VIC Is Melton still growing (considering my first IP)

+1 The recently upgraded station rd supermarket in Melton South is also good for the area with plans to add more retail sores in the future. Melton overall is still growing and I'm glad I invested here.

 

your kidding right?
I never even tried to compare the two locations they are totally different markets and have almost the opposite growth drivers
you were the one who bought phillip island into the thread for some reason?

comments like 'it doesn't even have a train' !!!
who cares, it doesn' need one
No train anywhere on the mornington peninsula either, bugger all in the way of shopping and that hasn't stopped big capital growth
if you think Meltons capital growth is going to keep going at the rate it has in the next 5 years then good luck. By all means you can get a good development site but most people who read this forum are just buy and hold types so when I give my unwanted opinion I try to look at it from that viewpoint

 

What’s your plan / strategy? Do you need some short time CG to leverage into the next IP? If so getting on the back end of the Melton run might not be such a bad idea, sure you have missed the massive growth. Can you go again without any short term equity? If so it might be worth looking elsewhere and trying to get into a market early before the growth cycle.

As others have suggested Melbourne in general is slowing down but I would suggest markets like Melton still have some growth as buyers get priced / pushed out further.

Full disclaimer i purchased in Melton in Jan this year. My reason i service for another loan with 2nd tier lenders but I need some short term growth to keep my LVR down.

 

Well to see what superior investment one can compare over Melton which in ur case is Phillip island. No one is comparing seeing u always throw dogma comments abt this and that Geelong, Werribee being crap investment why not show what is a superior investment then - which ur case Phillip island. Yes I do think Melton is a better prospect than Phillip island and yes having a train is important - to say who cares is a bit ignorant. Yeah ppl go to Frankston for the train - that is why mt Eliza and mornington is still striking distance LOL.

Also try to be in the present and just being logical - atm it offers a lot of upside being where it is and for its price point.

 

never said phillip island was a superior investment
the reason I throw in 'dogma' comments about werribee , melton etc is because I don' believe investing in a location that is towards the end of its boom cycle is a very good medium term investment.
the reason I was talking up phillip island was because I felt it was a couple of years behind other locations in terms of the growth starting to come through and I thought if buying at that point of time the investor was likely to see a longer period of growth than other Melbourne locations which had already been growing for a couple of years

 

Maybe then it is just a difference of opinion as Geelong is much better than Phillip island and so is Werribee and Melton - there is far more infrastructure going into those places and there have far better connections. Werribee and Geelong are ACZs as well if u wish to look what it is

I don’t think the boom Happens straight away in Melbourne across the board. The things is when In 2015 when Glen Waverley and Balwyn were flying high there were other suburbs that just stood - like pt cook which really only moved end of last year and so were suburbs like tecoma. Sometimes it is not necessarily the suburb but the product itself school zone distance to train zoning so u can’t just assume coz Melton median moved from 200 to 400k it is still among the cheapest for its distance for what it offers in connections and infrastructure

 

why are they so much better? better for what? every area has its positives. Melton's is that it is an affordable area close to Melbourne,
Phillip Island is that it' a good holiday / retirement spot

People who buy at phillip island don' work in Melbourne and don' want to. Totally different market to Melbourne.

The median price for a house in Byron Bay is abour 1.5 million and it has zero infrstructure
6 hours from Sydney as well!
Lorne is 2 hours from Melbourne with a median price of around 1.1

how does that work???

 

@strongy1986

nice lorne house - with the views and structural work required to be done on the cliff, of course it is going to be a milion dollars


nice H&L package - looks like something in Pt cook, Werribee, Geelong and just about the rest of every H&L just without the connections and transportation options




need to compare apples with apples the houses - this H&L houses are normally what normal working class families buy not those 1 million dollar ones - same like in olivers hill in frankston and actual frankston. Might as well compare a mansion in toorak and a house in nunawading if that was the case.

Actually i do know some ppl in live phillip island -earning 50-60K working in some nearby retirement home doing maintenance. As a couple would be ok - for 400-500K purchase. But yeah if those jobs goes - where they're going to work? If philip island retirement yes - for Werribee Geelong (infrastructure, universities, transport, connections) -well doesn't take a genius to work out that these are important for sustainble capital growth IMHO. Of course i want a penthouse in gold coast - for lifstyle whether it is good for investment that is left to be seen same as phillip island.

Same as ringwood once the highway came in - prices went through the roof. Even the CEOs who live in Mt Eliza need to commute for board meetings whether in CBD or interstate. (that's life) and they're the ones who can afford those 1-2 mil.

 

there is no way it is comparable to an ACZ - for geelong and werribee.

 

not really sure what your saying

even an old house in poor condition would be 1 million dollars in lorne
that house you picked would be several million

no new house and land for sale under 500k on the island. Those ads that look cheap dont include all expenses to complete the build

that's great that melton is full of working class. it' pretty much the reason why I wouldn' invest there AT THE CURRENT PRICE .
Anyone making good money will trade up and out of melton

yes if melton was still 250k I would be saying yeah for sure it' a good buy.
At 450k I'm not so confident

 

what i am saying is u don't compare large houses with land in lorne (which majority are) with H&L in philip island they're totally two diff & SEPARATE products. might as well compare houses in park orchards (2000-3000sqm) and a H&L in dandenong (300-500smq). (that's basically year 10 MATHS)

living in the past again - i wish i bought a balwyn house at 1.5 mil
and my coffee was $2.5 too back then

What expenses you talking about i've done lots of H&L too - site costs, landscaping LOL - more like tough to sell - u go places like pt cook and it is sold out. Nah melton will grow - only ppl who don't know how to read the infrastructure plannings for victoria would. you don't have to invest there - many others would.

