From Noble Park to Essendon: 23 Melbourne suburbs with one-bedroom apartments priced below the first-home buyer mortgage median

There are 23 suburbs in Melbourne where first-home buyers can purchase a one-bedroom apartment and pay equal or less than the average estimated first-home buyer mortgage repayment in Victoria of $414 per week.

The suburbs can be found in an interactive heat map showing weekly mortgage repayment price bands across Melbourne suburbs compiled by the Real Estate Institute of Victoria (REIV) as part of its new first-home buyer guide.

The $414 per week median mortgage repayment is based on the average first-home buyer loan size of approximately $286,600, a standard variable interest rate of 6.40%, receipt of the $7,000 First Home Owners Grant, a loan term of 30 years, a 10% deposit, and benchmark Lenders Mortgage Insurance (LMI) and conveyance fees.

First-home buyers may be surprised to learn that the list includes inner city, café-lined suburbs like Carlton and Moonee Ponds, the bayside suburb of Williamstown and up-and-coming suburbs like Preston and Reservoir.

The full list starting from the cheapest is:

  1. Noble Park, $202 per week, median price of $155,000
  2. Albion - $232 per week, median price $177,000
  3. Box Hill - $257 per week, median price of $194,750
  4. Carlton - $257 per week, median price of $195,000
  5. Frankston - $260 per week, median price of $197,500
  6. Footscray - $325 per week, median price of $245,000
  7. Ormond - $339 per week, median price of $255,000
  8. West Footscray - $346 per week, median price of $260,250
  9. Epping - $347 per week, median price of $261,000
  10. Brunswick West - $365 per week, median price of $274,000
  11. Moonee Ponds - $366 per week, median of $275,000
  12. Mentone - $370 per week, median price of $277,750
  13. Reservoir - $380 per week, median price of $285,000
  14. Preston - $381 per week, median price of $285,500
  15. Williamstown - $387 per week, median price of $290,000
  16. Coburg - $388 per week, median price of $291,000
  17. Murrumbeena - $391 per week, median price of $293,000
  18. Flemington - $392 per week, median price of $294,000
  19. Bundoora - $394 per week, median price of $294,000
  20. Glen Huntly - $401 per week, median price of $300,500
  21. Thornbury - $401 per week, median price of $300,000
  22. Essendon - $414 per week, median price of $310,000
  23. Carnegie - $414 per week, median price of $310,000

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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