Melbourne suburbs for First Home Buyers with less than $600,000 selling Price
New Data shows suburbs with less than $600,000 house price attracting First Home Buyer to set their first steps into property market.
Most suburbs are concentrated in Melbourne’s outer north, outer west and outer southeast. None are located within 15 kilometres of the city.
Treasury figures show the areas have been especially popular with first-home buyers looking to take advantage of the state government’s stamp duty cuts.
Suburbs near Melton in the western corridor recorded the highest proportion of cheap house sales, including Melton West, Melton South, Harkness and Brookfield, which are all roughly 40 kilometres from the city centre.
Ninety-seven per cent of all houses were below $600,000 in Frankston North, a suburb of 5500 people which is not serviced by a train station. Among the cheapest sales was a dated three-bedroom brick house, bought for $455,000 in May.
In Wyndham Vale, one of the fastest growing suburbs in Greater Melbourne, more than 600 properties have changed hands this financial year. Nine out of ten buyers forked out less than $600,000 for a house.
Although many houses in Wyndham Vale’s new estates go for more than $500,000, sales data shows it’s not uncommon for established three-bedroom houses to sell for less than $400,000.
Bargain hunters who wanted to remain closer to the city opted to buy in Broadmeadows and Deer Park, 16 kilometres and 18 kilometres from the city respectively. In both suburbs, less than 30 per cent of house sales were in excess of $600,000.
Other northern suburbs with cheap houses on offer include Craigieburn, Roxburgh Park and Westmeadows.
