Melton Property Watch Q1 2014
In December 2013, the city council of Melton drafted a policy document on housing strategy as an instrument for providing diverse, sustainable, innovative and affordable stock of housing to cater for the needs and desires of its residents from all socio-economic, demographic and cultural backgrounds.
In this report, market data on the Melton housing market for the past ten years is analyzed and supported. It is expected that this report will provide a guide to investors who wish to take advantage of a booming housing market in their investment decisions.
Despite a 4 percent increase in house median price to attain $302,000, the Melton house market registered 1,138 transactions in twelve months to close December 2013. In the same period, the unit and vacant land markets made impressive marks in market share with units accounting for a growth rate of 10 percent and vacant land 79 percent. The unit market registered 260 transactions whilst vacant land registered 549 settled transactions. There is marked increase in the market share for the land market especially for $100-200,000 price points which signals an accelerating pace of development projects in an area where the population is growing.
Availability of affordable land points to governments commitment to forge its housing strategy which has seen the approval and commencement of construction projects with greater residential and infrastructure focus in Melton. It is expected that the completion of construction projects will certainly transform Melton into a satellite city in Victoria.