Hi ,
To many would-be home buyers it feels like the door to the property
market has been slammed in their face during the past year.
And with rental availability so low, and rents increasing up to 45% in some areas of Melbourne, it's hard to know which way to turn.
But rethinking your property goals may see ways to get your foot in the home
ownership door sooner, even in this buyer-unfriendly market.
While property prices have risen nationally, buyers can still find affordability in Melbourne if they consider buying apartments, units, townhouses or duplex homes, or freestanding homes in outer suburbs.
According to
Doman's House Price Report Q1 2023, the median price for Melbourne houses was $1,023,116 whereas the median price for units was substantially lower at $527,828.
A unit, townhouse or
duplex with two or three bedrooms can deliver comfortable and stylish low-maintenance living for a price better suited to your budget.
Affordable apartment living can also provide a desirable lifestyle, particularly for young professionals and downsizers. Many apartment complexes feature exciting facilities such as swimming pools, gymnasiums, rooftop entertaining areas and even
cinemas.
The alternative to compromising on home and land size is to choose locations further out. According to Domain, you'll need a budget over $1 million to live within 10km of the CBD, except in Footscray, West Footscray, Maribyrnong and Maidstone.
Many suburbs further out
- including Pascoe Vale and Watsonia - provide better affordability with good public transport systems making them still very accessible to the city.
If you're searching for a home to suit a limited budget, we can help!
