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Stockdale & Leggo Melton ~ a local with a wealth of experience

Stockdale Leggo Melton

Headed by Principal and Director, Brian Payne who has more than 30 years of experience in the local market, The Stockdale & Leggo team of experienced sales and management executives have a combined total of more than 100 years of real estate experience in Melton.

Stockdale and Leggo was also awarded Top Office in the North West Zone in 2001 to 2005.

Related posts:

4 Austin Place, Melton South

4 Austin Place Melton South 1

Town house at 4 Austin Place, Melton South

Melton is located 42km northwest of Melbourne CBD via the M8 Western Freeway.

4 Austin Place is a development located located approximately 1.5 km from the Melton train station and 2 km to all the conveniences of the commercial and retail precinct along High street in Melton. It consists of 16 units of 3 bedroom, 2 bathroom and single car space town houses. The built-up and land area for each unit is approximately 165 sqm and 275 sqm respectively.

Most of the town houses at 4 Austin Place are now for sale at $289,000 per unit.

Melton was recently noted through research by Tim Lawless, Director of Property Research at RP Data as being one of the most affordable suburbs in Melbourne.

Most affordable suburbs to buy a house in Australia

15 Kurrajong Crescent Melton @ wealthruproperty.com

3-bedroom house on Kurrajong Crescent, Melton South, Melbourne

Based on research by Tim Lawless, Director of Property Research at RP Data an appropriate benchmark for affordable capital city houses in Australia is $350,000 whereby there are still many opportunities to buy a house below  this price in most cities. Hobart and Canberra are the most affordable and least affordable capital cities in Australia respectively based on the number of suburbs with a median house price of $350,000 or less.

Below is the list of most affordable capital cities in Australia:

Rank

Most affordable capital city

# suburbs < $350k

Total # of suburbs

%

1

Hobart

30

70

54.3

2

Adelaide

96

327

29.4

3

Melbourne

87

392

22.2

4

Brisbane

70

328

21.3

5

Sydney

130

625

20.8

6

Perth

25

259

9.7

7

Darwin

0

39

0

8

Canberra

0

84

0

* Note: All analysis is based on suburbs with at least 10 sales over the 12-month period to January 2010.

As at January 2010, Gagebrook in Hobart was the most affordable capital city suburb in Australia where median price was $153,000.

Hobart is the most affordable capital city with a median house price of $342,000. The median house price for capital cities over the three months to January 2010 are as follows:

Rank

Most affordable capital city

Median house price $

1

Hobart

342,000

2

Adelaide

395,000

3

Brisbane

460,000

4

Melbourne

489,000

5

Perth

490,000

6

Darwin

515,000

7

Canberra

545,000

8

Sydney

572,000

The 5 most affordable capital city suburbs for houses are as follows:

