Finding a home under $400,000

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Finding a home under $400,000

Where to find a house in Melbourne for less than $400,000

Research by RP Data has found that the median house price in Melbourne for the quarter ended December 2013 was $610,000. While this gets media attention and sells newspapers there are still houses than can be found for under $400,000.
In the past 12 months approximately 30% of all houses in Melbourne sold for less than $400,000. You may ask which areas had the highest number of houses under $400,000. The research shows the areas in question included:
  • Pakenham
  • Frankston
  • Craigieburn
  • Hoppers Crossing
  • Werribee
  • Sunbury
  • Carrum Downs
The distance from the CBD and availability of land in these areas has made these areas more affordable but mortgage broker What If We Finance advises this will not last forever.
What If We Finance advises the Melbourne property market is extremely competitive and people are always looking or bargains. When this is combined with relatively low interest rates property prices are likely to be pushed up higher. In parallel you should do your homework on property and not just be seduced by the price.
Interestingly a number of suburbs within a 15km radius of the Central Business District has  more than 50% of sales under $400,000. These were Sunshine West, Sunshine North, Broadmeadows, Ardeer and Tullamarine.

While it may be rarer and rarer to find a property under $400,000 in Melbourne they still exist. Its just a matter of doing your home work and considering all factors. A cheaper property may need more work or be in an undesirable location and these are factors that should be considered.

Your mortgage broker can help you by proving free property reports and guides to help you on your home buying journey. So do not hesitate to contact your mortgage broker today.



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