The skyrocketing property prices in Melbourne comes as no surprise. You're undoubtedly feeling the pinch as a buyer and it might be challenging to find an affordable property. But did you realise that these exorbitant pricing are only present in certain areas?
Additionally, the State Government provides additional incentives for Victorians to purchase in certain of these prime postcodes. Nevertheless, if you look around you can still find some fantastic offers in the local areas!
In this blog, we'll talk about why Melbourne is a good place to purchase your first home and examine some of the areas of the city where you may still find great deals.
Think of Melbourne's inner city, and you'll likely think of vibrant cafes, bustling nightlife, art galleries and creative spaces. But did you know these lively districts are also home to great property opportunities?
1. Tax Benefits: Tax deductions for property taxes and mortgage interest are available to Melbourne homeowners. Renters can also claim these deductions, so you'll be able to save even more if you own the place you live in.
2. Equity Growth Potential: By owning your home, you can access the equity that builds in it over time. This means that as you make payments on your mortgage, the value of your home increases, allowing you to borrow against it if needed and leverage its appreciation.
3. Financial Stability: The consistent monthly payment associated with a fixed-rate mortgage provides financial stability and helps you budget more effectively. Additionally, as the interest rate on your mortgage decreases over time, you'll be able to save money each month.
4. Long-Term Savings: Owning a home provides long-term financial security that renting doesn't offer. As you make payments and build equity in your home, you're building a secure financial future for yourself and your family.
5. Pride of Ownership: There's no greater feeling than being able to call a place home that you own. From adding personal touches to the decor and landscaping to improving the house as needed, you can enjoy every moment of living in your home, knowing that you have a financial investment.
Are you searching for some property in Melbourne but dreading the hefty price tags? Fear not!
There are still a few pockets where you can get your dream property at an unbeatable price. From vibrant urban hubs to tranquil coastal towns and countryside retreats, here's a look at Melbourne region hotspots that won't break the bank.
Median House: $603,750 - Median Unit: $470,000
Officer is a small town located in the south-eastern suburbs of Melbourne, Victoria. The place is home to a vibrant community and offers many amenities such as schools, shops and supermarkets.
There are also plenty of recreational activities to keep the locals entertained, from sporting clubs to special events like the Officer Community Festival, which is held annually in November.
Median House: $410,000 - Median Unit: $335,000
Melton is a vibrant and historical city. It offers a range of amenities, including shopping centres, restaurants and parks. It also boasts some stunning heritage buildings like the 19th century Melton Town Hall and Melbourne Zoo nearby.
There's plenty to do no matter what you're interested in – from taking part in activities at Toolern Creek or exploring the local markets on High Street.
Median House: $580,000 - Median Unit: $455,000
Located in the western area of Melbourne, Tarneit has plenty of educational opportunities, entertainment options and great shopping areas for locals to enjoy all year round.
The local public transport network – buses and trains – provides easy access to other parts of Melbourne. In addition, residents have access to quality healthcare facilities and several sports clubs.
Median House: $565,000 - Median Unit: $410,000
Hopper Crossing is a suburb of Melbourne, Australia, located in the City of Wyndham. It is a rapidly growing area with plenty to offer for those who call it home. The site is well-connected to schools, shops and public transport, allowing easy access to the rest of Melbourne.
There are also great parks and recreational facilities for those who love spending time outdoors. Hopper Crossing provides an ideal place for families with its quiet streets, safe environment, and proximity to some of Victoria's best beaches and tourist attractions.
Median House: $580,000 - Median Unit: $405-000
Craigieburn is a rapidly growing suburban area of Melbourne. Its easy access to freeway and train links makes it easy to see why this location has become so popular with families and young professionals.
The area offers plenty of amenities such as shopping centres, parks and recreation facilities, making it ideal for residents to enjoy life.
Median House: $565,000 - Median Unit: $405-000
This suburban town has all of the amenities and entertainment you'd expect from an urban area - but with the bonus of green space and a relaxed atmosphere. It has excellent transportation connections to neighbouring towns and is conveniently located near major roadways.
Median House: $540,000 - Median Unit: $400-000
Werribee is a city in the state of Victoria, Australia and is considered to be an outer suburb of the metropolitan area. The city offers plenty of attractions, shopping, dining and entertainment options.
Median House: $488,000 - Median Unit: $421-000
The city is renowned for its vast food offerings and cultural attractions. With an eclectic mix of eateries, bars and diverse lifestyle options, Dallas caters to all sorts and budgets. You'll find plenty on offer, from traditional Vietnamese restaurants to casual pubs.
If you're looking for a relaxed evening out with friends or family, there are plenty of activities to enjoy, such as miniature golf, art galleries and music venues. For shoppers, Dallas has some great stores specialising in vintage clothing, antiques, and modern fashion outlets.
Median House: $825,000 - Median Unit: $620-000
Croydon, Melbourne, is a vibrant suburb that offers something for everyone. With its stunning natural beauty, impressive views, vast open spaces and bustling shopping area – there's plenty to keep both locals and visitors entertained.
Additionally, several of Melbourne's top schools are located there. Numerous educational facilities in the neighbourhood provide high-quality education, from primary to secondary schools.
Median Unit: $487-500
The city of Carlton is situated in the heart of Oregon's Willamette Valley. It is known for its local shops, restaurants and breweries that bring flavours from around the world.
Moreover, with its picturesque surroundings in the nearby Cascade Mountains, visitors can enjoy hiking trails, abundant wildlife viewing opportunities, and incredible views from vantage points like Whitcomb Summit.
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Our experienced brokers are available to help you at every step. From helping you find the best loan terms and rates to assessing your borrowing capacity and completing paperwork, UFS Melbourne Mortgage Brokers will be there for you every step of the journey.
So if you're looking for financing solutions tailored specifically to your needs, let Melbourne Mortgage Brokers be your first port of call! We'll make sure your finances are in the best hands possible.