Purchases in MELTON

[Winterpaw]

Hi Guys,

Just wondering on your thoughts of purchasing a rental in Melton. Have recently read that Delfin has won a tender to develop land. It will be a new estate called Toolern estate. I feel this will really boost the reputation of Melton.

First time investor and not sure which way to go. Currently live in Caroline Springs, but houses here are super expensive.

Best to wait and purchase from a Delfin developed area?

Thanks

 

[KoopaTroopa]

It's actually now been "renamed" to Atherstone.

Sitting just south of Tabcorp Park.

Land from $155k, looks like it'll be a project I'll keep an eye on myself. You should be able to do a 3-bed house&land for under $350k from the looks of things.

 

[Aaron_C]

Honestly for $350k you might as well buy a house in Hoppers Crossing/Werribee....

 

[Peter Parker]

Honestly for $350k you might as well buy a house in Hoppers Crossing/Werribee....

Agreed it's probably better than a new estate out at Melton, but still not fantastic value.

There's a lot around the $280 - 300k mark on good land in Hoppers/Werribee - so why would one pay $350k?

$350k will even (just) buy outer east.

eg Lilydale http://www.domain.com.au/Property/For-Sale/House/VIC/Lilydale/?adid=2009197319

Or still in the west but closer in at 20 - 25km out (though the housing stock might be inferior).

Eg

Laverton

Mill Park http://www.domain.com.au/Property/For-Sale/House/VIC/Mill-Park/?adid=2009200813

St Albans http://www.domain.com.au/Property/For-Sale/House/VIC/St-Albans/?adid=2009201184


St Albans doesn't have the best reputation (it's in one of Melbourne's biggest poverty corridors) but an unusually high % of its houses have granny flats, which may provide dual income.

 

[BradW82]

I would say if Athersone is developed in the same way as Caroline springs the demand should become high in the area but not for some time until the new roads are built linking it directly to the western freeway . We rent in Caroline springs while our PPOR is being built in Arnolds creek ( West Melton ) and we have considered renting out our house once finished and buying in Atherstone ! I dont believe they have a full master plan as yet but the word is that it will be as good as Caroline springs (which has had great CG) .While I completely follow invester guidlines in terms of proximity to city and infrastructure ect.. , Sometimes People just want to live in a nice area ..