Melbourne inner, middle suburbs providing best buys
Inner north and South Melbourne has been tipped as two areas with good apartment prospects for first home buyers.
REIV chief executive officer Enzo Raimondo said Melbourne’s most affordable one-bedroom apartments are located in Carlton which recorded a June median price of $207,750.
“Affordable property around Melbourne is not restricted to the outer suburbs. Apartments allow first home buyers to get a foothold on the property ladder, especially in highly sought after areas such as Carlton,” he said.
"Meanwhile Carnegie, in Melbourne’s south-east, delivered a median for similar sized apartments of just $292,500.
Other suburbs that rank highly included Elwood and St Kilda. These neighbouring suburbs boasted one bedroom median prices of $389,000 and $390,000 respectively.
"Buyers with budgets in the $400,000 range are able to broaden their search – not only geographically but also by considering two-bedroom options."
Footscray and Maribyrnong recorded median prices for two-bedroom apartments in the most recent quarter of $408,000 and $410,000 respectively.
Glenroyrecorded the city’s lowest three-bedroom apartment median price for the June quarter at just $465,000. Two-bedroom apartments had a median price of $375,000.
Toorak had Melbourne’s highest median for two and three-bedroom apartment. Other top apartment suburbs include Brighton, Richmond, South Yarra and Docklands.
