VIC Is Melton still growing (considering my first IP)

No RGZ in Wyndham City council.

 

So if the growth cycle is of little importance when it comes to purchasing an IP in either an NEIC or an RGZ, then wouldn't it be a good idea to purchase an IP in Melton/Melton South in an RGZ? (ie. even though the current growth cycle is almost finished)

There are several properties in an RGZ in Melton for around $400K.

 

No it's not but nonetheless I'm still happy with my purchase.

 

So you should be!

 

you should be - i wouldn’t worry abt the guy comparing - horsham with melton - more like ********* analysis as if he is a business intelligence major in RBA

here a more intellectual analysis compared to all the rubbish we have seen

i downloaded some data off the based on distance around 40Km to CBD and price medians. so what do you know ? based on the median price and distance (out of nearly 400 suburbs)- it is the top 3 ranks in terms of cheapest price median within all suburbs within 40km to CBD

talking about when it was 200K is like living in the past when fuel was like 75 cents

 

The price of those Northern suburbs like Dallas and Coolaroo has moved significantly in the last 18 months. Most of houses there would cost you $500k+ nowaday.

 

Data could be slightly old since melton is like 400kish now but still generally still a good enough indication on which are the more affordable suburbs

 

3 Hunter St, Melton South 593sqm in RGZ1 sold for $430k prior to auction. Irregular shape block, house is in good condition although funny layout with 6beds 1bath but can be modified quite easy. I think it is a ok deal (just based on what I can find on the internet). What do you think @melbournian ?

 

There is a reason why Coolaroo is not selling as good as its neighbours. I guess its the airport overlay is dragging this behind

 

After all the carry on and regional/Phillip Island bashing of a few years ago here is the growth stats between Melton and Cowes (phillip island) for the lasr 3 and a bit years

According to On the House
- from 31/5/18 to now Melton has grown from 426k to 438k so around 12,000 or 3%

In the same time Cowes has grown from 469k to 741k so around 270,000 or roughly 60%

Do i think Phillip Island is a good investment right now - No

 

Here are the charts illustrating the above

 

Yep, vastly different demographic too. Melton and Cowes aren't apples for apples comparison.

 

Agreed
Back in 2018 I stated that based on the strong growth Melton had the past few years that it would be a poor time to invest there.
I was howled down by a few in the thread and one poster decided to bring up Phillip Island as they knew i had recently bought there.
Phillip Island was deemed a poor investment because it didnt have a train line or large shopping centre.

 

I owned in Melton and am also building in Phillip island. Bought Melton for 155k and sold 411k June.
Bought land in Phillip island for 159k....will build a house for 220k and expect it be worth 685k on completion.

Did Melton grow yes . Did Phillip island grow yes but more so.