Melbourne’s strong property price growth means that your ideal location may no longer be an option. You will most likely have to broaden the area that you are considering, in order to find the type of property you are looking for.
In most cases people want a location that suits their lifestyle, as well as one that offers potential growth in value. So where do you start looking?
Even with all the talk of Melbourne’s booming property market, according to the Real Estate Institute of Victoria there are still affordable options within 20kms of the CBD. As of September 2017, there were still a number of suburbs within this radius yet to reach the Melbourne median house price of $817,000.
REIV data shows the following suburbs and their median prices (as at September 2017):
- Albion – $665,000
- Sunshine North – $670,000
- Heidelberg West – $726,500
- Fawkner – $740,500
- St Albans – $631,750
- Meadow Heights – $487,625
These suburbs are gradually becoming gentrified and with infrastructure being developed they are set to become even more convenient. These areas offer people on a budget or those looking for growth potential, the opportunity to purchase a solid property and still be close to the city. There are plenty of full sized homes as well as quality developments with townhouses and apartments.
This shows there are still affordable options available in areas close to the city. To find out more about these locations and developments in these areas contact us.