 

What do you think about the growth potential of Broadmeadows vs Werribee vs Wyndham Vale vs Melton @melbournian ?

 

I'm not comparing house and land to big blocks- you were the one who posted those links...
Phillip Island is mostly established housing with probably 15% house and land

I'm not investing in melton because I believe if I invest today then I would have missed most of the growth already.
so what do you think meltons median will get to (peak) in the next 5 years?

 

mostly 1 mil are houses with decent plots with some ocean view - which is the range you suggested (forget the unit right in front of the beach) - sorry just think it is not plausible with your logic esp with "who cares" about trains and connections. yeah some crappy houses with no views selling for 450kish old houses. also lorne only has 20+ sales for that median last year - how is that comparable to a place which is selling H&L irrespective of whether it is 15% of the market. Reservoir houses were once 400K from 200K now it is 800K for some of those. you could say you missed the growth when land was 100K - and then it went to 250K and now 400K.

If you're not invested - Why bother about medians since trains and connections are not important? really strange statement to make tbh

 

I realise Melbourne has doubled and doubled in the last 15 years.
There is still a thing called opportunity cost though and I think you could see 5 years plus of minimal growth if you were to purchase today.
Why not move on and buy somewhere else that hasn' grown so much and buy back into Melbourne when you see it starting to move next???
Coastal markets usuAlly get the ripple effect after the city (as has melton but still started to grow well before island/inverloch) so why not buy low when you can see the growth coming from cashed up melbournites?

tbh what is your infatuation with trains? It's not even relevant when discussing coastal markets yet you use it as a reason why Melton is 'superior'

 

@strongy1986 things that do spur capital growth includes infrastructure, roads, trains, renewal, university, schools, shopping centres. Melton is not a superior investment just that it has more than your flavour of the month. Opportunity cost is what you make of it - no one is asking to go buy a property in glen Waverley at the peak. I am ok in my places I invest - so don't really need reassurances - another year 10 maths question - if you talking statewide growth - if you equal every single market in melb and see median negative growth does it mean every single market is negative?

similar to places like geelong because it has easier connections to the city like "trains" unlike some places - it enables ppl to get to work travel and gives other options for individuals who do not wish to pay the high prices in other eastern suburbs as a viable option to stay and also travel. Not everyone are retirees not everyone works in the coast has a chest of gold bars.. tbh if it may ripple through but fundamentally it is weak.

whether it is relevant or not is not really for you to say. the only thing irrelevant is your assumption that connections such as trains has no importance at all.

 

Different suburbs in Melbourne grow in different speed. There is a huge move now in places under 500k across Melbourne.. if you look carefully, there isn’t much suburbs that fall under the 500k categories.. more and more people esp migrants are pushing prices up in these area due to affordability.. Even places like pt cook that doesn’t have train and almost 30km to cbd has jumped up jus recently... it’s a big plus for Melton having a train station. I think it has further good growth potential depending on the type of house.. I always believe in land and what you can do with it..

 

I stated several times that different areas rise and peak at different times. Not sure how you have missed that?

Melton has had good growth and I reckon it doesn't have too much further to run.

Yes trains matter for investment in capital city suburbs but are irrelevant when considering coastal spots as the people buying there are either retired, holiday house buyers or skilled younger people who will be driving to work (not in the city!)

Thanks for your year 10 maths lesson insults but I'll take that over your year 5 English and comprehension skills

 

Melton is the cheapest dollar for dollar suburb below 500K which has a decent shopping centre, shopping strip, train I might add YET again and also 45 minutes on the highway to CBD. yeah sure - as per comments on comprehension - from you.



there are still growth a reservoir site got sold nearly 3.5 mil 2 weeks ago - yeah zero growth ? a record for the suburb. point cook property on my street which I sold last year just sold 100K more than what I sold. a 2 bedroom apartment in southbank where in the median for that size is 600K sold 830kish. less noise and more facts and substance.

The only thing irrelevant is the disregard for something so crucial while others all see that as important - yeah glad you acknowledge that it isn't exactly the favourite flavour of the month or year for that matter. yeah sure younger ppl working as some orderly or ward assistants. a recent search on seek.com only has 6 jobs listed. so really the only pool of buyers for PI is only retirees, holiday home buyers and sort of young ppl - don't you think that is limiting the market to other more demographics? who hold more assessable income?



no worries on maths - maybe rock up to the nearest school nearby in phillip island that is if they have any - since they're all retirees and holiday house buyers and yeah some young ppl.

 

gold!

That's called poor punctuation

Comprehension means the ability of one to understand

Most people who have skills work for themselves. Yeah for sure there are a lot of muppets at Phillip Island but cheap outer suburbs have that covered pretty well too.