21 Toolern street, Melton South

21 Toolern street Melton @ wealthruproperty.com

Located 35km north west of Melbourne CBD in Melton, 21 Toolern street is a 1972 brick home built on a 961sqm plot of fully level, rectangular land.

Comprising 5 bedrooms, 2 bathrooms with separate toilet including ensuite for master bedroom, open plan kitchen, internal laundry, double lock-up garage this north-facing home is for sale through mortgagee auction on 19 December 2009 by Stockdale & Leggo real estate agents in Melton.

Rental for this property is expected to be approximately $260 – $280 per week.

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Why I like this house and location:

  • Located on a quiet cul-de-sac, this house is only 500m from Melton train station on Brooklyn street, 300m to local shops and 500m to the local Station Square Shopping Centre which includes Coles, Liquorland, local butcher, newsagent, UFS pharmacy, fruit and vegetable grocer, post office and restaurants.
  • Bright and light-filled due to its northern aspect, it has a large living area with separate dining, open plan kitchen, family / rumpus room and a huge backyard which is perfect for entertaining and weekend barbeques. The driveway includes a double lockup carport and storage.
  • This location will become increasingly strategic in future due to new residential developments to the west of Melton South in Brookfield and the south in the Toolern and Eynesbury regions.

  • Built on a larger than normal block of land, there is potential for subdivision and development (subject to Council approval). There are no less than 9 blocks of land on Toolern street which has been subdivided and units built to accommodate the growing population of Melton. This proposition will be attractive to builders, developers and the astute investor.

More information can be obtained from the Melton Shire Council.

Vital statistics

Suburb Median house price $ Weekly advertised median rent $ Gross yield $ 3-year growth % 5-year growth % Average annual growth %
Melton 220,000 230 5.4 22.2 29.0 9.5
Melton South 208,000 220 5.5 18.9 22.4 9.7
Melton West 245,000 240 5.1 11.4 16.7 8.0

Source: Your Investment Property, December 2009

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How it’s calculated:

Median price: Median price for the 12 months to August 2009

Average annual growth: Average percentage change over the past 10 years as a per annum figure

5-year growth: Median price percentage change over the past 5 years to August 2009

Weekly median advertised rent: Median price of rental listings for the 12 months to August 2009

Gross yield: Estimated rental return, based on advertised rent to median price

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