“Melton is a city on the move.” That’s the catch-cry from local agents who have witnessed a considerable positive shift in Melton’s residential property market.
Located 35km west of Melbourne, the satellite city is surging as local council’s planned infrastructure and residential development push gains momentum. According to the latest research report from PRDnationwide, sales transactions soared last year, with 1138 sales recorded in the Melton housing market in the 12 month period to December 2013. Unit sales were also up significantly, while there was almost an 80 per cent increase in the acquisition of vacant land.
PRDnationwide Research Analyst Augustine Conteh said that the improvement in the vacant land market has been spurred by a spike in demand as new residential developments take shape.
“Since 2010, over $15 billion has been allocated to residential development to meet the ever-increasing demands of a growing population,” he said.
“It’s now mid-2014 and the Melton area appears set to sustain gains made in the property market with buyer sentiment consistently attracting sellers and land affordability driving further growth in the market.”
“While Melbourne’s market was a little sluggish at the start of this year, Melton’s residential sector is seen to be in good health.”
PRDnationwide Melton Principal Russell Parker agreed the market was on the move and forecasts suggest the best is yet to come.
“There have been some promising signs over the past six months in Melton’s property market,” he said.
“We have seen increasing enquiries for the established market and that confidence is starting to filter through to new builds and commercial developments.”
“With some exciting new plans for the city, including the recent Woodgrove shopping centre expansion, we expect to see further improvement in the near future.”