Melbourne’s property market is booming. Smart home buyers can take advantage of rising prices by selecting the most affordable suburbs. Melbourne offers properties for a fraction of median city house prices.
First-time home buyers can learn more about the Melbourne real estate market. According to the Real Estate Institute of Victoria, Melbourne has a median house price of only $822,000, which is cheaper than Sydney. As we begin our discussion of the best suburbs, first-time homebuyers can find out the average price per square foot in Melbourne’s suburbs.
It is one of Melbourne’s most affordable suburbs. In the summer of 2017, Melton West had a reasonable median house price. It is less than half of the median house price in the city, which is AU$822,000. The catalysts for the price increase in suburbs further away from the town are low-interest rates and a strong real estate market. Melbourne suburbs such as Melton West offer real value for money. Melton, located 34 km west of Melbourne’s central business district, is the most affordable place to buy a house in Melbourne.
Coolaroo, an indigenous term, means “star.” Coolaroo, with a median price of AU$ 351,500, is an affordable suburb and within 20km of the Central Business District in Melbourne. According to the 2016 census, Coolaroo is located in the City of Hume and has a population of 3191.
Dallas is located in Melbourne, Victoria. It’s only 18 km from the Central Business District. The median price is AU$408,500. This suburb, which occupies 240 hectares of land, is one of many affordable ones located close to the CBD.
According to the Australian Bureau of Statistics in 2016, Braybrook has an estimated resident population of 85,276. Braybrook is a great place for home buyers who are looking to purchase a house within 10km of Melbourne’s Central Business District. Braybrook houses have AU$ 613,399 median values, unlike other Melbourne areas where medians can be as high as AU$ 700,000.
Maidstone is a great place for first-time homebuyers who want to be closer to the CBD. The median price in Maidstone is AU$723,500. Maidstone also has a shopping center called Highpoint, which is a favorite shopping destination of residents in the western suburbs.
Broadmeadows has a median house value close to AU$ 540,000. This is the price that homebuyers can benefit from, being only 20 km away from the CBD. The suburb is popular amongst first-time homebuyers and investors. Property prices have seen a 17.4% increase in the year ending June 2017.
The median house value in Tarneit exceeds AU$500,00. Tarneit, which is approximately 30 km from the CBD, has become popular among first-time home buyers because of the new train line.
Above or below AU$ 500,000? Crossing the Magic Mark
The suburbs with median prices below AU$500,000 are Wyndham Value ($450,000), Hampton Park ($483,000), Werribee ($462,000), Sunbury (“AU$452,500”), and Pakenham ($460,000). According to REIV, the top 10 most affordable suburbs also included suburbs that exceeded the AU$500,000 threshold, like Carrum Downs ($525,000), Epping ($561,000), or Roxburgh Park ($513,500).
The median price of a suburb should fit within your budget. It is important to find the right house that meets your needs and preferences. Renovations are a great investment in the real estate market. Experts say that affordable suburbs are performing well. Four of the top ten have experienced double-digit growth.
The Brimbank Councils and Hume Councils offer the best value for houses and apartments within 20km of Melbourne CBD. Cranbourne has a median price of AU$472,000. Frankston is a low-quartile suburb, as are Craigieburn, Mernda, and Caroline Springs.
The conclusion of the article is:
Melbourne’s most desirable suburbs are still affordable despite steep increases in property prices. These suburbs are well-connected and provide great services to young buyers or first-time homebuyers who want affordable, accessible housing. In the coming years, price growth will slow, and first-time homebuyers can upgrade their homes with ease.