What a lazy $700,000 can buy in Melbourne's western suburbs: HTW Residential
Melbourne’s western suburbs have rapidly evolved over the past ten years, according to the July Herron Todd White (HTW) residential report.
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation.
The report suggests Melbourne’s housing market has always seemed somewhat unattainable for many, however figures released have shown that Melton and Wyndham are affordable and desirable options with larger blocks of land and bigger homes.
The city of Melton is proving a popular choice according to realestate.com.au. It is also the cheapest suburb in Melbourne, with a median price of $390,000.
Those looking for large blocks and new modern houses could consider Rockbank, Caroline Springs and Plumpton at a median price of $700,000, which is an attractive choice for first home buyers and families, the report noted.
"Melbourne’s western area is spoilt for choice around the $700,000 mark compared to that of more expensive inner Melbourne suburbs where purchasing a nice home in that range is simply not possible," the valuation firm said.
The report suggests the Australian dream of a big home and backyard is attainable in the western suburbs.
It is an area that is affordable and ever developing which is why it has attracted so many first home buyers and investors looking to break into the property market.
The convenience of being close to the city combined with the benefits of not actually being in the heart of the city has rapidly increased its population growth.
Some examples of what you can expect around the $700,000 mark are as follows, the report noted.
The five bedroom, three bathroom house at 37 Nicholson Terrace (pictured above) has been sold for $768,000.
It comes with three living zones, functional kitchen, pergola area and oversized double garage.
It is located within close primality to schools, transport and shops.
Compare this to a well-established, higher socio economic region within Melbourne’s west such as Williamstown.
It is considered much more difficult to obtain a nice house for the $700,000 price bracket within this region as the median house price is $1.35 million.
"Realistically, only small units and apartments in Williamstown can be purchased for this price," the valuation firm said.
The report noted an example of what you could expect is as follows.
A two bedroom apartment at 105/133 Railway Place, Williamstown (pictured above) has been sold for $675,000.
The apartment comprises two large bedrooms, one bathroom, internal balcony, and secure car space with storage.
It is set within the top Williamstown school zones.