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Market Wrap, Residential

Weekly Market Wrap – The Melbourne suburbs where you can still buy a home for less than $500,000

House hunters on a budget are flocking to Melbourne’s outer south-east, according to new data. 

A report by valuers Herron Todd White shows buying in this region is one of the most appealing options for first-home buyers and young families searching for more space.

A $500,000 budget can secure a newly constructed four-bedroom, two-bathroom house with a double lock-up garage in Cranbourne West, Cranbourne East and Clyde North – all on a 500-square-metre block.

There’s a catch, of course. These areas are 40 to 50 kilometres south east of the CBD, a sizeable commute by anyone’s standards. However, the journey is made easier with access to the Monash Freeway and public transport connections.

That being said, with Pakenham, Frankston and Dandenong a stone’s throw away it might not be necessary for you to commute to the CBD for work. These bustling “mini cities” are home to a number of national and multi-national corporate headquarters, as well as ample health services and education hubs.

However, if proximity to the city is high on your priority list, suburbs such as Mitcham, Forest Hill and Blackburn are your best bet – you can find two bedroom units for around $450,000.

Market Wrap, Residential