The property market in Melbourne is booming. As prices rise, smart home buyers get the edge by choosing the most affordable suburbs. Get access to properties at a fraction of the median house price of the city, at Melbourne.
Here’s how first home buyers are getting better at the Melbourne property market. Home buyers will find that according to the Real Estate Institute of Victoria (REIV), Melbourne’s median house price of $822,000 was cheaper than that of Sydney. First home buyers can get an estimate of the most affordable suburbs, as per REIV below as we discuss the best suburbs first.
This is one of the most affordable suburbs for first home buyers in Melbourne. Data shows that in the summer months of 2017, Melton West was a reasonably priced suburb with a median house price of AU$397,000. This is less than half the city’s median of AU$822,000. Record low interest rates and strong real estate markets are the catalyst for price growth in areas further from the city. Melbourne suburbs like Melton West are offering real value for money. Located at 34 km west of the central business district, Melton is the cheapest place to purchase a home in Melbourne.
Coolaroo is an indigenous term meaning “star”. With a median value of AU$351,500, Coolaroo is an affordable suburb within 20 km of the Central Business District (CBD) of Melbourne. With a local government area in the City of Hume, the suburb has a population of 3,191 as per the 2016 census.
Dallas is a suburb in Melbourne, Victoria, within 18 kms from the Central Business District. It has a median value of AU$408,500. Occupying an area of 240 hectares, this suburb is one of the many affordable ones in close proximity to the CBD.
According to the Australian Bureau of Statistics, 2016, Braybrook holds an Estimated Resident Population of 85,276. Home buyers looking to buy houses within 10 km of the Central Business District of Melbourne should know that Braybrook has a median value of AU$613,399 unlike having to face medians above AU$700,000 and even AU$800,000 in other areas of Melbourne.
First home buyers, who are looking to buy a home closer to the city could start their search in Maidstone, one of the most affordable suburbs within 10 km of the CBD standing at the median price of AU$723,500. Maidstone is also close to Highpoint shopping center, a popular shopping destination for residents residing in western suburbs of Melbourne.
The median value of houses in Broadmeadows is close to AU$540,000, which is where prospective home buyers can get the benefit of being within 20 km of the central business district. The suburb is gaining popularity among first home buyers and investors alike and the property prices have witnessed a strong 17.4% growth in property prices in a year ending on June 2017.
The median value of houses in Tarneit is above AU$500,00 (around AU$510,000). Although Tarneit is approx 30 Kms from the CBD, it has gained popularity among first home buyers due to the improved connectivity via a new train line.
Above or Below AU$ 500,000: Crossing the Magic Mark
Suburbs with median house prices under AU$500,000 were Wyndham Value (AU$450,000), Hampton Park (AU$483,000), Werribee (AU$462,000), Sunbury (AU$452,500) and Pakenham (AU$460,000). The top 10 affordable suburbs as per REIV also contained the suburbs crossing the AU$500,000 mark like Carrum Downs (AU$525,000), Epping (AU$561,000) and Roxburgh Park (AU$513,500).
Suburb’s median price should be within your budget. Finding the correct house to meet your preferences, needs, and requirements is a must. Houses which can be renovated should be considered, because they offer great purchases in the property market. As per the experts, affordable suburbs have performed well, with 4 of the top 10 recording double digit growth.
The Brimbank and Hume Councils are the most affordable choice for apartments and houses within 20 km of the Melbourne CBD. Buyers can also turn to Cranbourne with a median house price of AU$472,000. Low quartile suburbs include Frankston, Craigieburn, Mernda and Caroline Springs.
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Despite steep property price growth, desirable pockets of Melbourne are affordably priced. Most of these suburbs have good connectivity and offer great services for young or first time buyers who need comfortably priced, accessible homes. Price growth is expected to slow down and first homebuyers will upgrade to a new home with ease in coming years.