Suburb

LGA

City

# sold

Median price $

12-month change %

Avrge 10-year growth %

Dist CBD

Gagebrook Brighton Hobart 26 153,000 7.7 15.9 16
Clarendon Vale Clarence Hobart 27 155,500 -4.9 14.5 10
Primrose Sands Sorell Hobart 51 180,000 5.9 14.3 28
Bridgewater Brighton Hobart 50 180,500 6.2 14.6 19
Rokeby Clarence Hobart 58 190,250 0.9 13.3 9
Elizabeth South Playford Adelaide 39 200,000 4.2 13.6 21
Smithfield Plains Playford Adelaide 42 200,000 8.1 15.7 28
Elizabeth North Playford Adelaide 56 200,500 -1.2 13.8 26
Davoren Park Playford Adelaide 125 202,000 2.5 14.4 27
Elizabeth Playford Adelaide 13 210,000 -6.3 12.7 24
Lamb Island Redland Brisbane 15 205,000 -3.5 n.a 39
Russell Island Redland Brisbane 87 220,000 -6.8 14.9 42
Macleay Island Redland Brisbane 94 240,000 -7.0 13.2 37
One Mile Ipswich Brisbane 53 245,000 -3.9 13.3 34
Leichhardt Ipswich Brisbane 91 249,000 0.0 14.1 34
Millgrove Yarra Ranges Melbourne 48 218,500 1.2 11.9 61
Melton South Melton Melbourne 206 222,000 10.9 9.4 35
Melton Melton Melbourne 236 225,000 3.9 9.5 35
Frankston North Frankston Melbourne 123 237,500 4.3 12.1 39
Diggers Rest Melton Melbourne 29 240,000 6.0 8.8 32
Hillman Rockingham Perth 51 280,000 2.0 12.7 38
Armadale Armadale Perth 219 284,000 2.2 14.2 26
Parmelia Kwinana Perth 141 288,000 2.1 13.8 33
Camillo Armadale Perth 109 290,000 -1.7 13.5 23
Brookdale Armadale Perth 48 297,250 2.5 14.8 27
Moulden Palmerston Darwin 75 392,000 17.9 11.7 15
Gray Palmerston Darwin 53 409,000 14.2 11.9 15
Humpty Doo Litchfield Darwin 113 419,000 -1.9 11.2 33
Karama Darwin Darwin 72 420,500 8.7 9.8 11
Driver Palmerston Darwin 62 437,500 19.9 10.9 15
Chamwood ACT Canberra 44 351,000 3.2 13.4 13
Macgregor ACT Canberra 227 370,000 9.0 10.6 14
Ngunnawai ACT Canberra 98 380,750 5.8 10.1 12
Holt ACT Canberra 72 392,500 5.9 12.0 13
Casey ACT Canberra 47 395,000 n.a n.a 13
Wilmot Blacktown Sydney 34 219,500 9.8 9.2 41
Tregar Blacktown Sydney 63 220,000 8.9 9.6 40
Lethbridge Park Blacktown Sydney 68 225,750 9.6 9.6 40
Whalan Blacktown Sydney 72 229,975 6.7 9.0 39
Blackett Blacktown Sydney 51 230,000 9.5 10.6 38

Metropolitan CBD vs outer fringes ~ pros and cons of city slicker vs surburbia

Sydney ferry and city skyline

Sydney ferry and city skyline

Traditional investment paradigm

I know of many investors who steadfastly insist that properties within a certain radius of an Australian metropolitan CBD will outgrow those located more than say 20km or so in the outer fringes of a capital city. This view is certainly true in the past and is rightfully founded upon traditional patterns of property growth fuelled by our obsession of living in and around Australian capital cities.

Lets face it, no matter how much Sydneysiders whinge about the state of Sydney’s trains, traffic congestion, higher cost of living and noise levels, being a harbour city, Sydney is still a pretty darn beautiful place to live in. Its lifestyle compared to many close Asian rivals are miles ahead and I believe many would-be migrants would kill for a piece of this action. Sydney is spoilt for choice – a world-class cuisine, laid-back and outdoorsy attitude as a result of the sunny and temperate climate which is taken for granted. Melbourne is elegant, perhaps the most elegant of all Australian capital cities with its cafe and emerging food culture, art and fashion and hey, the Australian Grand Prix and Australian Open tennis won’t hurt the local state economy. I love Perth for its vast open spaces, minimal fuss with traffic and its friendly locals. The presence of water views in most capital cities have an added dimension of natural beauty of its seascapes and coastal land.

Earlier migrants and established suburbs

In recent years, the global economy has dramatically changed. Technology has made the world smaller, we had a resources boom which brought many residential areas in Queensland and Western Australia to the forefront in property values. Lastly, the emergence of China and India as Asian powerhouses cannot be ignored. Migration numbers into Australia have ballooned over recent years and this has increased the demand for new housing. It may be true that migrants also prefer to stay within close range of metropolitan CBDs due to better job opportunities. However, the demographics of our capital cities are changing so rapidly that certain outer suburbs are proving to be just as attractive with good public amenities but are considerably more affordable in terms of housing. Take Sydney for example, Chinatown in the heart of the city used to be the melting pot for Chinese and Asian food in general in the early 1980s.

Today, Chatswood has become a residential, commercial and retail metropolis within the lower north shore where property values have escalated beyond imagination.  Suburbs further from the CBD like Flemington, Hurstville and Cabramatta (respectively 15km, 22km and 33km from the CBD) have a mixture of predominantly Chinese, Indian and Vietnamese migrants. Sydney Markets at Flemington is a wholesale market that provides fresh vegetables, meats, seafood, dry groceries and many other fresh produce to retailers, food businesses and the public alike at wholesale prices which give household budgets a big savings boost. These suburbs, among many others in capital cities of Australia have provided earlier migrants with literally a “new lease of life”. That is, the reality of an affordable brand new home in a country that promises the rule of law, equal opportunities and political stability. This is a potent cocktail of hope for any new arrival seeking a better future in a foreign land. In most cases, the cost of living is relatively lower compared to areas closer to the city. Public amenities such as schools and hospitals are sometimes easier to access than in the city and there is never a shortage of parklands and open public spaces.

