Melton or Geelong????????

[mystery]

Shuttergirl,

From memory from my trip to purchase 18 months ago .... Melton South was definately the least desirable of the areas. This included comments I received from locals and agents. This fact is reflected in the subtle price variation of properties between the suburbs. This doesn't mean you shouldn't buy in South, but just be aware ... don't pay top dollar.

As for the Uni, ... I think you'll find its only a smallish campus not a full blown Uni, ... you may want to check this out. I didn't see any advantage in buying close by.

Train Station .... All of Melton suburbs are only a couple of minutes drive away from the train station.

Supermarket, ... the main shopping complex is actually between Melton and Melton West suburbs, unless they have built another one since I was in Melton.

Hope this helps

Martin

 

[Shuttergirl]

Thanks Martin, I spoke with an PM late yesterday and even though one of her sales agents had said "yeah South is fine" she said "he'll probably kill me but steer clear of south" so I think that is exactly what i will do hehe.

 

[mystery]

Shuttergirl,

Well done, .... You will find plenty of good properties in the other areas of Melton. Worth listening to Roxana, she certainly knows her business and the town. Good work.

Martin

PS ... How sad are we that we are reading this forum on a Saturday afternoon ... hahaha ...

 

[Shuttergirl]

Ah but Martin, I was reading it with a champagne in my hand, that lifts the enjoyment level somewhat LOL!!!!!!!!!!!

 

[tubs]

Arguments for Waurn Ponds
- Close to the new Geelong Bypass (it ends at Waurn Ponds)
- Close to the beaches (Torquay etc) so is a great place for people to work in Melbourne and enjoy the beaches on the weekend.
- Next door to Armstrong Creek Development (check out the geelong.vic.gov.au website for details)
- New train station proposed
- Part of strategic growth corridor for Geelong, so new $7m swimming pool going in soon (apparently)
- Plenty of shops nearby with supermarkets, takeaway, Target, bakeries, Bunnings, Harvey Norman, multiplex cinema
- Area is almost built out
- Close to Deakin Uni (major employer) and other shops/businesses for employment
- City is gaining good economic activity (eg relocation of TAC headquarters to Geelong, and plenty of state govt investment)
- Yields of around 5%

Arguments against
- A fair way away from the city of Geelong (at least in Geelong terms)
- Imminent loss of 600 jobs in Geelong (expected to affect 1500 jobs all up) at Fords in a couple of years, athough people in Waurn Ponds are more likely to be commuters to Melbourne
- CG in Geelong around 5%, so not spectacular

I think if I was going to buy in Geelong, I'd definitely go to Waurn Ponds. However, I believe that there are better growth opportunities around right now.

PS I own an IP in Waurn Ponds, so choose to take all this as informed advice or biased opinion!

 

[want2bewealthy]

Would it be preferable to buy something older and more established or something newer with potentially less maintenance costs if I was looking in Melton?

Quote from this months API magazine on "prime suburbs often dont outperform other areas"

here it is
"buyers are looking for newer houses in second choice suburbs. its about nice properties in second, third choice suburbs because buyers are looking for more for their money"