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.
- Toolern street is a 5-minute drive to the Woodgrove and Coburns Central Shopping Centre at the corner of High street and Coburns road, Hannah Watts Park and Melton Valley Golf Club.
- Being on the southern end of Melton, this location surrounded by schools and learning institutions within a 1.5km radius which include Melton Christian College, St Anthony’s College, Victoria University’s Melton campus, Staughton College, Melton South primary school and Coburn and Brookfield primary schools.
- 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
