Victor Kumar, director of Right Property Group, sees Melton as Sydney’s Mount Druitt. He said he would not have thought of buying there five years ago, but a strong demographic shift is now underway as people in Sunshine are moving to the Melton area.
“They’re getting a brand new house on decent-sized land—perhaps not as big as their land in Sunshine—and they’ve still got change leftover,” Kumar said. “In the last two years there’s been a juice bar that sprung up, there’s a couple of better cafes, so slowly the lifestyle culture is changing.”
Similarly, property investment adviser Luke Moroney said that there was potential for the area to grow because of its affordability, eventually becoming a western hub for Melbourne.
“People may not be comfortable with the distance at the moment in Melbourne, but as years go on, they’ll be more comfortable like Sydneysiders are currently,” he said, pointing out that people are traveling twice as far to Sydney CBD every day.
However, Melbourne buyers’ agent Cate Bakos are advising investors to reconsider.
“My biggest issue with Melton is that it’s a long way away, and it is surrounded by areas that are still offering house and land packages,” she said.
Aside from Melton and Melton South, investors are also buying in nearby Kurunjang and Brookfield.
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