Epping and Craigieburn good first home buyer targets in Melbourne's north: HTW

The northern suburbs of Melbourne are providing a number of options for typical first time buyers, according to HTW’s Month in Review: March 2017. 

The valuation firm says options within the inner north are normally confined to apartment complexes and multi-unit developments where the median unit price (December 2016) is $505,000 and $638,000 across Brunswick and Brunswick West respectively.

For a more expansive property, the median house price for two bedroom dwellings within these same areas increases significantly to $870,000 and $935,000.

HTW suggests that more affordable locations lie further north where the median house price drops considerably with three bedroom houses in Epping and Craigieburn in the region of $453,000 and $390,000.

“Developments within the outer northern suburbs of Melbourne are attempting to create affordable product targeting first time buyers,” the firms says.

“This product typically comprises smaller lot sizes in secondary areas. Affordability is a real issue facing first time buyers.

“The First Home Owners Grant currently applies to new builds only which is something first home buyers should be taking advantage of along with the stamp duty reductions available.

“With the high number of new properties being created through the development of land tracts throughout the north of Melbourne, first home buyers should look towards underlying property fundamentals such as location and amenity as value drivers.”

Access to public transport and proximity to schools are likely to be drivers of long-term growth in these areas, the report says.

A two bedroom unit at 1318/182 Edward Street, Brunswick (above) has been listed for $599,000.

Similarly a two bedroom apartment at 7/138 Melville Road, Brunswick West (below) has been listed for between $520,000 to $570,000.