Melbourne Property Market: First Time Buyer Guide
The dream of owning a home in Melbourne can feel daunting, especially with rising prices and navigating complexities of the market. But fret not, first-home buyers! Create Real Estate, your trusted Melbourne real estate partner, is here to equip you with the knowledge and resources you need to navigate the journey towards homeownership.
Real Estatetorian Government Initiatives:
The Real Estatetorian Government offers a range of valuable programs to support first-home buyers in Melbourne, including:
- First Home Owner Grant (FHOG): Receive up to $10,000 towards the purchase of your first new or established home, valued under $750,000.
- First Home Buyer Duty Exemption or Concession: Save significantly on stamp duty, a significant upfront cost when purchasing your first property. This exemption or concession applies to homes valued under $600,000, with a tapered concession for homes between $600,000 and $750,000.
- Real Estatetorian Homebuyer Fund (VHF): This shared equity scheme assists eligible Real Estatetorians with a deposit as low as 5%. The government contributes up to 25% of the purchase price in exchange for an equivalent share in the property, which can be bought back over time.
CreateReal Estate Real Estate’s Support:
Beyond government initiatives, Create Real Estate offers comprehensive guidance and support throughout your home buying journey:
- Experienced Local Agents: Our team comprises Melbourne-based real estate professionals who understand the nuances of the local market and can help you find the perfect property that aligns with your budget and aspirations.
- Tailored Assistance: We personalize our approach to suit your unique needs and circumstances, ensuring you feel informed and empowered throughout the process.
- Streamlined Experience: We connect you with trusted partners, such as mortgage brokers and conveyancers, to streamline the buying experience, saving you time and stress.
Empowering First-Home Buyers:
We understand the challenges and excitement that come with purchasing your first home. At CreateReal Estate Real Estate, we’re dedicated to equipping you with the knowledge, resources, and personalized support you need to turn your dream of homeownership into a reality.
Take the first step towards your dream home!
Contact CreateReal Estate Real Estate today. We’ll guide you through the intricacies of the Melbourne market, connect you with relevant resources, and help you find your perfect property, making your first home buying experience a success.
Exploring Melbourne’s Suburban Real Estate Boom Over Five Years
In the dynamic landscape of Melbourne’s real estate market, certain suburbs have emerged as clear winners, experiencing substantial growth in property prices over the past five years. From the outer fringes to the inner circles, a diverse range of neighborhoods has seen impressive increases in both house and unit prices, reflecting shifting preferences and market dynamics.
Top Performers in House Price Growth:
Here are the top three suburbs that have witnessed the highest median house price growth:
| Suburb | Median House Price Growth (%) | Median House Price (AUD) |
| Narre Warren North | 38.4 | $1,693,000 |
| Aintree | 34.8 | $755,000 |
| Balwyn North | 33.4 | $2,375,000 |
Narre Warren North: Topping the list is Narre Warren North, situated in the southeastern region of Melbourne. With an impressive median house price growth of 38.4%, properties in this suburb have reached a median price of $1,693,000.- Aintree: Aintree follows closely, experiencing a remarkable surge of 34.8% in median house prices, now standing at $755,000. This growth underscores the increasing popularity of this suburban gem.
- Balwyn North: In the inner-eastern precincts, Balwyn North has seen a significant rise of 33.4% in median house prices, reaching a substantial $2,375,000. This affluent suburb continues to attract buyers seeking premium living experiences.
Notable Growth in Unit Prices:
In addition to house prices, unit prices in certain suburbs have also seen remarkable increases:
| Suburb | Median Unit Price Growth (%) | Median Unit Price (AUD) |
| Mitcham | 21.3 | $752,000 |
| Highett | 19.6 | $658,000 |
| Brighton | 17.9 | $1,200,000 |
Mitcham: Leading the unit price growth is Mitcham, with a notable increase of 21.3%. The median unit price in this suburb now stands at $752,000, reflecting growing demand for apartment living.- Highett: Highett follows closely with a solid 19.6% growth, reaching a median unit price of $658,000. This suburb offers a desirable lifestyle close to the city center.
- Brighton: Known for its luxury properties, Brighton has witnessed a respectable growth of 17.9% in unit prices, now averaging at $1,200,000. This seaside suburb continues to attract affluent buyers seeking coastal living.
Overall Market Trends:
Melbourne’s real estate market has shown resilience, with an overall median house price increase of 22.1% over the past five years. Despite fluctuations, recent trends indicate a positive trajectory, driven by renewed buyer activity and expectations of a Reserve Bank rate cut.
Insights from Experts:
According to Terry Rawnsley, Director of KPMG planning and infrastructure economics, the strong performance of suburbs further from the city center reflects affordability issues and changing preferences post-lockdown. Buyers are seeking larger homes in middle-ring suburbs, driving the ripple effect seen across the market.
As Melbourne’s real estate landscape continues to evolve, staying informed about these trends can help prospective buyers and investors make sound decisions. Whether you’re looking for a family home or an investment property, understanding the market dynamics is key to success in Melbourne’s competitive real estate market.