter

 

[Peter 14.7]

Just wondering, does anyone here know how much the state government is contributing towards the development of Melton in terms of a dollar value?

Eg. $20 MM, $100MM, $300MM etc...?

Are they actually committing real dollars towards Melton or is it largely privately funded?

Thanks.

I just searched Melbourne 2030 Plan and if you have a day you will probably find out something specific. In short:

Melton/Caroline Springs in one of five areas specifically targetted to provide most of the housing for an estimatted addtional $1M developments. Funding is listed at $330M but that the lot, so how much is Melton is a guess.

The Melton Growth plans shows the size the town is projected to double if plans go ahead.

http://www.dse.vic.gov.au/melbourne2030online/content/popups/fig_ip03_09.html

This stuff, whilst useful, can cloud the reality of why I see Melton as a good investment.

• Affordable
• New Shops, Parks, Facilities
• Easy Access to CBD and emplyment Suburbs of West Melbourne

On the access point the Deer Park Bypass opened stage 1 on the 7/12/07

http://www.legislation.vic.gov.au/d...149ef082953554f3ca2573ac007d30be!OpenDocument

When fully completed in late 2009, Bypass is predicted to drop traffic travel by 15 to 20 minutes. The same link also mentions Melton as growing at 8.5% per annum.

FYI Peter 14.7

 

[JIT]

Thanks Peter, just wanted to compare this to other areas the government is putting money into. Might look at the site in more depth later.

 

[DreamzUnlimited]

Hi I am a newbie in investment. Still researcing and finding out things. I visited Melton yesterday ... just to have a feel how it is like. My destination was Thoroughbred park real estate. Talked to few ppl who are already living there. Every one was very +ve and nice. Even had a chat with the cab driver who told me Melton is yet to grow and would grow for sure in future.

The one that I had a look is a land and house package - $74K for 313 sqm....$183K for the house to be built on 167sqm .... 4 bedrooms...2 bathrooms ... 1 car garage ... so total of $257K! So my question to all the guys who have invested in Melton is isn't this price too much for this block of land? whats ur take? It's located in Eastern Melton, North of Kurunjang.

I need some info and guidance from ppl who have invested in Melton so that I can decide about my first IP ( if my financial situation permits :-( ) !!!

 

[alexlee]

The one that I had a look is a land and house package - $74K for 313 sqm....$183K for the house to be built on 167sqm .... 4 bedrooms...2 bathrooms ... 1 car garage ... so total of $257K! So my question to all the guys who have invested in Melton is isn't this price too much for this block of land? whats ur take? It's located in Eastern Melton, North of Kurunjang.

I don't know anything about Melton, but....... 313sqm? 167sqm? They're not kidding, right? Plop a 4 bed house on a block that size..... I have a 900sqm block with a 4 bed house and I don't think the yard is that big.

In my opinion, long term the biggest gains will come from redevelopment, whether you do it or you sell it to someone who does it. With that sort of land size, there isn't much more that can be done.
Alex

 

[BayView]

I don't know anything about Melton, but....... 313sqm? 167sqm? They're not kidding, right? Plop a 4 bed house on a block that size..... I have a 900sqm block with a 4 bed house and I don't think the yard is that big.

In my opinion, long term the biggest gains will come from redevelopment, whether you do it or you sell it to someone who does it. With that sort of land size, there isn't much more that can be done.
Alex

C'mon man; haven't you heard of "McMansions"?

rule 1; buy the biggest house on the block with the biggest mortgage you can.

It also scores more points if it's an eye-sore.

 

[myoung]

Hi I am a newbie in investment. Still researcing and finding out things. I visited Melton yesterday ... just to have a feel how it is like. My destination was Thoroughbred park real estate. Talked to few ppl who are already living there. Every one was very +ve and nice. Even had a chat with the cab driver who told me Melton is yet to grow and would grow for sure in future.

The one that I had a look is a land and house package - $74K for 313 sqm....$183K for the house to be built on 167sqm .... 4 bedrooms...2 bathrooms ... 1 car garage ... so total of $257K! So my question to all the guys who have invested in Melton is isn't this price too much for this block of land? whats ur take? It's located in Eastern Melton, North of Kurunjang.

I need some info and guidance from ppl who have invested in Melton so that I can decide about my first IP ( if my financial situation permits :-( ) !!!

Yes, I think it is too much for that size block. You should be able to pick up 600m2 for approx $10K more than that. Also check out places already built as you will find more work is done to establish gardens etc. Plenty of value in established properties <=5yrs old