The rise of “newer” suburbs and gentrification of the “old”

Rhodes is approximately 16km north west of Sydney CBD. Most apartments in this suburb are relatively new as a result of development over the last 5 years by Mirvac, Meriton, Billbergia and Walker Corporation. The convenience of the Rhodes Shopping Centre and train station cannot be underestimated. Investors who are buying the new apartments in Rhodes are predominantly new and young migrants from China. There is also anecdotes of auctions being dominated by Chinese bidders in recent times. In general, these migrants prefer new dwellings, the convenience of shopping and good access to the city. The table below shows that absolute price growth in dollar terms for Rhodes and Abbotsford have overtaken established suburbs like Mosman and Pyrmont which is literally in the city.

Dee Why in the northern beaches have long been the “poorer cousin” of its neighbouring Manly. However, things are about to change with the imminent Dee Why Grand, an integrated residential, retail and commercial development comprising 166 luxury apartments with all the modern conveniences. With Coles and Harris Farm taking up tenancy in this complex, Dee Why Grand is expected to transform the Pittwater road / Pacific Parade junction the same way that Pacific Square Shopping Centre has transformed Maroubra junction.

Redfern and Pyrmont have enjoyed solid growth due to gentrification, new developments around Blackwattle Bay, close proximity to TAFE and the city in general. These emerging trends have attracted young professionals who enjoy city living and all it has to offer. Renovation and upgrade of old terraces around Redfern has increased property values and brought in the hip factor in city living. On the other hand, established lower north shore suburbs like Cremorne and Neutral Bay have experienced more modest growth rates over the last 5 years. Rental yields are generally higher for CBD suburbs due to higher demand. The median price of $500,000 for Sydney city tells us something about the supply of units within the CBD and its relative potential for capital growth.

Suburb

Km from  Sydney CBD

Median unit price $

5-year growth %

Weekly median  rent $

Median Yield %

Dee Why

18

425,000

11

400

5.29

Rhodes

16

579,000

14

550

4.94

Abbotsford

11

600,000

13

465

4.03

Chatswood

11

500,664

13

500

5.19

Artarmon

9

513,750

14

450

4.55

Mosman

8

550,000

9

470

4.44

Cremorne

6

545,188

9

495

4.72

Neutral Bay

5

515,000

5

480

4.85

Erskineville

4

469,000

12

495

5.49

Redfern

3

445,000

20

450

5.26

Pyrmont

2

560,400

40

568

5.27

Sydney city

0

500,000

18

580

6.03

Source: RP Data, Your Investment Property, Issue No. 32, March 2010

Changing trends and attitudes

The argument about standard of living can be subjective. Advancement of technology has made it easier for many to work from home and there is some justification for so many city dwellers seeking a “sea change” or “tree change”. Australia has the ability to provide an alternative lifestyle in less populated coastal towns with similar oceans views at a fraction of the price which is proving to be an irresistible lure to getaway from hectic city life. Gerringong, Gerroa and Mollymook are just a few of so many coastal towns in the south coast of New South Wales which offer breath-taking ocean views without the Sydney price tag and traffic congestion. As a result, some inland and coastal suburbs which offer a more balanced work – leisure lifestyle are beginning to experience solid growth based on sustainable foundations rather than more speculative hearsay which are infamous with many CBDs developments. Dural in the north of Sydney may be one such suburb.

Untitled-2

Flowers at Sydney Markets, Flemington

Economics

Statistics like those above have proven that some so-called iconic or “high-end” suburbs have experienced at best lacklustre growth rates over the past 10 years whilst suburbs in the outer fringes are powering ahead with double-digit growth rates. Why is this so? The reason may come down to be purely economics. As Australia grows in population (currently 22 million and is tipped to reach 35 million by 2050), properties in the outer fringes are more affordable compared to the CBD and usually demonstrate better cashflow. Being more affordable, these properties are in higher demand and when interest rates are low, more first home buyers will enter the property market via these outer fringe suburbs. When interest rates increase, demand for these properties decrease due to lower affordability which in turn, increases the number of renters who provide a strong support to yields for these properties. In short, outer-fringers are relatively more recession-proof than their CBD counterparts.

