With more and more suburbs joining the million-dollar club in Melbourne, first homebuyers could be forgiven for thinking that getting onto the property ladder is merely a pipedream. However, there are still a number of suburbs where housing is affordable for first-time purchasers – if you know where to look.
With the state government introducing stamp duty cuts on homes under $600,000, and APRA’s macroprudential measures putting the brakes on investor spending, now could be just the right time for wannabe homeowners in Melbourne to take the plunge.
We’ve done some digging to reveal suburbs that could be the perfect match for first homebuyers.
In Dallas, you could become a homeowner for around $390,000, and enjoy a suburban lifestyle just 18 kilometres from the CBD. Commuting is via nearby Coolaroo or Broadmeadows train stations, and there’s an abundance of schools, shops and essential amenities. This Calivil Street home, with an estimated selling range of $350,000 to $380,000, has a renovated kitchen and bathroom, and is just a stones’ throw from shopping centres and bus stops.
Home to the famous Open Range Zoo, Werribee is around 40 kilometres to Melbourne’s west, about half-way between the capital and Geelong. In the western growth corridor, it’s likely to benefit from huge infrastructure spending in the coming years. The median unit price in Werribee is currently $337,000, while houses are fetching $465,000. For $380,000 to $415,000, this 3 bed, 2 bath property on Rowes Road would be a bargain first home, close to schools and shops.
In the City of Casey, 43 kilometres south-east of Melbourne, Cranbourne is a mix of older homes and brand-new estates. Families are spoilt for choice with schools, both public and private, as well as the Chisholm Institute of TAFE campus and two major shopping precincts. It’s been tipped as a future growth area, so get in now while the median is just $337,000 for units and $493,500 for houses. This Millbank Place property is listed at $420,000 to $460,000, and in located in a quiet court, perfect for a young family.
The most affordable inner-city location for first-time buyers is undoubtedly West Footscray. With a median unit price of just $420,000, it’s just seven kilometres from the city, so ideal for commuters. It’s also managed to retain much of its quirky character, despite recent property price growth and concerns over gentrification. Home to the Western Bulldogs AFL team, it’s a bustling multicultural suburb with plenty of shopping and entertainment facilities and a recently redeveloped community centre. It even has its own Twitter hashtag, so be sure to tweet #wefo when you sign the contract for your new home! You could walk away with change from $300,000 if you score this Rupert Street apartment, and it would make a great investment property down the track when you upsize.
A house in Carrum Downs could set you back just over $500,000, making this south-eastern suburb a great choice for first homebuyers. Even those with a budget under $400,000 can get into the market here, with the median unit price sitting at $392,000. Situated 36 kilometres from the CBD, it’s popular with young families thanks to a number of great primary and high schools, with both public and private options available. It’s also close to the Monash Uni Peninsula campus.
While there’s no train station in Carrum Downs, it close to both the Frankston and Cranbourne lines, so commuters can park their car at Seaford or Merinda Park station and take advantage of the frequent services into the CBD. Travel by car is via the South Gippsland and Monash Freeways. This Bainbridge Court home is on a large block with subdivision potential, and could make a great investment for a first homebuyer with big future plans.
Frankston, located 41 kilometres from the city centre, is slowly but surely shaking its rough reputation and attracting a new generation of residents. Minutes from the beach, it’s popular with first homebuyers and investors alike – so there’s good potential to turn your property into a rental down the track if you wish. You can snap up a unit for just $377,500, or a house for $584,000, according to the October sales data.
The foreshore redevelopment was completed in 2016, and included new health and aquatic facilities, a beachfront promenaded and a new yacht club. If you can snap up a home inside the Frankston High School zone, you could be onto a winner – it’s one of the most sought-after public schools in the south-east, and could boost your resale value in the future when you sell. A four-bedroom home in Melbourne for half a million dollars sounds like a dream come true – this Lindrum Road property is just that, plus it’s close to schools, and even has room for four cars!