Melton - what Margaret Lomas says

You would not believe what has to take place before Melton will be electrified. The Sunbury electrification is supposed to be completed by 2012 but as I work in the industry and talk with a lot of people who have worked in the industry for decades they don't believe it will be finished until 2013. It will all depend on how much due diligence the government undertake. The line between Seymour and Albury is a perfect example. Was supposed to be finished more than 12 months ago. Even last year I was talking to a guy who was working on the line and he said it should be finished by May 2010 and it is still not done.
The Melton electrification won't be completed before 2020 in my opinion. Between Rockbank and Melton there is still too much land which is yet to be built on. No doubt it will happen but for the next few years all the money allocated for public transport and in particular the railways will be taken up with the Tarneit line and the Sunbury line. After South Morang there will still be a push for a line out to the airport as well so Melton is probably 4th or 5th in line for an upgrade.
 
Bernard Salt writes a good article for Melton in the latest API on page 81.

Population increase of 18,000 last year making it number 1 in the country beating the Gold Coast.

Mystery
 
Not true....if you look at what Melton was selling 4 years ago to now you would have noticed that prices have risen about 40%...primarily due to the cost of land going up from 75k to about 125k!

Also Bernards Salt as Mystery points out says that is a key growth area because it is affordable. His reasoning is that GenY will soon have kids and Melton provides affordable housing within reasonable commuting distance of Melbourne.

For the record I bought in Melton in June 2007 for 155k....it is now worth $250k. Similar amount of gain to someone who bought in Hawthorn (2 bd unit) for 400k worth 500k. ...but in percentage and net terms the Melton property has out performed after all costs.

which is not Melton...

Bernard Salt writes a good article for Melton in the latest API on page 81.

Population increase of 18,000 last year making it number 1 in the country beating the Gold Coast.

Mystery
 
I wouldn't bother Sash, ..... The knockers have been giving Melton a hard time on SS since I joined the forum in 2007.

Every time one of them pops up and posts negative comments about the area I just smile. I'm making money so who gives a rats what they think.

The numbers don't lie, ......

Mystery ... :D
 
Melton

Hiya

I too have made some gains (albeit on a refinance) on my Melton house bought in 2007...about 27%...nothing to crow about but just an effortless, painless purchase.

I figure Melton houses are just like the theory of inferior goods i learned about in Economics 101 in uni...you know the theory of bread prices rising in a period of depression...why? cos it was the only thing poor people could afford and hence demand and price increases...

er..did anyone get my analogy??:D never mind...long day, kids on holidays:eek:
 
Melton gets capital growth too.

Just signed contracts for one of my houses in Melton.

4 yrs - 66% gross gain over purchase price(not inlcuding costs - ie stamp duty, agents fees etc).

Will post more detail once contract is solid.
 
Is it feasible to live in Melton and work in the Melbourne city. Trains are very limited and slower, do people actually do it?
 
Is it feasible to live in Melton and work in the Melbourne city. Trains are very limited and slower, do people actually do it?
Absolutely. There are 8 trains departing from Melton arriving into Melbourne before 9am every weekday and the trip takes about 40 minutes.
Apart from that there are 21 services to and from Melb - Melton every weekday.
Patronage between Melton and the CBD has been growing steadily and there will probably be more services added in the future.
 
Is it feasible to live in Melton and work in the Melbourne city. Trains are very limited and slower, do people actually do it?

They're limited, but not slow - compare with Frankston which is a similar distance from the CBD and around 25 stops - and although it's a VLine service the fare is standard zone 1-2. The service should speed up when they finish the non-suburban line from Sunshine to SX.
 
i have a IP in Melton too. Built it as a house and land for $190,000 in 2008. By 2009 it was $240,000, now probably $260,000?
 
land in melton

hi woohoo

I am seriously looking at purchasing land in melton ...

most of the land is available in west melton ....

( looks like there is plenty of land coming up in the sorrounding areas ...)

price is about 165 K ( just for the land ...)

heard melton west is not so good area ...

any areas u can suggest

here is what I am looking for

IP - under 200 ( preferrably a unit close to station and amenities ( yeilding rental retrun )as I dont think I can get a house for that price )

as a second option to buy land and hold ( I think considering new land releases around the area - it will be a while to gain capital growth on land )

ur suggestions

thanks
sri
 
so what areas of melton are the best and why?

for anyone who has already bought there, why did you choose that part of melton?

I have two in Melton, one in Melton South(just sold, settles in a couple of months) and one in Melton(Darlingsford area).

Bought the South one because it was cheap and yielded 7% plus from day one. (2006) - thought this was undervalued at the time, just sold for 66% odd gross gain in 4 yrs, should nett about 40-45% after CGT and holding costs.

Bought the Melton one as it was 6 yrs old, good depreciation and below replacement cost(ie couldnt have bought land and built the same house for close to what i paid for it (2007), i would conservatively estimate this one is up 30-50% in the 3 years, based on recent sales.

Melton is an area that is about timing IMHO, i believe this will stagnate or drop off as rates rise(one of the reasons i sold one now) as you will pick up mortgagee sales more readily than inner suburbs. I may go again in Melton in the future, but will be looking for some fallout from rates rises first, the bargains have been and gone largely at this point as far as i can see.
 
how much is a 300 sqm land in Melton now?
I haven't seen any 300sqm blocks in Melton - I am sure they have had some, but I have never witnessed them... However, a 600sqm block is currently going for an average of $165,000, from what I have seen.

Happy with my purchase of land (in which I bought the land and have then decided to build with a builder, whom have been excellent so far) in which I purchased for around the $120k mark in May.
 
Wow!

I bought my property (a 3 brm 1 bth brick veneer on 580sqm) for 155k in Melton South for less that!

I haven't seen any 300sqm blocks in Melton - I am sure they have had some, but I have never witnessed them... However, a 600sqm block is currently going for an average of $165,000, from what I have seen.

Happy with my purchase of land (in which I bought the land and have then decided to build with a builder, whom have been excellent so far) in which I purchased for around the $120k mark in May.
 
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