Buy Property in Melbourne Australia
Buy a property in Melbourne is an Australian dream. If you have a secure job, low debt
then banks, developers and even the Government will help you buy a property in
You need to know your budget before consider buying a property in Melbourne. Know
how much you can afford to spend on rent. Then, if it will cost you say 20-30% per week
extra to get involved in a mortgage and buy a property, then these extra 20-30% is a
good saving. However, you need to consider if you have a good job and wonder in your
mind if it is secure?
Check the Process of buying a property in Melbourne Australia here.
You have $200,000 TO SPEND?
You can still buy something within 10 kilometres of town. Generally, a budget of
$200,000 can pick up an inner-city apartment with good growth potential. Unrenovated
one-bedroom apartments near public transport, and built from the 1960s through to the
1980s, often sell in Alphington, Ascot Vale, Brunswick West or Footscray for about
$200,000. However, many flats are on main roads, which could pose a desirability
problem if you decide to rent or sell the apartment later, possibly in an oversupplied
Within the inner-city, this may mean suburbs where there are lots of industrial
development sites and builders can add new stock very quickly. A shortage of supply
against demand is what keeps values high. In the east and south, the typically strong
suburbs of Hawthorn, Malvern, St Kilda and Armadale are recommended.
Entry-level, one-bedroom apartments close to transport and shops start at about
$250,000. Buying an entry-level apartment with a view to renovating is often a good way
to add equity - with its value rising by
more than the sum of the renovation. But because of the relatively low initial cost of the
property, buyers must be careful not to over-capitalise.
Tipping in the labour yourself (laying floorboards, painting), is the most common way to
minimise the personal risk to your hip pocket.
Interest-free arrangements are available for kitchens, bathrooms and floors, should
you want to spread the cost over several years, but be sure you can afford it.
Despite their often fantastic addresses, you should avoid "studio" apartments. Studios
typically range in size from 20 to 40square metres and often have a combined living
room and bedroom. Most one-bedroom apartments are greater than 45square metres
and include defined bedroom and living zones. Studio apartments are harder to finance
(some banks can demand deposits of 20%) and they may be hard to sell
because there are fewer likely buyers. Should you plan to keep your property as the
first in your investment portfolio, be warned studios are hard to rent.
You have $300,000+ to spend to buy a property in Melbourne?
It is very difficult to secure good long-term property stock with capital growth potential
for less than $300,000.
You should consider Box Hill, Epping, Ringwood and Werribee. The aspects that make
properties harder to buy, make them easier to sell. Always choose properties close to
shops, transport, schools and arterial roads. Remember, it is the land that goes up not
Low-rise buildings where fewer flats share the benefit of rising land values, are
expected to increase in price faster than high-density developments.
The best-value suburbs in the west include Spotswood and Yarraville where
two-bedroom flats are about $300,000. In Spotswood, villa units sell for about
$350,000. Flemington is also on his radar. Previously renovated 1960s and '70s
two-bedroom flats near Racecourse Road
shops are about $300,000. Scour Brunswick and Coburg for a small house, but stay
within 11/20 kilometres to the CBD.
In the north of Melborune, Thornbury and Preston where two-bedroom flats and villa
units can still be found at about $300,000.
In the south of Melborune, unrenovated three-bedroom houses in the coastal suburbs
of Chelsea, Bonbeach and Carrum start at
about $350,000. Larger, renovated houses fetch about $400,000.
Avoid Frankston, about 40kilometres from town.
Generally, if you want to buy within 30kilometres of the CBD, then you have a good
You have around $500,000 TO SPEND to buy a property in Melborune?
You're spoiled for choice if you're a prospective first home buyer, couple, or
partnership with a budget of half a million dollars.
Safe, long-term property investments including apartments, townhouses - and homes
on land - are available, with the choice dependent on the lifestyle you want.
Check out Ashwood, Burwood, Camberwell, Hawthorn, South Yarra and Surrey Hills.
These areas have historical long-term growth, good transport, plenty of shops, schools
and job opportunities.
A budget of $500,000 picks up well-located, high character apartments in Camberwell,
Hawthorn and South Yarra and villa units, typically of two or three bedrooms, in
Ashwood, Burwood and Surrey Hills.
Auburbs such as Cheltenham, Mentone, Braeside, Aspendale and Edithvale to continue
to appeal to first and second home owners, many of whom aspire to eventually live in
Brighton or Hampton.
Across town, terraces in Kensington, about four kilometres north-west of the CBD, are
also less than $500,000. They are among the cheapest houses in the inner city.
Check the House affordability in Melbourne.
Check the Unit affordability in Melbourne.
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