Melton is one of the state’s most affordable destinations for investors, tenants and first home-buyers, according to a new report.
The report by CoreLogic RP Data analysed the “Best of the Best for 2014” and found Melton suburbs were an ideal location for people seeking affordability.
Company spokesman Robert Larocca encouraged people who wanted a higher return for their property to invest and rent out properties in Melton South, where the median sale price is $235,000 and rent is $260 – a 5.8 per cent yield.
“An investor looking for good rental yield would be more likely to find that in Melton than in the inner east,” Mr Larocca said.
According to the report, Melton South was ranked second in terms of “most affordable median weekly advertised rent”, just behind Lang Lang, 73 kilometres south-east of Melbourne.
“[Melton] is undergoing change; it’s an area that’s been popular, more so with those buying newer properties,” Mr Larocca said.
Properties in Melton, Melton South, Kurunjang and Rockbank are a hit with people wanting to buy affordable houses, while Melton South, Melton, Kurunjang, Melton West and Diggers Rest offer some of the state’s most affordable rental properties.
“If you’re trying to rent out a property, the most important thing is to have a really good property manager,” Mr Larocca said.
“Without a tenant, an investment is not useful.”
Senior property manager Jo Elma, of Ray White Melton, said she had noticed an influx of people wanting to rent and buy in the area.
“We’ve seen a lot of people come out this way in the past two or three years,” Ms Elma said.
“Some people stay in the area and move house regularly, but the majority of tenants stay long-term.
“I’d 100 per cent recommend investors to invest here.”
Ms Elma said a number of people had showed interest in the new suburb of Arnolds Creek.
