VIC Only 7 suburbs in Melbourne are affordable for first-home buyers

Domain reporting that houses in Melton, Melton South, Melton West, Kurunjang, Brookfield, Frankston North, Dallas (and further out in Wallan and Millgrove) are the only affordable Melbourne suburbs for the average first home buyer.

I'm seeing quite a bit of FHB activity in the Frankston area.

 

I actually like carrum downs for investment purposes as I'm looking for one. I still reckon it has got further potential thnx for the info.

 

I don't understand how Pakenham didn't make the cut. Plenty of 3/2/2 priced 320-370k

 

These suburbs just got free publicity.....

 

I've helped quite a few first home buyers over the past year. I don't believe any of them purchased in the areas listed in this article.

 

They will now.....35-37 klms to Melton is still 20 klms less than going out Pakenham/Officer

 

I would like to add Wollert into the equation. Granted it's mostly new estates I believe it's still quite affordable for first home buyers.

They don't have to wait for those vital amenities which make a suburb great to be built over a number of years. Epping is just next door and already has a major hospital, shopping centre, great schools and train station.

 

I'm interested as well until I went to an Auction today at 10 Wattlewood Cres in CD. 4/2/2 property on tiny 350m2 block. Tenant paying $450pw. I left with two bidders still going at $567k. Gulp!

 

I am surprise that Werribee is not on the list for sub 400k mark

 

I missed one yesterday went for 510k 650 plus land..

 

What price is affordable is considered for fhob

 

To the OP I say: ********!

Also I say: if Frankston is considered affordable, then why isn't Geelong? It's easier to get into the city from Geelong, less train stops, and you don't have to pay $8 or so in tolls if you decide to drive. I don't know much about Frankston (or the east in general), but like for like, Geelong seems much better value.

 

Yep.....that will be next....

 

Hello ... it's Frankston North, not Frankston.
Frankston is no longer affordable, we all agree.

 

Werribee has gone up very hard to find 400k

 

What is your personal opinion on melton south? Do you think it will see consistent CG over the next 5-7 years?

 

Not sure why Dallas, Coolaroo and Meadow Heights isnt on the list.. I purchased a house in Meadow heights on 635 sqm under 340K which settled in July 2016. 18 KM from the city. Rented for 340/wk within 2 weeks. Dallas and Coolaroo had bargains too but the area felt a bid dodgy. All these areas are under 20 km from the city centre..

 

whoops, my bad dallas is there just be sure not to buy under the flight paths..

 

Isnt melton south going to turn into new suburbs?

http://www.melton.vic.gov.au/News-Media/New-suburbs-approved

would this affect CG?

 

It's All of Melton that's being divided into new suburbs, not just the south. But why should this concern you? If anything I think it'll make it even easier for you to choose which suburb(s) to target.

For me it's a no-brainer. I believe Melton South will perform better than the rest in the long run. Recently purchased an investment property there on a huge block very close to the train station and I got it for half of what I would've paid for a property on a much smaller block here in the North (where I was originally looking).

Stay away from the new estates. They are popping up all over the place!

Do your own DD and make sure the numbers stack up. Don't overstretch your budget but more importantly, don't procrastinate. Just make a decision and pull the trigger.

Good luck.