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Melton proceeding with $15 billion urban regeneration plan

Melton Community Hall @ wealthruproperty.com 2

Melton Community Hall, Melton South

The Melton Shire Council is in the midst of formalising a major planning initiative which involves 2,400 hectares of vacant land between Paynes road at Rockbank and Toolern Creek in Melton South, locations which are 30km and 40km from Melbourne CBD respectively.

This plan involves 2 community centres, retail and commercial precincts, a new railway station and low, medium and high-density housing which is expected to add 22,000 new dwellings and increase the current Melton population of 43,000 to 100,000 by 2026. In addition, the plan also caters for the expansion of land for Harness Racing Victoria which recently moved from Moonee Valley to a new $40 million facility in Melton.

Back in 1970, the population of Melton was 4,000. Today, the wider Melton Shire Council which includes suburbs to the east of Melton closer to the city, is one of the fastest-growing municipalities in Australia, with the current population of 103,000 forecast to reach 144,000 by 2016.

The Honourable Justin Madden, Minister for Planning is expected to approve the Toolern Precinct Structure Plan in June 2010, with a developer expected to be appointed by December 2010. Subdivision works will be carried out in the middle of next year, with construction set to start soon after. More than 35 developers, consultants and other interested stakeholders are expected to be involved in the proposal to develop the first 512 hectares of council-owned land out of which 381 hectares will be residential properties.

Among the property developers expected to be joint-venture partners include Delfin, Lend Lease, MAB Corporation, Mirvac Group and Stockland, which recently paid $57 million for a 124-hectare development site in nearby Leakes road capable of accommodating 1,300 residential dwellings.

On completion of the entire 2400-hectare redevelopment, just one Western Highway exit will divide the invisible line where Melton begins and metropolitan Melbourne ends, loosely considered the 1,996 housing estates of Caroline Springs and Burnside, which actually share the same postcode as Deer Park.

M8 Western Freeway @ wealthruproperty.com 1

Excellent drive on the M8 Western Freeway

Total development value is expected to be a massive $15 billion will be invested in Melton, spread as $9 billion and $6 billion for residential and commercial development, making this investment a larger urban regeneration than Docklands’ $12 billion to the west of Melbourne CBD.

Melton, being known as the former “thoroughbred country”, which is currently 40 minutes by car from Melbourne CBD is expected to become more accessible when the proposed outer ring road is completed, connecting the suburb to Melbourne’s Tullamarine airport and an interchange at Oakland Junction connecting outer-western suburbs to the Hume Freeway. This development is another step closer for Melton to become part of metropolitan Melbourne.

The above is an excerpt from an article written by Marc Pallisco for The Age newspaper.

Other related posts:

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Elm tree-lined Bacchus Marsh road

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

Toolern street, Melton South

Toolern street, Melton South @ wealthruproperty.com 1

A quiet cul-de-sac, Toolern street in Melton is only 600m 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.

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.

Most importantly, 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.

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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