Top 5 Suburbs for First Home Buyers
Property remains a significant part of the great Australian dream and therefore many still aspire to purchase their own home as a means of achieving the ultimate goal of financial security. As Melbourne house prices have skyrocketed over the last decade, this has left many a first home buyer despondent at ever being able to afford to enter the property market. As we work with many would be homeowners, we still believe there are suburbs within Melbourne which are accessible to the first time homeowner. Here are our top picks.
- Frankston North is a great spot for first homebuyers as it’s still affordable, provides train line access direct into the CBD and is close to the beach! Weekends will never be the same. Both capital growth and rental yields are strong should you want to find tenants in the future.
- Meadow Heights is only 23kms from the CBD making the 30 minute one way commute an easy one. With the feel of a small country town in a thriving Melbourne suburb, this community minded area offers a local shopping centre, multiple parks, schools and ultimately everything you need to make this suburb your home.
- Melton is ideal for those looking for a great family lifestyle and access to multiple amenities including reputable schools. This suburb abounds with numerous gyms, tennis clubs, a popular golf course, an all year round swimming pool and an array of fabulous cafes and restaurants.
- Broadmeadows may be considered a ‘slow burner’ but this suburb offers an abundance of amenities, accessible public transport and excellent infrastructure. While it may not have the ‘cool factor’ just yet, this suburb is definitely one to watch as large house and land blocks start to get snapped up by early adopters who are paying $400k less than neighbouring suburbs.
- Braybrook is definitely an up and coming suburb with a lot of potential for those who have the vision to see it. Only 10km from the CBD, with new facilities popping up almost daily, adding to the long list of reputable schools, parks, shops and cafes already in ready supply. With the ever popular Footscray restaurants at the doorstep, this suburb is perfect for couples or young families.
Our advice if you’re considering entering the market as a first homebuyer? Do your research. Identify those suburbs which you CAN afford and go and spend a day in them. Have a coffee in a local cafe, do your shopping with a local grocer and take the opportunity to ask some questions. Get a feel for the place before making a huge financial commitment and ensure that whichever area you choose, meets the lifestyle needs of you and your family.