The Melbourne property market has been on fire over the past few years, and hopeful first homebuyers are understandably feeling disheartened after being priced out of their dream suburbs across the city.
With property prices across the city stagnating, now may be the time to snag a bargain. There are still some hidden gems to be found around town, often nestled right beside some of Melbourne’s most prized real estate…
If inner-city Melbourne living is what you’ve been dreaming of, check out Collingwood, where the median house price is $1.126 million. While the nearby suburbs command much higher figures – Carlton houses go for $1.39 million, and Fitzroy boasts a huge $1.58 million median – homes in this former working-class enclave are a relative steal. You’re just as close to all the action, with the CBD, sporting precinct, Brunswick St bars and Lygon St dining all minutes away, but you’ll be pocketing a whole lot of savings if you choose Collingwood over the other inner-ring suburbs.
Can’t afford a pad in Glen Waverly, thanks to the median house price of $1.343 million? Budget won’t stretch to a $1.175 million home in Wheelers Hill? Venture a couple of streets further east to Scoresby, and you might just be able to make that home ownership dream a reality! With a median house price of $892,500, Scoresby is a bargain compared to its outer-eastern neighbours, but don’t let the lower price fool you. Eastlink is close by to make commuting a breeze, Westfield Knox and The Glen shopping centres are just around the corner, as is the Caribbean Gardens market, and there’s plenty of schools and sporting facilities to keep the kids amused – and your savings could amount to hundreds of thousands of dollars!
In the sprawling outer south-east, first homebuyers are flocking to Cranbourne, where the median house price is just $537,500. Compared to the neighbouring suburbs, it’s a real bargain – in Berwick, the median house price is $690,000, while in Lynbrook you’ll be spending $640,000. Cranbourne has the Botanic Gardens, a racecourse and a golf club, as well as a huge community complex containing indoor sports and skating, a library, YMCA and swimming pool – so you won’t be short of things to do. There are also plenty of home and hardware stores, so you can spend all the cash you’ve saved on renovating your new property!
Follow the Nepean Highway out of the Melbourne CBD and you’ll drive through some gorgeous bayside suburbs with high-end price tags to match – Moorabbin has a current median house price of $1.167 million, and Cheltenham isn’t far behind on $1.1 million. But a touch further inland is Dingley Village, where you could snap up a home for just $870,000. It’s a fantastic spot, with the beach and Southland shopping centre a short drive, and vibrant Springvale just up the road.
The inner-west has been the site of sweeping change over the last decade, as gentrification takes hold. With West Footscray now commanding prices of almost $900,000, and Maribyrnong topping the million-dollar mark, nearby Maidstone remains an affordable option for eager homebuyers that is often overlooked. You’ll still be close to Highpoint Shopping Centre and Footscray Hospital, but you’ll pay just $791,500 for the privilege! Bet you didn’t think you could afford a property a mere 8 kilometres from the CBD – but in Maidstone, you can!
Sparkling new builds and house-and-land packages characterise Wollert, around 26km north of the Melbourne city centre. The median house price here is just $565,000, so you’re really getting amazing value for your dollar. Down the road, South Morang has seen median prices balloon to $620,000 thanks to the train station and shopping centre redevelopment, while Mill Park now has a median house price of $678,000. Instead of coughing up an extra $100,000 for an older home that needs some TLC or doesn’t suit your family, you could be living in a brand-spanking new property designed especially for your requirements – but hurry, before everyone else rushes to Wollert too.
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