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For Sale Houses in Melbourne: Affordable Options to Kickstart Your Property Investment

6 mins read
For Sale Houses in Melbourne: Affordable Options to Kickstart Your Property Investment

Looking to start your property investment journey in Melbourne? With the growing demand for affordable housing options, it’s important to know where to start your search. Melbourne has a diverse range of neighbourhoods to choose from, each with its unique charm and character, making it a perfect city to invest in real estate.

Before you start your search for affordable houses in Melbourne, it’s important to understand the current real estate market. Melbourne’s property market has experienced steady growth in the past few years and is expected to continue doing so. However, with COVID-19 impacting the economy, opportunities have opened up for potential buyers to find property listings, especially in the affordable range.

Melbourne’s Affordable Housing Market

With Melbourne’s rapidly growing population, finding affordable housing can be challenging. The median house price in Melbourne hovers around $720,000, making it one of the most expensive cities in Australia. However, with a little research and guidance, you can find some excellent options for affordable housing in Melbourne. Here is a list of neighbourhoods where you can find affordable homes:

Affordable Neighborhoods in Melbourne

1. Reservoir

Located in the north, Reservoir is a great option for families looking for value for money. With an affordable median house price of $718,000, Reservoir has a lot to offer. It has excellent schools, quick access to public transport, and a thriving community vibe.

2. Sunshine North

Located in the western suburbs of Melbourne, Sunshine North has a median house price of $670,000. It’s an up-and-coming neighbourhood with excellent access to schools, public transport, and recreational areas such as Sunshine Hospital and Brimbank Park.

3. Werribee

Werribee is a rapidly growing southwestern suburb that is attracting young families and homebuyers. With a median house price of $570,000, it’s an affordable option that provides excellent access to public transport, schools, and recreational parks.

4. Cranbourne

Cranbourne is a growing suburb that offers affordable options for homebuyers. With a median house price of $530,000, Cranbourne has excellent access to public transport, schools, and recreation centres, as well as several shopping centres.

5. Melton

Located in the outer-western suburbs of Melbourne, Melton is an affordable suburb with a median house price of $430,000. It’s a great suburb for first-time buyers and investors looking to get into the Melbourne property market. It has great access to highways, public transport, schools, and recreational parks.

Finding Affordable Houses in Melbourne

Now that you have a few options for affordable neighbourhoods in Melbourne, it’s time to start your search for affordable houses. Here are a few tips to find affordable houses in Melbourne:

  • Work with a reliable real estate agent who can guide you through the entire process and help you find the perfect property for your budget.
  • Look for properties in growing suburbs that have good potential for capital growth.
  • Consider buying an older property that needs some renovation, as these homes are often cheaper than newly built homes.
  • Delve deeper into your preferred neighbourhoods and look for properties not listed on major real estate websites.

FAQs: Answering Your Common Questions About Investing in Melbourne Real Estate

What is the first step to buying a house in Melbourne?

The first step is understanding your budget and determining what you can afford as this will help you narrow down your search to specific neighbourhoods and properties – you can check out this Guide to Buying a House in Melbourne for further information. It is also important to work with a reliable real estate agent who can guide you through the buying process.

What are the additional costs of buying a house in Melbourne?

Aside from the actual cost of the property, there are additional costs you need to factor in before committing to a property. These include stamp duty, conveyancing and legal fees, building and pest inspections, insurance, and moving costs. Therefore, it is vital to budget for these additional costs to ensure you can make an informed decision about your investment.

Is investing in Melbourne real estate a good investment?

Melbourne’s property market has experienced steady growth over the past few years and is expected to continue to do so. With a growing population and thriving economy, Melbourne presents an excellent opportunity for property investors – particularly with the availability of affordable options.

Conclusion

Investing in real estate in Melbourne can be a smart financial move, particularly in light of the affordable options that are available. By considering growing and diverse suburbs with excellent community connections, transport infrastructure, good schools and recreational options, you can find an affordable option to suit your budget. Factor in additional costs and work with a reliable real estate agent to guide you through the buying process.

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