Where to buy in Melbourne in 2022 for first home buyers, families and luxury buyers

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:

Bulleen $1,262,500

Cairnlea $820,000

Lyndhurst $750,000

Mont Albert North $1,570,500

Saint Helena $1m

Frank Valentin’s tips:

Brunswick West $1.3 million

Burwood $1,367m

Coburg $1.2m

Glenroy $801,000

Kingsville $1.19 million

Mentone $1.35 million

Mitcham $1.192m

Mordialloc $1.265m

Parkdale $1,495 million

Preston $1.19 million

Reservoir $908,750

Ringwood $992,900

Spotswood $1.2m

Sunshine $862,500

West Footscray $950,500

Luxury buyers (homes, median over $1.75 million)

Nerida Conisbee’s tips:

Armadale $2,585m

Caulfield North $2.36 million

Elsternwick $2,019m

Hawthorn $2.59m

Hawthorn East $2.3 million

Frank Valentin’s tips:

Parkville $2,165m

Ivanhoe East $2,212,500

Camberwell $2,502,500

Black Rock $2.33 Million

Sandringham $2.275m

Median Awards: PropTrack, Ray White

Originally published as Where to Buy in Melbourne in 2022 for first home buyers, families and luxury buyers

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