On the other hand, properties in the CBD and “trendy and high end” suburbs with higher values will be the first to suffer in the event of a property downturn. Rising interest rates cripple affordability and prices of these properties and their higher values also return poor yields and discourage would-be investors to enter these markets.

Therefore, the traditional either-or choice of buying a CBD or outer fringe property is blurred by changing times and factors affecting a host of investment criteria. It is no longer a straight-forward choice because different suburbs within each precinct have different attributes depending on the investor’s goal and aspirations. It depends on the type of property you buy in a “strategic location” with a point of difference. Location is still important but scarcity and a unique point of difference which people are looking for is the key to a sound investment in the long term.

Investment strategy

From a strategy point of view, one should continue to consider investing in CBD suburbs provided  one don’t over-capitalise  and properties have sufficient upside potential in capital appreciation. Such properties are increasingly difficult to find at best of times because housing affordability in the CBDs of Australia is decreasing with dampening effects on price growth. To qualify as good investments, these CBD properties must demonstrate a distinct point of difference – convenience, transport, unique floor plan, private backyards, potential to upgrade and renovate, extra car space, valuable storage space and lifestyle choices for tenants such as a walk home from work or their favourite surf beach, pubs and restaurants.

As for the outer fringes, these suburbs must be within the radar of massive infrastructure investments and upgrades, projected population growth precincts with good public amenities and better transport routes to the CBD already inked onto paper. One such suburb is Melton, located 35km northwest of Melbourne, or the town of Gladstone, 550km north of Brisbane, but that’s another story.

Recent sale of potential development sites in Melton

According to local agent Lorraine Johns of Stockdale & Leggo in Melton, properties with the potential for development such as dual occupancy have been snapped up the moment they were on the market. This could be due to investors or local builders responding to a steady increase in demand for housing in the area. Here are a few recent sale of potential development sites:

1. 4 Braewood Place, Melton West

This property consists of 3 bedrooms, 2 bathroom with 4 car spaces and is situated on a 1,000 sqm block in Melton West. It is currently under contract for $282,500.

2. 91 Kurunjang Drive, Kurunjang

This property has 3 bedrooms, 2 bathrooms and 2 car spaces. It has a timber kitchen, blackwood flooring, ducted heating, 3 split unit systems on approximately 800 sqm of land. It is currently under contract for $269,000.

3. 11 Kimburra Court, Melton

This property has 3 bedrooms,  2 bathrooms and 4 car spaces. Located in a quite street, it has an ensuite with double shower, gas heating, air-conditioning and sunroom. It is situated on a 780 sqm block and is currently under contract for $262,500.

Other related posts on Melton:

15 Kurrajong Crescent, Melton South, Melbourne

15 Kurrajong Crescent Melton @ wealthruproperty.com 1

Located 42km north west of Melbourne CBD in Melton, 15 Kurrajong Crescent is a 1979 brick veneer home built on a 586 sqm plot of fully level, rectangular land.

Comprising 3 double bedrooms, one bathroom with separate toilet, open plan kitchen, internal laundry, this north-facing home is for sale at $225,000 through Lorraine Johns of Stockdale & Leggo real estate agents in Melton.

It is currently tenanted at $250 per week.

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Station Square Shopping Centre, Melton South @ wealthruproperty.com

Why I like this house and location:

  • Located on a quiet and leafy street, this house is only 700m from Melton train station on Brooklyn street and 100m 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 good size lounge, open plan kitchen which opens to a large patio and backyard which is perfect for entertaining and weekend barbeques. The driveway includes a 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.
  • Investment wise, this property is cashflow positive at current interest rates.

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

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

Malaysian-Aussie JV in $4.5 billion residential project

M8 Western Freeway @ wealthruproperty.com 1

M8 Western Freeway heading west from Melbourne CBD

Land between Caroline Springs and Melton could be developed for up to 50,000 homes much sooner than anticipated.

Located 42km northwest of Melbourne CBD Melton is accessible via the M8 Western Freeway.

Local developer Mirvac and Malaysian property developer Jayaland plans to build a $4.5 billion, 717-hectare suburb of up to 20,000 residential homes in Melbourne’s Rockbank, a suburb between Melton to its west and Caroline Springs to the east. This project will be built over the next 15 years on the huge parcel of land which is already owned by the joint venture partners.

