Looking for greater value?

Looking for greater value?

If you’re looking for first class amenities and strong capital growth prospects, but without having to cop the hefty price tag, then bridesmaid suburbs may be exactly what you’re after, according to the Real Estate Institute of Victoria (REIV).

Data from the REIV shows there is a significant difference in the median house price of multiple adjacent suburbs across the state, despite similar characteristics and amenities.

For example, buyers priced out of the desirable inner Melbourne suburb of South Yarra, which has a median house price of $1.7 million, can purchase in neighbouring Cremorne (separated only by the Yarra) for $700,000 less – one of the city’s highest price differences.

Essendon’s $1.3 million median price tag may restrict buyers getting a foothold on the property ladder, but bordering suburb Pascoe Vale South offers opportunity with a median price of $791,250. That’s half a million dollars separating the two suburbs.

A similar price difference is also seen in West Melbourne, where buyers priced out of the $1.26 million suburb can purchase in nearby Footscray for a median price of $742,500.

Further from Melbourne, buyers looking for a home along the peninsula could save $240,000 by purchasing in Mornington rather than Mount Eliza.

At the more affordable end of the spectrum, buyers looking in Melbourne’s western suburbs can save up to $60,000 by purchasing in Melton instead of Melton West.

REIV CEO Geoff White says there’s still value to be found.

“In the past 18 months we’ve seen significant capital growth in what have always been these neighbouring suburbs. Buyers are increasingly looking for value and these new growth areas continue to offer that.

“The ripple effect is pushing up the price in these suburbs, which remain considerably more affordable than their neighbouring counterparts.

“For buyers priced out of their chosen area, it’s worthwhile looking at next-door suburbs, which may offer similar lifestyle and amenities without the premium price tag.”

About API

Founded in 1997, API is Australia's highest-selling property magazine.

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