From Melton to Berwick: The 33 Melbourne suburbs with affordable three-bedroom apartments
There are 33 suburbs in Melbourne – many of them on the outskirts – where first-home buyers can purchase a three-bedroom apartment and pay equal or less than the average estimated first-home buyer mortgage repayment in Victoria of $414 per week.
The suburbs can be found in an interactive heat map showing weekly mortgage repayment price bands across Melbourne suburbs compiled by the Real Estate Institute of Victoria (REIV) as part of its new first-home buyer guide.
The $414 per week median mortgage repayment is based on the average first-home buyer loan size of approximately $286,600, a standard variable interest rate of 6.4%, receipt of the $7,000 first-home owners' grant, a loan term of 30 years, a 10% deposit, and benchmark lenders mortgage insurance (LMI) and conveyance fees.
The list is dominated by suburbs further out of town, but does include the middle Melbourne suburb of St Albans, which has a median three-bedroom unit price of $270,000 and average weekly mortgage repayments of $360 per week.
Also on the list are less fashionable, but well-located Sunshine and Sunshine North, where 'Kath & Kim' obtained numerous TAFE qualifications and where Tracey, daughter of the Kerrigans in The Castle obtained her hairdressing diploma.
The full list starting from the cheapest is:
Source: REIV first-home buyer guide
The best of everything at Portside Wharf
Despite boom and bust cycle, real estate industry maintains myth that prices always rise: Catherine Cashmore
The recovery we’re currently seeing is largely led by the investment sector – with an equal perception that values will maintain their upward trajectory.
Brought to you by: Caydon
Atria Apartments in Hawthorn offers buyers an opportunity to invest in one of Melbourne’s finest suburbs.
Dubai court hands 10 year jail terms to property developers Matthew Joyce and Angus Reed over 2007 land deal