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Market Wrap

‘Bridesmaid’ suburbs offer seven-figure savings

Research has found there’s a difference of up to a million dollars between the city’s blue-ribbon postcodes and those just next door.

New REIV data comparing the median house prices of adjacent suburbs shows Collingwood, Heidelberg West, Hallam, Laverton and Richmond are among the “bridesmaid” suburbs offering the best value compared to their nearby, pricier counterparts.

Heidelberg West for instance is 116% cheaper than neighbouring Ivanhoe, with its median house price of $731,000 compared to Ivanhoe’s $1,580,000. Situated in the leafy north-east, Heidelberg West itself is seeing strong demand, having experienced 13% annual price growth.

Likewise, Collingwood boasts a median of $1.2million compared to next-door Fitzroy ($1.5million), while Laverton ($535,000) is considered the little cousin of Altona ($925,000).

Evidently, buying property in ‘next door’ suburbs can be a smart investment, especially if you get in before they take off and demand for homes in the area drives prices further upwards.

If you’re looking to make your next move or preparing to buy your first home, look for suburbs within a 5km radius of your dream area – you could save yourself thousands of dollars, gain strong capital growth over the long term, and enjoy similar amenities and lifestyle perks.

Market Wrap