VIC How come melton is still so cheap?

Sunbury is probably the most equivalent to Melton, in terms of distance to CBD, travel times and location.

Sunbury has a gorgeous country feel, thriving town centre by comparison, tree lined streets etc. It’s hard to quantify, but a stroll through each burb should show you the difference. Sunbury ain’t Kew, but it’s still a couple of steps above Melton socio-economically.

Even then, the 3 bed Sunbury median is $515k and Melton’s is $410k - a difference of only $105k, in this end of the market.

Sunshine is completely different, being an inner suburb 10min from the city - and I would argue that Sunshine (particularly Sunshine West) is severely *under*valued for what it is.

 

For me, $105K extra for a similar suburb is just not worth it, especially when on a good day you can find houses in Tarneit for that price.

 

I’d rather live in Sunbury (or Melton) than Tarneit any day - but that’s personal preference. I don’t like new houses and proximity to the city doesn’t bother me

 

Sunbury is an interesting parallel: it was only served by Bendigo line V/Line trains until 2012 when the Watergardens suburban line was electrified to Sunbury. The same is likely to happen with Melton in the next ten years.

 

You have a completely different understanding to what would classify as 'inner suburb' and I personally cannot afford to fly a helicopter to get to work in 10 minutes.





To me Sunshine would be middle ring suburb at a minimum - Melton to me isn't included as a Melbourne suburb look at the gap of unbuilt land!

 

Melton South is booming!

 

Booming..... why because house prices have gone up? Look at the reasons behind this stat that commonly fools uninformed people. Hint: New housing
Melton is not great as an investment because it has ZERO scarcity. Think, who would buy someone's second hand house when they themselves could buy another and another off the plan McMansion when they continually open up more and more parcels of land.

 

My Melton IP grew 100k within 12months May 2017- May 2018, and even now hasn't dropped 1% in this melb downfall, consistent tenants @5.5% return. Melton has done fine for me.

 

Without your address to do my own comps on it, sure, well done to you. Melton still doesn't do stuff all for a long term strategy.

 

When was the last time you had it value up? The ave yield in Melton is 2% which is horrible. I'm sure you have a great investment but overall it's a dud area. Surely I'm not the only one who knows their is so much surrounding land (no scarcity) that when new parcels of land open up that will directly affect long term growth, resale value and rental prices

 

Please note @Air_Bender is an experienced camper. My man @sash has properties in Melton too, so does my BIL. They all love Melton for the gains it's provided them. Most pockets of the market're trending downwards, tide's down and all, no surprise that graph you found somewhere also shows the same thing for Melton. Besides you value a property only when you're looking at selling or accessing equity, you don't do it for fun. Did you miss out on the last boom we had?

 

Hahaha you crazy. I should have just agreed with the people with bias and skin the that area and not give a independent view.
The graphs I use are from Core Logic's RP data pro, it must be a conspiracy! Maybe you just use a "she'll be right method" and save yourself the $150 per month.
I'm sure every poor area as a couple of established properties on a good street close to amenities but Melton is a strictly a red flag zone backed up by many many any trusted buyers agents opinions too.
So I've offended your and your friends investment properties poor you.

If you plan to buy "off the plan" in a place like Melton, maybe you should find something else to invest in

 

Who said anyone bought off the plan? This is about established, well bought investments.

 

Melton! Melton! Melton! Melton!
Everyone, Melton is a superb long term investment that is going to have consistent growth for the next +20 years. Are you happy now, got what you wanted to hear?
Ask ANY Melbourne buyers agent with over 10 years experience and they will agree with me, sorry for the Melton fan boys and girls.
How about you test your concrete views and ring up buyers agent around Melbourne and simply ask them if they are recommending Melton to their clients.... then ask why not because it might help you understand what makes for a good investment, or a bad one.. enjoy

 

Wlong.......rising ties lifts boats.....I bought mine for 155k....even with a crappy market it is over 400k....yes there is more land...but building is painful. So yes oversupply of land but existing houses are still moving.....

 

Short term maybe yes, long term surely not?

 

Is the price of houses linked to the fact developers have managed to keep selling land at $500 to $1000 m2 out there?

 

Cheap (comparatively speaking) houses/land will always sell no matter the location and there can be short term uplift too but.. What does that investment look like in 10-15-20 years from now is my interest. There can not be long term growth if more houses or apartments (aka similar stock) can be produced at will next door and why would someone buy/rent your property when there is or will be an abundance to choose from.

 

Lets see...do tell us what you own or what you have done?

 

Let me guess, you love Melton too?