Melton Vic.

[Lamingtons]

Thanks for all the information.
I think i'm interested to see a property in Melton this weekend that is near the train station. Should be good especially after seeing my MB tonight.

 

[dreims]

travel times

wowser theres a lot to read here on melton

Hello everyone - I'm looking to get into the market first time, I want to invest under 220,000 and hopefully secure that dream of having a place that is positively geared.

Having grown up in small places in the inner eastern suburbs, and then moved into fitzroy I had been mostly looking at places around, brunswick, northcote, collingwood, even coburg and preston etc, apartements with two bedrooms so I could start by living there and renting out the other room, and then move out head overseas for some traveling and rent out both and not have to worry. I'm very new to all of this are welcome all advice.

After sometime reading on here and looking around Im increasingly warming to the idea of a house on a big lot in Melton and Frankston. With no body corps and the future option to subdivide.

I'm still not sold on Melton, it seems over hyped, and Im suss on things that are over hyped, Im not convinced that there will be enough rental demand to meet with all the places that are getting built there, mostly because its in the middle of nowhere now and there will always be a stigma attached to the west and north west. But I am warming to it. I love some of the photos of the big backyards on realestate.com.au with the hillshoist and big sheds, one even had a footy handball target painted onto a brickwall, soo Australian, really reminded me of being a kid. The big selling point for me was when I jumped on metlink to do some comparison public transport travel times to the CBD Flinders street this is what i found

melton 47 minutes
geelong 1hr 20 minutes
frankston 1hr 30 minutes

In fact it would only take me an extra 20 minutes to get to work in Windsor from Melton than it does from Fitzroy North.

That being said it involves a transfer at Sunshine and Sunshine scares me I dont care if its 21 minutes to the city Sunshine it not a cool place.

Anywho I just wanted to share the public transport times
and say hello.

Hello

 

[Lamingtons]

Dude it used to take me longer on the tram from Caulfield North/St Kilda east than it takes on the train to get to zone 2 now.
It's ridiculous plus i used to get sick all the time on the tram because they were always so packed.

Maybe you should go for a visit, i'm not sure that sunshine is that scary. I honestly feel more afraid in footscray not sure why.

 

[dreims]

maybe I should

to be honest its been quite sometime since I have been through Sunshine, and the fear is some left over childhood boogeyman crap from over protective parents warning against rough areas in the 1980s and not based on any logic.

For years I stayed away from footscray and footscray is a gem, A mate convinced me to housesit there for a a friend of his family over christmas years ago, I was relluctant but couldnt pass up living rent free for a couple of months, and ended up going back to do the same thing for the next three years, the market (fruit, and veggies that is) is great, VIC uni, there was even a decent live music scene in some of the pubs and Yarravile reminds me a lot of what fitzroy was like 10 years ago. I only ever saw one fight and that was all over when one of the guys pulled out a knife and the others backed away. Still that being said plenty of my mates still have that fear and would never cross the bridge to come visit me.

I guess logically if a lot of the growth and demand in Melbourne is to come from immigrants who don't have the preconceptions or stigmas about areas like us locals do but just rather are looking for places which are cheap and close to the city then sunshines pretty good value. When I lived in Paris for a bit I ended up spending a lot of time going to markets shopping and staying in areas that mostly consisted of islamic immigrants, areas that many of the parisians would avoid at all costs, and found everyone to be friendly and managed to live very cheaply and happily while still enjoying a close proximity to all the action.

and so as to not go too far off topic the same should apply for Melton no?

day trip to melton, its mot even an hour and I can stop off in sunshine on the way. haha

 

[Lamingtons]

I'm off the boat (haha!) and I am afraid of footscray but not of sunshine. I used to go to collingwood safeway in the middle of the night (walk from the CBD) and not think about it. I think lots of these places have changed now. Yarraville is hip town! Melton would probably be the same, I am going this weekend and I would think it is a typical western suburb.

For $220K that's not even a one bedroom flat anymore in the areas you were looking at.

 

[virgo]

Melton

Hiya Dreims

I totally understand your point of view.

You see, we are from Sydney and do not see the "stigma" of Melton, we just look at the proximity to the CBD, the train station, the land value vs the price for an established home. Plus the infrastructure and the council plans for Melton. Period.

My husband flew in for a day, drove around, sat down for a coffee at the shopping centre observing the place and that's it. Mind you, we were buying it for investment not occupation tho'.

