How Does Value Change [ Every KM From CBD.? ]

7 Apr

Happy School Holidays! We hope this break gives you all the opportunity to enjoy some quality time with the kids!

Now, did you know house prices in Melbourne shoot up by about $30,000 for every kilometre you get closer to the city centre? The Real Estate Institute of Victoria (REIV) has just shared these eye-opening figures. Though, it's worth noting, there are a few spots like Park Orchards, Wonga Park, and certain areas of the Mornington Peninsula that break the mold, thanks to their sweet mix of countryside charm and beach vibes.

In light of recent interest rate rises—13 since May 2022—this pricing pattern offers a strategic opportunity for homebuyers. Thinking about shifting your search a tiny bit further out, like 3 to 5 k's, could really stretch your dollar further, almost making those interest rate hikes less of a headache. It's pretty much the difference between a couple of train stops.

Currently, Footscray presents an attractive proposition for those looking to stay within a 5km radius of the city, boasting a median house price significantly lower than that of Middle Park, the most expensive suburb in the same range. The trend continues further out, with suburbs like Braybrook and Ardeer providing affordable options within 10 to 15 kilometres of the CBD, compared to the much steeper prices in areas like Toorak.

Heading towards the city's edges, 20 to 30 k's away, Werribee stands out as a smart pick, giving you more bang for your buck compared to the steep prices in Wonga Park. People love Werribee for its affordability, awesome schools, and cool spots like the Werribee Open Range Zoo and the beach, making it a hit for both your lifestyle and wallet.

For those considering apartment living close to the city, Flemington and East Melbourne showcase the wide price range within a 5km radius, offering options for every budget. This data, drawn from the December quarter of 2023, paints a clear picture for potential buyers: moving slightly further from the CBD can lead to significant savings, making the dream of homeownership more accessible in Melbourne's competitive property market.

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