The Melbourne suburbs that failed to take off during last year’s price hike should be on the buyers’ hit list. Here you have to search for starters, families and luxury buyers.
Melbourne suburbs that failed to take off during last year’s price hike should be on buyers’ charts by 2022.
While most housing markets rose in value in 2021, those that grew below the city average presented opportunities for home hunters, said Ray White’s chief economist Nerida Conisbee.
According to Ms. Conisbee, Caroline Springs and Truganina’s average home prices in the under $750,000 category — the threshold for discounts on a first-time home buyer’s stamp duty — rose 3.2 percent to $681,125 and 3.4 percent to $599,950.
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This was well below the 18 percent increase in value CoreLogic recorded for a typical Melbourne home last year.
The same was true for Cockatoo, Jacana and Broadmeadows, all of which increased by about 4 percent, Ms Conisbee said.
And a typical unit fell in value in lifestyle-rich Essendon, Fairfield, Hawthorn East and Lower Plenty, by between 4.8 and 6.7 percent, making them a good buy for first-time homebuyers and homeowners. want to live somewhere nice”.
Ms. Conisbee said moderate annual price growth of about 4 percent, and a population of more than 70 percent, made families St. Helena, Bulleen, Cairnlea and Mont Albert North ideal options for home hunters with children.
“They have some huge houses, big blocks and great schools, which make them really nice places to live if you have a family,” she said.
Buyers with bigger budgets looking for still-growth suburbs should have Caulfield North, Hawthorn East, Armadale, Hawthorn and Elsternwick on their radar, the economist added.
A typical home in Caulfield North had fallen 1.3 percent in value and cost $2.36 million, the median of Hawthorn East had stagnated at $2.3 million, and the others were making small annual gains.
“These are the kind of suburbs where people will see value in 2022,” said Ms. Conisbee.
Advantage Property Consulting director Frank Valentic identified the suburbs that offer ‘bang for buck’ this year as the best buying options.
For first-time homebuyers, Ardeer, Deer Park, Sunshine West, Lalor, Thomastown, Frankston and Frankston North fell into this category.
For families, West Footscray offered “beautiful historic homes and a great village in Barkly St”, while Sunshine was poised for future growth as a major stop on the forthcoming Melbourne Airport Rail. And a typical home costs less than $1 million in both.
Glenroy was an affordable option in the North, at $801,000, while “the blocks are a bit bigger” in increasingly popular Coburg and Brunswick West, Valentic said.
Families looking to live southeast or east of the city would have to move further afield to get $2 million in change, said the buyer’s attorney, who recommended Mentone, Parkdale, Mordialloc, Burwood, Mitcham and Ringwood.
For luxury home buyers, he listed Black Rock, Sandringham, Camberwell, Ivanhoe East, and Parkville as good bargains compared to even more affluent neighbors.
“You get better growth and a great lifestyle,” he said.
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WHERE TO BUY IN 2022
First home buyers (homes and units, median $500,000-$750,000)
Ray White’s Chief Economist Nerida Conisbee’s Tips:
Broadmeadows (homes) $580,000
Caroline Springs (homes) $681,125
Cockatoo (houses) $677,500
Elsternwick (units) $661,000
Essendon (units) $625,000
Fairfield (units) $630,000
Hawthorn East (units) $672,500
Jacana (houses) $605,000
Lower Abundance (Units) $600,000
Truganina (homes) $599,950
The tips from Advantage Property Consulting director Frank Valentic:
Ardeer (homes) $681,500
Deer Park (homes) $630,000
Frankston (houses) $729,397.50
Frankston North (homes) $570,000
Lalor (homes) $693,000
Sunshine West (homes) $691,000
Thomastown (homes) $710,000
Family Buyers (homes, median $750,000 – $1.75 million)
Nerida Conisbee’s tips:
Mont Albert North $1,570,500
Saint Helena $1m
Frank Valentin’s tips:
Brunswick West $1.3 million
Kingsville $1.19 million
Mentone $1.35 million
Parkdale $1,495 million
Preston $1.19 million
West Footscray $950,500
Luxury buyers (homes, median over $1.75 million)
Nerida Conisbee’s tips:
Caulfield North $2.36 million
Hawthorn East $2.3 million
Frank Valentin’s tips:
Ivanhoe East $2,212,500
Black Rock $2.33 Million
Median Awards: PropTrack, Ray White
Originally published as Where to Buy in Melbourne in 2022 for first home buyers, families and luxury buyers