The good thing about property investors abandoning Melbourne recently is that it lessened the competition for first home buyers trying to get a foot in the door at the lower end of the market. With property prices now on the rise, first home buyers who prefer a house to a unit or apartment need to make a move as soon as they can.
Reports indicate the greater Melbourne area has a median house price of between $980,000 and $1,100,000. But there is hope for buyers whose budget doesn’t reach the Melbourne median, with several suburbs still listing homes for around $700K or less.
Amongst others, some of the budget-friendly suburbs suitable for family buyers with about $700K to spend on the purchase price include St Albans with a current median house price of $705K, Hampton Park and Deer Park with current median prices of $695K each, and Craigieburn at a current median of $700K. Read more here.