Homebuyers who want to get their hands on the Melbourne property can now find exclusive choices in the Melbourne outer suburbs. The continuous struggle to purchase most affordable houses in this city is not a new fact. The property market is quite high priced in the city comparatively.
According to a report from CoreLogic, at the end of 2017, the lowest price of properties valued around $400,000 was located in the six available suburb median areas. Among those six median properties, Millgrove was listed as the lowest costly property in last year at $333,563.
Prices of the properties available in Melbourne suburbs:
According to the report, buyers trying to purchase properties in the west where choices of suburbs are available about 35km from CBD located in the city of Melton can get their hands on properties below $400,000. Some of the choices include Melton with $347,894, Rockbank with $395,107, Melton South with $363,768 and Kurunjang with $370,940.
The usual choices in Melton West would cost around $400,439 and Diggers Rest with $409,324. If the buyers have an intention of going further southeast then they will have choices including Lang Lang with $371,927 which is located 72km further from CBD, Koo Wee Rup with $416,162 which is 63km away from CBD and Garfield with $413,669 which is 69km further from CBD. These are the cheapest options available there.
What drives the market there?
Property experts have reported that the property market of Millgrove is mostly controlled by first-home buyers. These buyers are usually found moving out from a distance like 40-50km away only such as Croydon, Mooroolbark, and Lilydale. These buyers are interested in the property of Millgrove specifically because of the affordability here.
Most of the residents of Millgrove are found to travel for at least 40 minutes to 1 hour for work. There is no local employment and thus they have travel. This is the reason why there was no new development in the area and only 39 sales were completed last year. Experts have mentioned that if the demand increases so will the price.
Best time to purchase is now:
PRD Nationwide, Melton agent Sean Tan has clearly mentioned that the best time to purchase a property in Melbourne suburb area is now. According to the reports, prices are increasing and a growth is noticed in 10 years time here. Only a year ago, the market prices of average houses here were around $250,000 where now it is around $350,000. Buyers can locate a perfect combination if searched through some nice property choices available here costing around $450,000.
Mr. Tan mentions that these are the cheapest choices which cannot be found anywhere else. He said that they believe this will soon grow to a large market because the price is still very cheap comparatively. There are many lands still unoccupied and chances are open to building new estates there. In this context, Mr. Tan has mentioned two estates, Woodlea at Rockbank and Willandra at Melton West that will have extra attention to them. They are built to improve the entire property infrastructure there. The prices of these two estates are yet to mention.