VIC Melton top of the market?

Just like the rest of Melbourne the market has moved a lot in Melton and surrounds. I was looking at some parts of Melton - the DSR stats (73) , auction clearance rates, time on market seem to suggest there is still some growth to come. However there is always the temptation to cash in and move to greener pastures before interest rates go up and wipe out

I was talking to a couple of real estate agents who auctioned places land got $120k over the reserve last weekend (if you believe the stories of couse ;-)

Thoughts?

 

My issue about Melton is there aren't really many drivers that would help increase the prices over a long period of time. There is an abundance of land being redeveloped between caroline springs and melton that needs filling first. Melton still has that stigma, and for the same amount of cash then people would like to build their own houses.

There is no real plan to electrify the Melton line either.

With the same amount of money, I'd invest (and have invested) elsewhere.

With that being said, I am actually looking into Melton as we speak just to rule it out if anything.

 

Warburton and Koo Wee Rup have moved. When this happens l take it as a sign to look interstate/regional.

 

Any opinion on Riverwalk(Werribee)?

 

Ya need to get out...son....have a look at what land costs at Seventh Bend....as for land sure lots available...but can you find any titled land under 200k which is bigger than 450sqm at the moment neat the rail??

 

Yep its is pretty crazy coming from 10 years ago when they could barely give the land away ...

Some growth still to come when you look at the stock on market...see attached

 

Yep.....that is why some people comment here without knowing this.....

 

Who would have thought it ....infrastructure.......capital growth .....in a sea of land

 

Might look into Melton more seriously then! Thanks @sash

 

Melton was touted to boom in 2017 by John Lindeman because the land supply had been taken up and existing stuff cost way less than the trashy new stuff that was on 400sqm and kms away. If you can get existing stuff near infrastructure it will perform much better than just buying anything. Land appreciates, buildings depreciate - so it astonishes me that people call the 400sqm thing an investment.

 

Couldn't agree more Normailson. That's why I bought an existing property sitting on almost 900m² piece of land that is walking distance to the train station. It's hasn't even been a year since my purchase and I know I can already make a profit if I sell today. I've seen properties between 600m² and 700m² sell for way more than my purchase.

I still think there's value in Melton. A lot of the new estates are quite rubbish like you said except for maybe one or two but if you can find something that's established, on a decent piece of land and close to amenities I believe you can make a sound investment.