Join Australia's most dynamic and respected property investment community

VIC Melton South - investor buying groups

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

Tags:
  1. sash

    sash Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    4,608
    Location:
    Sydney
    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.
     
    stephanie garner likes this.
  2. the world is your oyster

    the world is your oyster Well-Known Member

    Joined:
    28th Jun, 2015
    Posts:
    247
    Location:
    victoria
    How long have you had the property for now sash ?
     
    JZ93 likes this.
  3. ramssss

    ramssss Member

    Joined:
    12th Nov, 2015
    Posts:
    24
    Location:
    Melbourne, VIC
    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.
     
    G TOWN likes this.
  4. strongy1986

    strongy1986 Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    406
    Location:
    VIC
    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
     
    G TOWN likes this.
  5. sash

    sash Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    4,608
    Location:
    Sydney
    9 years now......has now gone from 155k to 275k....waiting for it to hit 310k and I will sell...
     
    apk, G TOWN, Cactus and 1 other person like this.
  6. Cactus

    Cactus Well-Known Member

    Joined:
    18th Jan, 2016
    Posts:
    1,341
    Location:
    Melbourne
    Why sell?
     
    Jasper likes this.
  7. sash

    sash Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    4,608
    Location:
    Sydney
    still undecide. prices out there are definitely moving
     
  8. sash

    sash Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    4,608
    Location:
    Sydney
    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...
     
  9. samiam

    samiam Well-Known Member

    Joined:
    5th Sep, 2015
    Posts:
    801
    Location:
    on my way
    Where is your next move @sash :D
     
  10. FHOG

    FHOG Member

    Joined:
    26th Jul, 2017
    Posts:
    6
    Location:
    VIC
    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?
     
  11. sash

    sash Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    4,608
    Location:
    Sydney
    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....
     
    samiam likes this.
  12. Air_Bender

    Air_Bender Well-Known Member

    Joined:
    9th Jan, 2016
    Posts:
    203
    Location:
    Melbourne
    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
     
  13. sash

    sash Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    4,608
    Location:
    Sydney
    Yep....who says you can't buy in Melbourne and get growth better than Soidney....and pay a fraction of the land tax?:D
     
    ashish1137 and Air_Bender like this.
  14. Westie

    Westie Well-Known Member

    Joined:
    19th Jun, 2017
    Posts:
    66
    Location:
    Melbourne
    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>
     
  15. ej89

    ej89 Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    784
    Location:
    Sydney.
    The investor groups finished buying there long ago. They know when to get in and its usually well ahead of the crowd
     
  16. samiam

    samiam Well-Known Member

    Joined:
    5th Sep, 2015
    Posts:
    801
    Location:
    on my way
    in my second thought, if you pm me, I will kill samiam. hows that? :D
    (may come back with a different name :cool:)
     
  17. the world is your oyster

    the world is your oyster Well-Known Member

    Joined:
    28th Jun, 2015
    Posts:
    247
    Location:
    victoria
    That's very true
     
  18. Owlet

    Owlet Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    182
    Location:
    VIC
    I was speaking to someone today who secured a rental in Melton south today - owners are from Hong Kong.
     
  19. scooby100

    scooby100 Member

    Joined:
    7th Aug, 2017
    Posts:
    5
    Location:
    VIC
    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?
     
  20. Westie

    Westie Well-Known Member

    Joined:
    19th Jun, 2017
    Posts:
    66
    Location:
    Melbourne