The good thing about property investors abandoning Melbourne in recent years, is that it lessened the competition for first home buyers trying to get a foot in the door at the lower end of the real estate market. With property prices now on the rise, first home buyers who prefer a house to a unit or apartment need to make a move as soon as they can.
Reports indicate the greater Melbourne area has a median house price of between $980,000 and $1,100,000. But there is hope for buyers whose budget doesn’t reach the Melbourne median, with several suburbs still listing homes for around $700K or less.
Amongst others, some of the budget-friendly suburbs suitable for family buyers with about $700K to spend on the purchase price include St Albans with a current median house price of $705K, Hampton Park and Deer Park with current median prices of $695K each, and Craigieburn at a current median of $700K.
For a close to the beach option, Frankston North has a current median house price of $689,500. Across the bay in Melbourne’s south west, buyers can find a three bedroom house in Werribee for as little as $650K.
The compromise for buyers may be moving a little further out from the CBD than they would like to be, but at almost $300K less than the Melbourne median house price, a longer commute may be the answer.
Whatever
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By Wendy Chamberlain
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With a passion for all things real estate spanning 30 years, Wendy loves that her role as a Buyers Agent or Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.