MELTON ON THE MOVE

Those keeping an eye on the property market may have noticed a recent increase in buyers targeting Melton for their home purchase, or even more so, their investment property, why is this? 

Recently articles have been published in both the Herald Sun and Domain.com.au about the Melton Property Market. The article titled "Melbourne homebuyers on budget have fewer suburbs to choose from" published in the Herald Sun, looks at the amount of suburbs left in Victoria with low median house prices, with Melton, Melton South and Kurunjang making up the top 3. Having 3 of the top 5 essentially 'most affordable suburbs in Victoria' has sent droves of first home buyers and investors straight to Melton.

This paired with Domain's article "Sydney property investors target Melton for capital growth and rental yield" has had investors targeting Melton (even more so than usual). Melton has always been a fantastic area for rental properties, but this article shone a light on the fact that many of Melton's rental properties are positively geared, a trend rarely, if ever, seen in suburbs closer to the CBD or East and South Melbourne suburbs.

Here at Cooper Real Estate Melton we have certainly noticed this increase of traffic in the last month, and although many buyers (particularly investors) are asking for price brackets similar to those listed in the Herald Sun article (Melton median price $256,000, Melton South $260,000 and Kurunjang $295,000) they are often realising the value for money and potential rental yield in higher price brackets, and abandoning their original price constraints and buying in the $300,000 - $350,000 price range.

First home buyers however, are often buying in an even higher price bracket upon realising the value for money; for $400,000 in suburbs like Newport, Sunshine and Footscray you can essentially only buy 1/2 bedroom, 1 bathroom apartments or units, whereas for that price in Melton you will more likely find 4 bedroom, 2 bathroom homes with multiple living areas.

This trend will surely see an increase in property value over time, consistent with the existing trend. Figures from realestate.com.au show a 2.4% annual growth for Melton South and West, with the median price for Melton West in 2011 being $291,000 and 2015 $315,000, and for Melton South in 2012 being $220,000 and 2015 $250,000.

So is now a good time to sell?? Absolutely! With homes selling extremely quickly and often even before we start their marketing campaign, this is an extremely good time for those who want to sell quickly and with minimal inspections.

Want to know how much your property is worth? Give me a call on 0422 396 103 to book your obligation free appraisal.

Or book your free appraisal online here.

 

Written by Ellie Dean

Sales Consultant

Cooper Real Estate Melton