VIC Melton South - investor buying groups

Discussion in 'Where to Buy' started by sash, 30th Apr, 2016.

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  1. sash

    sash Well-Known Member

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    Hi All,

    I was looking to off load my Melton South property as it has almost doubled now.

    So I called a couple of agents and asked a whole slew of questions. Apparently...Dream Properties and the Right Group are all over the place along with mom and pop investors. Very little stock now under 250k and owners have started adjusting their expectations.

    This is great news...it shows what Sydney investors can do to a suburb!

    The other thing is some of the new developments only 3-10 minutes up the road are helping Melton along.....these developments in a lot of cases are starting from the low 4s.
     
    sash, 30th Apr, 2016
    #1
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  2. the world is your oyster

    the world is your oyster Well-Known Member

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    How long have you had the property for now sash ?
     
    the world is your oyster, 22nd May, 2016
    #2
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  3. ramssss

    ramssss Active Member

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    I wonder if the price gap between old stock (eg. 20 yo dwelling) in Melton South (250k ish) vs new H&L packages (350k ish) tend to diminish over time?

    I've purchased and built on infill land development in the past, older/cheaper property in the same area "appear" to grow higher % wise due to their low starting base. Need to find some long term data to test that hypothesis.
     
    ramssss, 2nd Jun, 2016
    #3
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  4. strongy1986

    strongy1986 Well-Known Member

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    No need to hypothesize

    Thats how it works

    Land appreciates (or stays constant) , while buildungs depreciate
    So in 30 years when both are old houses they will be worth the same
    Look at house prices in more established suburbs - a house built in the 60s is worth the same as a house built in the 80s or even 90s
     
    strongy1986, 2nd Jun, 2016
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  5. sash

    sash Well-Known Member

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    9 years now......has now gone from 155k to 275k....waiting for it to hit 310k and I will sell...
     
    sash, 3rd Jun, 2016
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  6. Cactus

    Cactus Well-Known Member

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    Why sell?
     
    Cactus, 8th Jun, 2016
    #6
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  7. sash

    sash Well-Known Member

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    still undecide. prices out there are definitely moving
     
    sash, 8th Jun, 2016
    #7
  8. sash

    sash Well-Known Member

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    Just checked properties within walking distance of Melton South...wow....they are now 360k plus......and climbing...apparently there are people fighting over properties like this now.

    Who would have thought this....:p:D..only a couple months ago...
     
    sash, 27th Jul, 2017
    #8
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  9. samiam

    samiam Well-Known Member

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    Where is your next move @sash :D
     
    samiam, 27th Jul, 2017
    #9
  10. FHOG

    FHOG Member

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    Yeah, where is your next move @sash. It sounds like you bought at a good time...would you consider somewhere around Broadmeadows, Dallas or even Werribee for investment? If not why not?
     
    FHOG, 27th Jul, 2017
    #10
  11. sash

    sash Well-Known Member

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    If I told you that I would have to kill you Samian...would not want that....:p:D
    Dallas is ok....Werribee and surrounds still offers opportunity if you buy well....
     
    sash, 27th Jul, 2017
    #11
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  12. Air_Bender

    Air_Bender Well-Known Member

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    Absolutely love my Melton South purchase! :D

    Saw a couple of recent comparable sales hit the $420k+ mark! Anything that's within walking distance to the train station is drawing huge interest.

    Who would've thought indeed Sash. :D:D
     
    Air_Bender, 28th Jul, 2017
    #12
  13. sash

    sash Well-Known Member

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    Yep....who says you can't buy in Melbourne and get growth better than Sydney....and pay a fraction of the land tax?:D
     
    sash, 28th Jul, 2017
    #13
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  14. Westie

    Westie Well-Known Member

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    I attended the auction for 48 Manson, Melton South this afternoon. Maybe the wild weather turned most folks off, but there were only 2 bidders (and 2 spectators out of which one was me). Both were families, complete with kids and grandparents. Property passed in at $381k, sold for $385k. This house, on a ~650sqm block) had approved permits and plans for a 2 bed unit at the back. There was an absolutely ginormous eucalyptus tree and overhead power cables not more than a few yards from it at the front left corner of this house which will have to be lopped for the driveway for the unit at the back. House was pretty average but livable. Maybe the investor groups that sash's reported are after bigger blocks or it was the weather </Report over>
     
    Westie, 29th Jul, 2017
    #14
  15. ej89

    ej89 Well-Known Member

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    The investor groups finished buying there long ago. They know when to get in and its usually well ahead of the crowd
     
    ej89, 30th Jul, 2017
    #15
  16. samiam

    samiam Well-Known Member

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    in my second thought, if you pm me, I will kill samiam. hows that? :D
    (may come back with a different name :cool:)
     
    samiam, 30th Jul, 2017
    #16
  17. the world is your oyster

    the world is your oyster Well-Known Member

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    That's very true
     
    the world is your oyster, 4th Aug, 2017
    #17
  18. Owlet

    Owlet Well-Known Member

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    I was speaking to someone today who secured a rental in Melton south today - owners are from Hong Kong.
     
    Owlet, 4th Aug, 2017
    #18
  19. scooby100

    scooby100 Member

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    Checking this market for last few weeks - an old property on ~600M lot RGZ1 close to the train station is ~350-400K - pretty similar to the example above. Given the huge land releases and attractive packages in the area...hard to see the prices growth in near future - so looking for it as mid - long term investment given its proximity to train station / schools and future developments in the area. Any recommended town planner in the area - just to consult with on future building options?
     
    scooby100, 15th Aug, 2017
    #19
  20. Westie

    Westie Well-Known Member

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    Westie, 17th Aug, 2017
    #20
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