But now comes the question of where does the heart want to buy a home?
First home buyers are fraught with fears of where, when and how to buy a house.
Despite steep property price growth, there are desirable pockets in Melbourne that are affordably priced. In terms of the question of city or suburb, most 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.
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 centre, 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
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.