The two new suburbs would be split only by the proposed eight-lane Outer Metropolitan Ring Road. A corridor of less than five kilometres of undeveloped land would remain between Melton township and the shire’s eastern suburbs. Land between Caroline Springs and Melton has been earmarked for inclusion in the State Government’s expanded urban growth boundary, but the final boundary and outer ring road alignment are not expected to be finalised until next year.

A second development is a 30,000 residential homes project called ‘Stoneleigh’ next to Caroline Springs which is jointly developed by Hamton & Mondous and Melbourne’s boutique developer Evolve Development Group which is owned by businessman Ron Walker. The estate joins Caroline Springs and spreads west to Plumpton Road, and runs north-south between the Western Freeway to north of the Melton Highway.

Recent news about Evolve include its well-timed developments of 58 apartments in Drummond street, Carlton and the 68 apartments known as Coco in Melbourne’s hip suburb of Prahran.

Werribee – a popular township among new Melbournians

Werribee Park

Werribee Park, west Melbourne

Werribee Plaza @ wealthruproperty.com

Shopping and convenience - Werribee Plaza

Werribee is located 35km south west of Melbourne CBD and is accessible via the M1 Princess Highway. The local council for Werribee is the City of Wyndham. The main commercial and retail centre is centred around Watton street which is less than 300 metres south of the Werribee train station. Local residents are well served by the main shopping centre of the suburb – Werribee Plaza which is located at the corner of Heath and Derrimut roads, approximately 3km north-west of the train station. Derrimut road is a major arterial road which connects the suburb to the M8 Western Freeway in the north. This M8 Western Freeway is a major road system which connects the Melbourne CBD to western suburbs such as Melton, Bacchus March and Ballarat. Tarneit is a smaller township north of Werribee. It appears residential development is beginning to spread towards the north of Werribee as land parcels are being zoned and developed. A host of home builders are constructing new residential family homes which include Simonds Homes, a multi-award winning builder who are building modern single and double storey residential houses of up to 4 bedrooms in Tarneit. Among the attractions in Werribee include Werribee Park which includes the Werribee Open Range Zoo, Werribee Park Mansion and State Rose Garden which is a sea of striking multi-colour roses when in full bloom.

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Vital statistics

Suburb Median house price $ Weekly advertised median rent $ Gross yield $ 3-year growth % 5-year growth % Average annual growth %
Werribee 250,000 250 5.2 17.4 22.5 8.7

Source: RP Data, Your Investment Property, December 2009

Suburb Median house price $ Weekly advertised median rent $ Gross yield $ 3-year growth % 5-year growth % Average annual growth %
Werribee 273,000 260 4.9 27.0 31.3 8.9

Source: RP Data, Your Investment Property, September 2010

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Toolern – Melton’s major future growth area

Melbourne growth areas

Located to the south east of Melton township, Toolern is a 2,500-hectare urban growth area within the current Urban Growth Boundary. The Melton Council has commenced a $15 billion initiative to establish the area as a major growth centre for Victoria which will be one of the biggest growth precincts across metropolitan Melbourne. The massive, long term urban investment strategy is a visionary program to create a major new investment location for Victoria.

Toolern is expected to transform Melton township into a major urban centre to the west of Melbourne, with new regional infrastructure and services to support existing residents of Melton as well as future residents within Toolern itself, Eynesbury and surrounding areas, with major features to include a new major activity centre, rail station and a regional employment precinct.

The draft Toolern Precinct Structure Plan provides for a major new community of in excess of 20,000 households and 50,000 people. The plan area has been divided into a three individual precincts, each comprising a number of neighbourhoods, focused around local services and infrastructure.

The Growth Areas Authority is an independent statutory body within the Victorian state government with a broad and facilitative role to create greater certainty, faster decisions and better coordination between all parties involved in planning and development of Melbourne’s growth areas. The GAA was established in 2006 and reports to the Minister for Planning as part of the Victorian Government’s plan for outer urban development. The GAA has been appointed by the Minister for Planning to oversee planning and development in Melbourne’s five growth areas:

The GAA works with councils, developers and government agencies to:

  • plan new suburbs in a way that enhances quality of life for residents, creates local jobs and is environmentally sustainable
  • create affordable housing and a greater range and choice of housing
  • plan for infrastructure and services as new development occurs to meet the needs of the community.

Existing houses in Melton are typically brick veneer single storey dwellings.

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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