From its humble beginnings as a satellite city, the suburb of Melton has grown to become a thriving residential hotspot in recent years. Situated approximately 35km west of Melbourne’s CBD, it offers suburban living with a country feel and is best suited for retirees and young families seeking to get a foothold on the property ladder.
Melton is located 36 km west of the CBD. Located on Melbourne's western fringe. Melton is ear marked as the next property hot spot with huge increases to population, infrastructure and housing developments planned and underway including the approval and funding for a new State funded Public Hospital destined for the Outta West Melbourne Suburb.
If affordability is your number one priority then Melton, 35 kilometres from the city should be on your radar. With median property prices of $510,000 (houses) and $365,000 (units) this is some of the cheapest property that can be had in metro Melbourne. The suburb has its own railway station, is close to the airport and has a good selection of Piblic and Private schooling options.
Melton property has posted a growth rate of +10.0 per cent for houses and +7.6 per cent for units over the last five years. In terms of rentals, you can expect to receive $320 per week for a house with an annual rental yield of 4.1 per cent, while units rent for $300 per week with a rental yield of +4.7 per cent.
Current Vacancy rates for rental properties at between 0% - 1%. The lowest for the last decade.