Mildura developers cutting lot sizes to meet first home buyer demand: HTW

Mildura developers cutting lot sizes to meet first home buyer demand: HTW
Mildura developers cutting lot sizes to meet first home buyer demand: HTW

The relative affordability of housing in Mildura is one of the region’s main attractions for first home buyers, according to HTW’s Month in Review: March 2017

The valuation firm says despite it being much cheaper to buy a home in Mildura than in any of the mainland capital cities, first home buyers still face the challenge of saving a decent deposit.

HTW says first home buyers must decide whether they are prepared to buy an older home and then complete some upgrading or set their sights higher and buy a new home.

“Traditionally, first home buyers would start with a basic, older house and then trade their way into a newer home,” the report says.

“In the past 10 years we have seen an increasing number of first home buyers electing to stretch themselves into a new home.

“This trend reflects greater aspirations and has been assisted by low interest rates.”

In reaction to this demand, developers have reduced the average size of lots in new subdivisions in order to keep price options below $100,000.

Despite this, HTW says that the cost of buying a new home is still going to be around $350,000 - beyond the reach of many first home buyers.

“For buyers looking at cheaper options, we would suggest looking at either an older house in an inner city location or a 1980s brick veneer on a good sized lot,” the firm says.

“These types of dwelling can be purchased for around $250,000 and can be upgraded once funds allow.

“They are also going to be in more central locations than some of the current subdivisions.”

A three bedroom house at 685 Walnut Avenue, Mildura (above) has been listed for between $340,000 to $370,000.

Similarly a four bedroom house at 3 Mayan Court, Mildura (below) has been listed for between $359,000 to $385,000.

Mildura developers cutting lot sizes to meet first home buyer demand: HTW

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