I strongly suggest paying the place a vist and making up your OWN mind about it.

All the best
jennifer

 

[dreims]

collingwood safeway

hahaha ekk, that place is some sort of hellmouth.
Its particularly crazy this week now that Rudd's christmas bonus is arriving, safeway liquor is doing a roaring trade.

 

[dreims]

thanks jennifer

good advice,
good luck with your investment

 

[Cherry Pro]

Hi Dreims and Lamingtons

Welcome to the Melton Fan Club !

I'm from Sydney and bought unseen in June 07, visited Melton for the first
time in September this year.

Drove into Melton on a rainy afternoon after a meeting in the city and really liked the feel of the place. Met my PM at our property and it all looked good.

When Peter compared it to possibly Campbelltown in Sydney's SW, he was
possibly right ..I would say ...also akin to Penrith in Sydney's West.

Good luck to both of you .. am sure some good buys are still available.

Cheers

 

[virgo]

Melton

Hiya cherry pro

Did you pass by Hoppers Crossing? What do you think of the place for my second IP? Very similar to melton but even nearer to CBD...hey what's the catch? anyone familiar to Hoppers? Noticed there is an islamic college out there? does it mean it is similar to Mount Druitt with a sizable Muslim population?

Cheers
jennifer

 

[sash]

I own IPs in Melton South, Hoppers, and Werribee.

Hoppers X has a fairly good mix of people....I believe the Islamic College is near Truganania not Hoppers. Though there is a propensity for migrants in the trades, professional, and semi-professional areas to buy there.

Hoppers X & Werribee is moving well since Kevin Rudd has given the FHOG. The place I got at Hoppers is now apparently worth 220-235k...i bought it for 170k in April 2006.

Hiya cherry pro

Did you pass by Hoppers Crossing? What do you think of the place for my second IP? Very similar to melton but even nearer to CBD...hey what's the catch? anyone familiar to Hoppers? Noticed there is an islamic college out there? does it mean it is similar to Mount Druitt with a sizable Muslim population?

Cheers
jennifer

 

[Cherry Pro]

Hi Virgo

I actually did a day trip to Hoppers X and Werribee in May 07, came back
and put offers on a few places which never materialised. Then couple of months later ended up buying in Melton.

Why ...thought I got better value for my money in Melton ..also the rental
yields were much higher.

It might well be a different story now and if you DYODD ..am sure you can't
go wrong with either ..quite a huge influx of migrants so you will be assured of rental demand.

Cheers

 

[Peter 14.7]

We should all meet at Melton for an Investors Picnic one day!

As for where is good to buy, everywhere but to focus I say "where are tenants. think like a tenant".

Case in point: A game of who am I?

I am Peter 14.7. I dont live in Melton. I live in Macedon Ranges. It is cool climate, historic, no pokkies, no clubs except pony, local fairs. We have antique shops and foodie cafes. We live a page out of "Country Style Magazine." I love the Ranges. Who am I? I am a cashed up ex YUPPIE wannabe FARMER

My sister lives in St Albans. She thinks Woodend is cold and old. She loves Melton. Melton has pokies and clubs. Melton has McDonald and Bunnings. Meton has Commodores, lots of commodores! Melton has large shopping centres. Melton is a episode out of "Kath and Kim" Who is my sister? My sister is a Bogan.

Who rents out of these two types? Answer: Bogans rent.

Peter 14.7

PS I feel inclined to add in Bogan culture being called a Bogan is not offensive.
I should know, I grew up Bogan.

http://en.wikipedia.org/wiki/Bogan

Being called Yuppie is highly offensive. I am a great disappointment to my family.

 

[Lamingtons]

LOL Peter - you bogan failure... I told my husband we need to find a place with a big garage lock up preferably. As renters in these areas have hotted up cars and probably a car or two to hide as insurance jobs before it goes to the chop shop.

 

[our obsession]

Peter 14.7:

We should all meet at Melton for an Investors Picnic one day!

As for where is good to buy, everywhere but to focus I say "where are tenants. think like a tenant". .....and:

Who rents out of these two types? Answer: Bogans rent.

...and:

PS I feel inclined to add in Bogan culture being called a Bogan is not offensive.
I should know, I grew up Bogan.

Heh!

