By NICOLE VALICEK
DEVELOPERS continue to show interest in the Melton area, according to real estate agents.
Director of First National Melton Tim Farnan said there was no shortage of land in Melton, with investors starting to show interest.
“The prices everywhere have come back and another major thing was back then (in 2010) there was a shortage of land and in other areas like Werribee developers had an excess of land, the more competition the more real estate that is approved,” Mr Farnan said.
Mr Farnan said investors are attracted to Melton because the property prices are lower compared to similar areas.
“This interest from investors is in part a sign people are starting to say the market had bottomed and looking to get in now and secure a property for future growth.”
Mr Farnan said as more developers come on board there would be a good supply of house and land packages with a strong rental return in the area.
“We’ve seen it already; more people start to come into the area”
He said the current market allowed people to upgrade into a home they might otherwise not afford.
“People can buy into a bigger or better home.”
Real Estate Institute of Victoria spokesperson Robert Larocca said the decision by the Reserve Bank to cut interest rates by 0.25 percentage points last week was good news for the Melton area.
“It will make it easier for people to take that first step into property ownership,” Mr Larocca said.
Mr Larocca said house prices are low and around the same level they were in May 2010.
“(This) means most sellers are able to benefit from the appreciation that occurred in 2009-10.”
Melton Barry Plant sales executive Ned Nikolic said the Melton area had continued to sell despite a tough market.
“In all honesty properties are still selling and they’re selling well,” Mr Nikolic said.
“Properties are priced well at the moment; there are more houses than there are purchases.”
