What’s in a name? Plenty!
When a suburb changes its name an increase of capital gains is achieved almost immediately. Identical properties across the road from one another can vary greatly in price simply because one suburb has a more reputable name than the other.
Melton City Council is in the progress of introducing 11 new suburbs into its City which is a direct reflection of the areas urban renewal.
Mayor of the City of Melton, Cr Bob Turner, says the suburb naming process was a sign of a rapidly growing, changing and vibrant municipality.
“These changes are needed to ensure that population growth doesn’t push suburb densities beyond 20,000 residents, and to ensure that neighbourhoods and geographic characteristics are recognised as being unique.”
Atherstone Estate has a partnership between Melton City Council and Lend Lease for the development of a 4,200 lot masterplanned community in Melton South to be renamed Cobblebank and Strathtulloh.
You now have the opportunity to buy in early and make the most of the inevitable capital growth potential, which will be situated across Cobblebank and Strathtulloh.
- Download the suburb naming map and boundaries (PDF 374kb)
The development will include key council infrastructure; a bridge crossing to link to the existing Melton South area with the new, the Western Region Business Accelerator and Centre of Excellence (BACE), community activity centres, educational, recreational and major retail offerings. The development also has a proposed railway station and two primary schools.
A 100 hectare regional park inhabiting native vegetation and creek corridors will be a key feature of the area. Over a quarter of the community is dedicated to open spaces, parks, waterways, hiking and biking trails.
Lend Lease are the people behind Melbourne’s earliest masterplanned community, Caroline Springs. Caroline Springs is the winner of Australia’s Best Masterplanned Community Award (2006) awarded by the Urban Development Institute of Australia (UDIA).
Atherstone Estate is located only 10 minutes North West of Caroline Springs. 15 years ago land in Caroline Springs was selling for a mere $40,000. However, today you will find that any remaining blocks in Caroline Springs are in excess of $400,000. In May 2015, a house in Caroline Springs sold at $1.59m setting a new record for the suburb.
For a personal tour of the estate, surrounding area and display home contact The Successful Investor team.
City of Melton Council
New Suburb Names One Step Closer media release (PDF 161kb)