For some aspiring homebuyers, the idea of even getting a foot onto the property ladder seems unattainable – they couldn’t even imagine paying off their home in full!
But there are plenty of hardworking homeowners around Melbourne living the mortgage-free dream.
Let’s take a look at the suburbs around town with the highest proportion of residents who have shaken off the home loan shackles and achieved 100 per cent ownership of their property, as reported in the 2016 Census – the locations might surprise you!
If you live in Bulleen, chances are more than half your neighbours are no longer making monthly payments for their home – 52.7 per cent of residents in this eastern suburb are mortgage-free.
With a median house price of $1.292 million, that’s a whole lot of equity under their belts! Thirteen kilometres from the CBD, Bulleen has plenty of lush parks and borders the Yarra River, making it popular with families. The suburb is especially busy on weekends during the school term, as it plays host to sporting events at the facilities owned by posh grammar schools Carey and Trinity on Bulleen Road.
Situated 23km south-east of the city centre, Wheelers Hill is an unassuming suburb that has crept up steadily in value of the last few years. The median house price is currently $1.17 million, putting it out of the reach of many first homebuyers.
But for 52.1 per cent of the population, that figure is music to their ears, as they own their homes outright. With the Caribbean Gardens market, Monash Uni and Westfield Knox all close by, there’s something for everyone in this friendly neighbourhood.
Over in the western suburbs, the average house in Keilor East will set you back $900,000 today. For half the lucky residents, this means they’re sitting on a goldmine, with 50.7 per cent owning their homes in full.
Perhaps the knowledge that they have close to a million bucks in bricks and mortar will offer them some consolation when they are awoken by the sound of jets overhead – Keilor East is directly beneath the flight path of nearby Melbourne Airport. Neighbouring Keilor also boasts strong home ownership figures, with 50 per cent of homeowners living mortgage-free.
Home to the filming location for “Ramsay Street” on the long-running Aussie soap Neighbours, Vermont South is 20km east of the Melbourne city centre, and boasts a healthy median house price of $1.17 million. Roughly 50.4 per cent of those living in the suburb are mortgage-free according to the most recent Census, with just 12 per cent of residents renting their homes – the Great Australian Dream is alive and well here!
It’s the ideal sport for families, with an abundance of public, private and Catholic school options nearby, while the Eastlink freeway and tram line aid mum and dad’s journey to work.
Templestowe and Templestowe Lower
Leafy Templestowe, in Melbourne’s east, is known for its hilly streets and sprawling mansions. Although awkwardly wedged between two train lines, with no station of their own, house prices have risen steadily here, and the median currently sits at $1.425 million in Templestowe and $1.235 million in Templestowe Lower.
Half of all residents in Templestowe and Templestowe Lower own their homes outright, proving that the city-meets-parkland vibe is as popular as ever.
Around 49.1 per cent of residents in the affluent beachside suburb of Beaumaris own their home in full, with the average property worth a cool $1.7 million.
Situated on headland between Black Rock and Mentone with views of Port Phillip, Beaumaris is surrounded by water on three sides, and offers homeowners the best of both worlds – a picturesque seaside lifestyle, along with a manageable CBD commute. It’s unsurprising that homeowners here are determined to hang onto their little slice of paradise.