2014 - JUNE22

Can you still buy a cheap house in Melbourne?

The answer is most certainly yes.

There are many affordable suburbs still available that represent outstanding value and potential for capital growth.

Melbourne’s most affordable suburbs include Melton with a median house price just under $280,000 and an number of other suburbs including Frankston North, Melton South and Millgrove all with a median house price below $250,000 in the march quarter.

According to realestateview.com.au other Melbourne Suburbs on the most affordable list are: Wyndham Vale, Hoppers Crossing, Truganina, Carrum Downs, St Albans, Pakenham and Craigieburn.

Occasionally some buyers will stem to the conclusion that these areas are unlikely to increase in value or that they will end up with a property that is of lesser quality than their city counterparts however this is a myth. Many of these suburbs offer quality properties with comparable amenities.

With interest rates a record lows buyers who simply cannot afford to purchase in ‘Inner Melbourne’ should really consider the pro’s and con’s of property ownership and what their individual property goals are. Being flexible about location and being serious about entering the property market mean buyers are presented with an opportunity to still find a bargain in Melbourne.


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