A selection of Melbourne suburbs within just 11-20 kilometres of the city are proving immensely popular, with first-home buyers generating strong demand for townhouses and units in particular. These suburbs offer a more affordable housing option for those looking to enter the Melbourne property market, and are proving to be a popular choice for those looking for a balance between city living and a more relaxed suburban lifestyle. With strong demand for property in these areas and reasonable price of this sector .
Across Australia's second largest city there are a number of areas that still offer first-home buyers a crack at affording a property within a reasonable distance from the CBD.
These Melbourne suburbs, between 11 to 20 kilometres from the CBD, are the quiet crowd pleasers drawing major interest from millennials.
Some Local agent has a handful of listings in the area with an asking price of $630,000 to $750,000,
A three-bedroom, two-bathroom and two-space car park townhouse is a good example of the kinds of properties first-home owners are after, There’s a lot of good townhouses here that are close to the train station,” he said.
Laverton is a very old area, which means that while new properties are hard to find, there’s a number of bigger homes on large plots of land.”
Townhouses in the suburb were particularly popular with first-home buyers as they offered more space than a typical apartment or unit yet were affordable.
Mostly younger buyers who are interested in these types of properties, while older buyers prefer to avoid double story homes.
With their experience in real estate agent ,about 60 per cent of the townhouses he had sold went to younger buyers.
The townhouse sales are majority first-home buyers and the younger demographic.
More than 40 per cent of the population of the suburb that is home to the RAAF Williams Laverton air base is comprised of people aged 20-39.
About 17km northwest in a pocket just over 11 kilometres from the city is Braybrook.
A small west of Footscray, with a population of around 10,000, Braybrook is another popular suburb for millennial buyers making their first move into the property market.
Price drops open doors
Unlike Laverton, which has enjoyed steady price rises over the past year, Braybrook houses have become much more affordable.
The median price has fallen sharply from a January peak of $870,000 to August’s $757,000. Units in the area have fared much better, rising from $480,000 at the start of 2018 to $600,000 today, with prices levelling out in recent months but not declining.
A three-bedroom, one-bathroom, one-car space townhouse as an example, with it seeing a lot of interest since hitting the market for $590,000 to $630,000.
who has sold properties in the area since 2018, said the majority of townhouses in the area are sold to first-home buyers aged 25 to 35.
Looking north
Just 9 kilometres north of the Melbourne is Pascoe Vale, a suburb slightly larger and primarily composed of professional couples with children.
A three-bedroom townhouse with one bathroom and one car space is listed for sale with a price guide of between $620,000 to $680,000.
A local agent representing the property said this townhouse among several others they had sold had seen an influx of first-home buyers.
“For entry level three-bedroom properties, first-home buyers would be most dominant,” they said.
The agent said unlike other areas, Pascoe Vale had maintained strong prices over the past five years that they had sold properties in the area.
“The prices have maintained around the $500,000 to $600,000 mark the whole time I’ve worked in the area,” they said.
“Pascoe Vale is probably at that point where it’s in a well-established area that’s not too expensive.
“In nearby Coburg and further in, similar properties sell for over $800,000.
“Most people are happy with the value in Pascoe Vale compared to Glenroy or Hadfield slightly north, which aren’t regarded as fondly,” they said.
The agent said one thing they saw consistently among townhouse owners in the area was buyer satisfaction.
“Most of the people we see in townhouses are only making the move to get something a bit bigger if they sell.
“They’ll generally be buying a home in the area or slightly further in as they now have a kid or want a little more room,” they said.
Raymond Ng Collection .
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