Yes, never underestimate the Bogan presence....especially when combined with "Hick"

*Bogan-Hicks, (no relation to David I believe)...people that work in the equine industries....and remember just how expansive and influential the equine industry is:

http://www.rirdc.gov.au/reports/Index2.htm#Horses

(at the end of Horse Reports), specifically this:

The Horse Industry

Contributing to the Australian Economy

http://www.rirdc.gov.au/reports/HOR/01-083.pdf

Excerpt:

"Contributions of Equine Industry to the Australian Economy is over $6.2 billion a year.." (2001 report).

"With volunteer labor included it is possible it is over $8 billion"

Melton has been earmarked "The Home" and "Centre" of Harness Racing.. The wonderful contribution of Bogan-Hicks is weaved through this equine tapestry.

Have a get together at the new restaurant over looking the new Melton Raceway...watch the Obsession horses run around and entertain you!

*Bogan-Hicks firmly a descriptive term adapted from Bogan and incorporating country raised, horse loving-involved cowboys and cowgirls, without the cow.

Viva Melton!!

 

[meggala]

Nice to see all of you hyped up about melton to help my property value . i live here and love it. btw the deer park by pass is hoping for a febuary opening rail to the city is best done from melton to southern cross and change trains there all. its vline . the govt committed to electrification of the line from melton by 2016. and to improve train timetables in the medium term caroline springs will get a station as well. one of the main reason for possible growth in the west melton and hoppers etc is all the distribution centers and factories are move over here from the east of the city. this brings with it more jobs. also the growth corridor is coming out as far as melton now. i'm still very happy I moved here nearly 2 years ago. and still no tolls on this side of town yay.
cheers
meggala

btw I have noticed a few home selling very quickly with desperate vendors at assumed lower prices.

harness racing track will open feb for the club and motel racing in june/july 2009 its looking very good

 

[Casserole Dish]

Hi there, long time reader, first time poster...

Looking VERY closely at building in Melton West a nice new house for a tenant.

Getting mixed advice left right and centre. With some saying build a unit near the city (ie. Hawthorn etc) and some saying a house in Point Cook. My gut tells me that Melton is the way to go though.

I live in Sunbury which is nice and where i want to be but I can see good things happening for Melton.

The estate I like is Arnolds Creek but currently there aren't any shops etc. I'm willing to wait it out but don't want too much trouble finding a tenant. I"m reluctant to ask in the RE offices as they as nearly as bad as used car salesmen in my experience.

 

[Cherry Pro]

Hi Casserole Dish (now what kind might you be ...ummm !)

Welcome to the Forum !

You should speak to Sharyn Callendar at Sweeneys, Bacchus Marsh. She hangs out on this Forum sometimes and is really good. Am sure she will be able to give you a good idea of the rental reality around those parts.

Cheers

 

[Casserole Dish]

Hi Cherry Pro (interesting name yourself!), I thought I'd better write again to say: I don't want to offend any agents out there, it was just my experience up to this point is that they operate in a similar manner to car salesmen.

Some are good and decent... but some aren't.

I'm still waiting to hear back from a lot of building companies that don't seem that keen for my business... Christmas is slowing everything down a bit, either that or they don't think I'm a serious purchaser.

 

[BobbyGee]

Melton For Investment

I have lived in Melbourne for a long time and bought and sold property so here is my two bobs worth on Melton. If you want a local view talk to locals I got really badly burnt on real estate purchase years ago because I was an out of towner.

Congrats to those of you who have made money out of Melton over the past couple of years, however all ships come up on a rising tide. We had a look at Melton a couple of years back and whilst I admit it has risen in price since then, haven't most areas? I think better capital gains could be found elsewhere. For NSW investors it probably approxiamates Penrith. There is going to be a lot people sitting on flat growth for years to come because the demographics are pretty low ball.

I laugh when I see interstate investors ask why it is so cheap, well here's the drum:

1 Lotsa seperated families
2 It's a good drive from Melbourne
3 Satellite town, hence not being squeezed with growth
4 When the other suburbs arrive it will still be a hole
5 The race for investment with loose credit will always allow towns like Melton to boom in good times
6 What about all those dudes who bought +ve geared properties in mining towns before commodity prices tanked. They're probably the same wackers that have bought in Melton.

Never lose sight of fundamentals guys, crap property is always crap property the real test is when you try to sell it in a downturn.

Cheers All