VIC Melton, Corio, Norlane vs Sunbury

Discussion in 'Where to Buy' started by webJockey, 12th Mar, 2017.

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  1. webJockey

    webJockey Member

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    I want to buy first IP around 380K with capital gains + yearly negative gearing. As of now plan is to sell at the peak of next cycle. Although most friends are advising that its not right time to buy but the way Melbourne property market is doing at the moment I think there is still a potential of making some CG this year.


    I had shortlisted Werribee, Hoppers Crossings, Laverton and Tarneit as first preference but in this market it does not seem possible to buy there with my budget. I don’t want to buy interstate. So my second shortlist is Melton, Corio, Norlane and Sunbury. You can still buy a decent property with generous land in these suburbs. What you think of these areas? I am particularly interested to know your opinion about investing in Sunbury.

    Thx
     
  2. sash

    sash Well-Known Member

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    webjockey....you better get your skates on ....you snooze you lose...

     
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  3. flyhere

    flyhere Well-Known Member

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    webJockey Melton looks good
     
  4. abc_property

    abc_property Member

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    where in melton, south, west
     
  5. David Shih

    David Shih Mortgage Broker Business Member

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    With this budget why not consider somewhere closer to Geelong CBD instead? If you're consider somewhere with good land component then have a look at this:
    16 Regent Street, Whittington, Vic 3219 - Property Details
    This place just sold for $350K last week in Whittington but is only 2-3km from Geelong CBD. Given the size of land there are plenty of potential in terms what you want to do later on. As for the house...renovate or detonate ;)
     
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  6. Air_Bender

    Air_Bender Well-Known Member

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    That would depend on your preference. If you want to be close to the major shopping centre in the area then head to Melton West. If you prefer closer to transport then Melton South would be my pick. I've purchased here myself. You can still get a decent sized block, 700m² - 800m² for around $300k - $350k.

    Good luck.
     
  7. Nigel

    Nigel Well-Known Member

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    Starting very early investigations into a cash flow play in Melbourne so looking at Corio and Norlane specifically, they are obviously looking lower socioeconomic suburbs reflected in the price but my question is where are the areas within each suburb you would class as "no go zones"? If anyone has insights into streets/regions of these two suburbs and why that would be highly helpful or an illustration on the suburb maps from Google Maps for example.

    Thanks
     
  8. sash

    sash Well-Known Member

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    Yep.....my place is 700 meters to the station.....I was quoted 340k......had to pick myself off the floor....bought for 155k....Melton South is still growing..
     
  9. larrylarry

    larrylarry Well-Known Member

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    i suggest you fly down on weekend and drive around and get on the ground. there are always going to be better streets and the not so good streets.
     
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  10. Air_Bender

    Air_Bender Well-Known Member

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    Couldn't agree more Sash. I went to a few auctions in Melton south before I snapped one up for myself and there was always a large turnout. My place is 1.2km to the station and is in a great quiet street.

    :)
     
  11. sash

    sash Well-Known Member

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    Considering they are paying 220k for a 400sqm blocks in Woodlea...with no infra....Melton Sth is a bargain.
     
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  12. Prashant Mahajan

    Prashant Mahajan Active Member

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    220k is few months old, next week release price is 260k for 400 sqm. Not sure how come they are increasing the price in every release ?
     
  13. larrylarry

    larrylarry Well-Known Member

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    They can and is about demand and supply.
     
  14. sash

    sash Well-Known Member

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    Wow....260k??? Have not been keeping track....of this closely...wow!!

    At 260k you will to add another 240k for 23sq home (to realise full potential of the land plus stamps...and you at 520k for the finished product ...for what is essentially Melton!
     
  15. Air_Bender

    Air_Bender Well-Known Member

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    Not surprised at all considering the amount of people turning up at open inspections/auctions. Anything on a decent block (700m²+) is drawing big crowds. Melton is definitely booming.
     
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  16. virgo

    virgo Well-Known Member

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    Wow! i have a 4 bedder in Melton west bought few years ago for 230K...always rented ...it was so boring i sometimes forget i have ito_O

    I remember thinking i can't even build at that price?!!

    (i just had another look at the train...40 min by train to Melbourne?:p)

    Strange thing about Melton is my tenants do not give me any problem or is it my luck? when i visited , i thot it strongly reminded me of Kellyville...go you beauty!
     
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  17. Air_Bender

    Air_Bender Well-Known Member

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    My friend warned me not to buy in Melton as it was 'too far out' (I believe woop woop is the term he used) and I'd also have trouble finding tenants. Well, it only took a couple of weeks to find good tenants and it's only a 40 minute train ride into the heart of Melbourne CBD. It takes him well over an hour to get to work in the CBD from the northern suburbs everyday.

    :D
     
  18. Luca

    Luca Well-Known Member

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    Melton is moving as everything is moving up to Geelong and after. Good in the short term. Not sure in the long once all the land between Melbourne and Melton will be fully developed.
     
  19. strongy1986

    strongy1986 Well-Known Member

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    Its all good cheering and yahooing now prices are up but when the market go's soft Melton will get smashed. Hence why you could buy for under 200k a couple of years ago. The lowest prices were much higher at the end of last boom
    Take the money when its on offer

    In a soft matket they will be selling house and land in new estates for 350k again. Plenty of land between melton and melbourne...

    Wages havnt increased, construction materisls are cheap, when the hype leaves the market so will the demand and unfortunately theres nothing propping up Melton
     
  20. virgo

    virgo Well-Known Member

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    Wow! House and Land packages for 350K!!! Construction is real cheap down in Melbourne huh??!!!

    Here in Sydney, we can't build granny flats (all up) for what? 130-150K...and that's with no land....

    Guess i need to encourage my kids to move ...
     

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