The two bedroom house option - Melbourne suburb guide
New REIV data reveals it is still possible for buyers to purchase homes in million dollar suburbs for less than seven-figures – as two-bedroom homes offer an entry point across Melbourne with savings of more than $500,000.
For $929,000 buyers can secure a two-bedroom home in Elsternwick - almost $650,000 less than the suburb’s overall median house price of $1.5 million.
Ivanhoe buyers can secure a smaller home for about $475,000 less than the overall median house price in the suburb.
Buyers can also purchase smaller homes in Essendon, Moonee Ponds and Caulfield South for about $400,000 less than the suburb median.
REIV CEO Geoff White said two-bedroom homes offer a more affordable option in many of Melbourne’s most desirable suburbs.
“These are leafy suburbs where buyers can live alongside their million-dollar neighbours on a boutique budget,” he said.
He added two-bedroom homes are experiencing solid price growth in many of these suburbs.
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Suburb |
IMO |
Median House Price (June 16) |
2-Bedroom Median Price (June 16) |
Price Differential |
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ELSTERNWICK |
inner |
$1,577,500 |
$929,000 |
-$648,500 |
|
IVANHOE |
inner |
$1,395,000 |
$921,000 |
-$474,000 |
|
ESSENDON |
inner |
$1,377,000 |
$912,000 |
-$465,000 |
|
MOONEE PONDS |
inner |
$1,265,000 |
$820,000 |
-$445,000 |
|
inner |
$1,388,000 |
$946,500 |
-$441,500 |
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PORT MELBOURNE |
inner |
$1,380,000 |
$955,000 |
-$425,000 |
|
ASCOT VALE |
inner |
$1,141,000 |
$800,000 |
-$341,000 |
|
WILLIAMSTOWN |
inner |
$1,155,000 |
$815,000 |
-$340,000 |
|
RICHMOND |
inner |
$1,222,500 |
$970,500 |
-$252,000 |
|
ST KILDA |
inner |
$1,190,000 |
$976,000 |
-$214,000 |
Property Observer found this two bedroom home in Elsternwick, 30 Ross Street (below), on the market for between $900,000 and $990,000.
Property Observer found a two bedroom home in Ivanhoe, 24 Dalveen Road (below).
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