hey anybody invested in west in areas like werribee, melton, baccchus
geez the houses there are quite nice although i was told the people there are hmmmm….. eefiee ie jerry springer specials etc
good yield though for an established satelite town with a grwoing population as melton is set as the fastest growing population accordibng to survey even more than brissie
who is a good real estate agent in werribee , melton etc
any replies welcomed – both positive and negative
Hi fjficm,
I haven’t invested in any of those areas, although I have heard/read somewhere that Werribee is on the upward climb (I haven’t seen this happen, but it is being tipped). It may not be a fast move, but apparently it’s increasing in popularity as it is still affordable for many FH buyers.
I would imagine REA such as Ray White and the like. Check http://www.realestate.com.au and have a look at the rental listings and the agents managing some of these areas.
Good luck, let me know how you go.
Cheers,
Jo
Originally posted by fjficm:hey anybody invested in west in areas like werribee, melton, baccchus
geez the houses there are quite nice although i was told the people there are hmmmm….. eefiee ie jerry springer specials etc
good yield though for an established satelite town with a grwoing population as melton is set as the fastest growing population accordibng to survey even more than brissie
who is a good real estate agent in werribee , melton etc
any replies welcomed – both positive and negative
Hi fjficm,
[angry2] Well, we are from the abovementioned area, and I would have to say gee thanks for the total generalisation on the “type” of people that live in these areas!!! [thumbsdownanimI don’t believe we qualify for the tag “Jerry Springer specials”!!!
Perhaps you may be better advised to keep such one eyed opinions to yourself on a forum such as this that is used by so many people presumably from wide and varying backgrounds, all trying to improve their financial future for themselves and their families……I can only presume from your comments that you are from a very affluent area/background????
Just because people cannot afford houses 400-500k+, doesn’t mean they are “Jerry Springer specials” and also doesn’t mean they are any less deserving of assistance/information to help them and their families in their financial futures!!!!!
People in the area vary widely, working class (if you want to do the class thing) and upward+++.
Yes, it is a growing area – has gone from paddocks to suburbia since we have been here!!As for good real estate agents, there are many, can’t comment on good ones as I’m sure there are good and bad amongst all – haven’t used any recently. Brian Mark in Werribee is a Jenman rep. As Monopoly said, do your research on the net and you’ll find who has most turnover of props.
Good luck in your venture.
Lambsie
[angry2]hi lamsie,
[blush2]
im really sorry if you thought that was my opinion of melton. No it is not.
I mentioned this area to my friends and thats what they said and so does a few REA in werribee.
Comments like, geez their markets overblown, ferals selling to ferals etc.
Sorry; not to recriminate myself again but that is what other people have said, not me.So, Ive decided to check it out myself and I like the area and I have bought there for 156K for a 3 Br BV house on 700+m2 of land ensuite heating and ac renting for 175/wk which i’m happy with
my tennants are not ferals but your average hardworking family trying to make ends meet, good with rental payments and i was pleased to provide a comfortable, safe, yet affordable accomodation while they get on their feet
so my comments are based on what others have said, but as for me i check things out myself. there are “difficult people” around in any communities i found as i entered RE and i have learned that generalisations and “classisms” alienate others unnessasarily and make the “classists” feel superior where they have no right to
Again lambsie, sorry ive offended but i have made ammends
cheers
Welcome to the West World.
We’re in Melton and have been for many years.
Whilst prices have increased considerably since we moved here in about 1982, there are not many bargains (as far as Melton market in concerned) now a days.
My first house cost $46,000, second $66,000 (sold for $101,000 about 2 yrs later), third $163,000 (sold for $175,000 about 18 mths later). Current prop cost $93,000 and current value around $180,000.
The market here has started to quieten and buys <$120,000 are quite rare.
Essentially, on the basis of the “11 second solution” it far too late (like most areas of Melb) but otherwise profitable props are still available.
I have had good dealings with Cheryl at Stockdale & Leggo in the past and, at this point, will more than likely use her when disposing of current prop.
Hope this helps.
PS. proper checks on prospective tenants will be your saviour
Ray
To begin and not succeed is not to fail
To never try is to failAnyone ‘wrapping’ in these areas
Fijicm: backpeddling’s hard isn’t it[medieval]
fjficm,
I admit to being new to all this (relatively) but I’ve been trying to work out how the property you mentioned in this forum is CF+. For the life of me I can’t. Would welcome any explaination as I’m currently looking for IP’s but with what appears to be much more +CF than yours. If I’m wrong and your prop is CF+ then I will be learning a most valuable lesson in calculating CF.
Cheers
Ray
To begin and not succeed is not to fail
To never try is to failOriginally posted by fjficm:hey anybody invested in west in areas like werribee, melton, baccchus
geez the houses there are quite nice although i was told the people there are hmmmm….. eefiee ie jerry springer specials etc
good yield though for an established satelite town with a grwoing population as melton is set as the fastest growing population accordibng to survey even more than brissie
who is a good real estate agent in werribee , melton etc
any replies welcomed – both positive and negative
ROFL I have a friend that lives in Werribee, he reckons the same thing. Funny thing is when Jerry Springer is on TV and I am on the phone or irc to him and he tells me off the latest local happennings[biggrin]
Well i spose you had to be there [biggrin][biggrin]
Ray, fjficm’s property probably isn’t CF+. Not all people on this site subscribe to the CF+ is the ONLY way to go for ALL properties.
I would suggest (my opinion) that it has been bought cos it’s affordable, and in an area that is still showing a bit of growth…
I will be corrected if my assumptions are wrong I’m sure[biggrin]
Cheers
Melas usual mel ur spot on
meltons got a good stats for the future and i plan to kep for a long long time and i know even if it drops a little now(cant really drop to less than 156k) in the long run it will be ok
i can pay off mortgage, rent support is good bout 50 bucks a month on interest
pay this off in 2-3 years easy then sit sit sit
im really a proponent of capital growth and reasonable yield for affordability
Thanks for responses to my query.
I appreciate that not everyone is after CF+ prop but we are looking to “concentrate” on these in short term to provide a “solid financial base” starting out.
I agree with your assessment of Melton values. Provided the property wasn’t bought overpriced as some PPOR ones are (even today) there is sufficient scope within the value to allow for moderate price drops, but in the longer term prices here will increase at a healthy rate providing quite solid capital growth.
It would appear that at $157k you have done well price wise and congrats to you.
[thumbsupanim]
Ray
To begin and not succeed is not to fail
To never try is to failI have lived in the Werribee area for 20 years. Properties didn’t move for years and there had been a stigma about the Melbourne West. Up until 3-4 years ago you could buy a 2yo house on 700 sqm for between 140k – 160k and rent it out for $200 per week. Now the same house costs 210k – 230k for the same rent. Older parts of Hopeprs Crossing and Werribee you can get houses for $160k – $180k but rent is 160 – 180 pw.
That is not to say that there aren’t bargains around but this area has really moved with the ring road, lots of new light industry, the new Melbourne – Geelong freeway and the new estates (average block in new estate is $140k for 700sqm).
The last stats I saw said that there are about 7,000 a year moving here and it is booming.
Hope this helps.
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