Top 3 first home buyer hotspots in Melbourne
Ready to become a Melbourne home buyer? Here are the top five places that are suitable for first-time buyers looking to step onto the property ladder.
1. Moonee Ponds
Moonee Ponds is located in the inner north-western area of Melbourne, close to popular suburbs such as Brunswick, Essendon and Ascot Vale.
With a bustling commercial heart, including the famous Puckle Street, Monee Ponds is characterised by bright colours, ornate buildings, and various shops, cafes, and restaurants, making it perfect for first-time buyers looking for a vibrant and up-and-coming suburb.
North of Moonee Ponds is its Central Shopping Centre, offering everything you could ever need in one easy-to-access place.
If you don’t fancy shopping, you can also explore the suburb’s many historic mansions and parks, including the stunning Queens Park.
Melbourne is easily accessible by bus or train, both running regularly. Getting to Melbourne centre from Moonee Ponds will take just 15 minutes.
Home buyers looking for a property in Moonee Ponds can expect to pay an average of $1,465,500* for homes. At the same time, a unit is much more affordable at $576,000*.
Broadmeadows is an up-and-coming suburb 15 kilometres from Melbourne’s Central Business District. It’s one of the most affordable suburbs in Melbourne. With excellent transport links to and from the city, it attracts many first-time buyers looking to step onto the property ladder. It is a diverse neighbourhood, with only 33% of Broadmeadows locals speaking English.
Broadmeadows is the perfect place to start a family with local libraries, busy playgrounds, a national reserve for bracing hikes, and plenty of other local attractions to explore. It’s also just a five-minute drive from the Jack Roper Reserve, one of Hume’s most popular parks. With a large playground, barbecue facilities, cycle paths, and a bustling soccer path, the Jack Roper Reserve is a haven for outdoor enthusiasts.
The average price for a home in Broadmeadows is $595,00** for houses and $447,000** for units, making it the most affordable place to live in Melbourne’s north.
3. Caroline Springs
Caroline Springs is an emerging suburb located in the Outer West of Melbourne. Once characterised by its heavy industry, the suburb is now gentrifying, with excellent train links to the city. Located just 30 minutes from Melbourne city centre, Caroline Springs is perfect for families looking for wide open spaces, greenery, parks, and reserves.
Families living in Caroline Springs also have access to high-quality schools in the area and plenty of childcare centres. Even better, this suburb is a planned community, meaning there is a range of cafes, outlets, and businesses on your doorstep.
House prices average at $745,500** for houses in Caroline Springs and $455,000** for units.
Are you a first home buyer in Melbourne?
Consult with Lendstreet today.
We are your trusted local mortgage broker, ready to advise you on the best suburbs you can explore for your first home. We can help you secure a home loan that best suits your situation. Contact Lendstreet and start your home buying journey today. You can also book a free consultation here or email us at firstname.lastname@example.org.
Do first home buyers in Melbourne pay stamp duty?
Stamp duty is a fee you pay when buying a home. Luckily in Melbourne, there are some exemptions and concessions available for first home buyers. You may check them here.
How do I get a First Home Owner Grant?
To get a First Home Owner Grant, check if you are eligible by visiting the official website of the State Revenue Office here.
What is the state revenue office?
The state revenue office is a tax collection agency run by the Victorian Government.
What is the house and land package?
House and Land packages are when you purchase land from a developer and select a builder to design your home. These are often sold as a bundle.
How do I secure a home loan?
Securing a home loan typically involves the following steps:
1. Determine your borrowing capacity: Before you start looking for a home loan, you should first determine your borrowing capacity by assessing your income, expenses, and other financial commitments. You can use online calculators or speak to a mortgage broker to get an idea of how much you can borrow.
2. Choose a suitable loan: There are many different types of home loans available in Australia, so it’s important to choose one that suits your needs and budget. Some common types of home loans include variable rate loans, fixed rate loans, and split loans.
3. Gather required documentation: When you apply for a home loan, you’ll need to provide certain documentation, such as proof of income, identification documents, and information about any other assets or debts you may have.
4. Apply for the loan: You can apply for a home loan through a bank, credit union, or mortgage broker. When you apply, you’ll need to provide your personal and financial information and the details of the property you’re purchasing.
5. Wait for approval: The lender will assess your application and determine your eligibility for the loan. Depending on the lender, this process can take several days to several weeks.
6. Get a valuation: Once you’ve been approved for the loan, the lender will usually require a property valuation to determine the property’s value.
7. Sign the loan agreement: If the property valuation is satisfactory, you’ll be sent the loan agreement to sign.
8. Settle the loan: The final step is to settle the loan, which involves transferring the loan amount to the seller and registering the property in your name.
It’s important to note that securing a home loan can be a complex process. It’s a good idea to seek the advice of a professional, such as a trusted mortgage broker or financial adviser, to help you navigate the process.
*Domain December 2022 House Price Report. and **realestate.com.au March 2022 – February 2023 Suburbs Reports.