Want to Buy Your First Home in Melbourne? Let’s Help You to Find the Right Location

Buying your first home in a place like Melbourne is a hard nut to crack, but not an impossible one. Being a first-time homebuyer, you would be dreaming of a home that uplifts your standard of living and at the same time suits your lifestyle. More importantly, you would be expecting that the value of the property grows with time.

For your help, we have sorted and listed some locations, categorised according to living needs within a budget of $500,000 in and across Melbourne. Moreover, you can also consult a mortgage broker to know about any specific location and seek assistance for home loans in Melbourne as per your affordability.

In the Central…

Central Melbourne is the location that ranks high in new unit development. In a budget of $500,000, you will likely be restricted to a one-bedroom apartment in low or mid-rise complexes. As a first time buyer, be smart to look for a property with minimum 50 m2 of internal space in a decent locality with ample source of natural light, good build quality and easy accessibility of essential services.

In Central Melbourne, you can find one bedroom homes in -

• Hawthorn – Median price: $381,000 – 5 year average growth pa: 7.5%
• St Kilda West – Median price: $426,000 – 5 year average growth pa: 5.3%
• Northcote – Median price: $380,000 – 5 year average growth pa: 4.8%
• Abbotsford – Median price: $443,000 – 5 year average growth pa: 4.5%
• Port Melbourne – Median price: $472,000 – 5 year average growth pa: 2.5%

In the Suburbs from CBD…

First time buyers can find capacious two bedroom units in the suburbs 8-15 km out from the Central Business District of Melbourne.

Here, the two bedroom homes that rate well can be found in -

• Nunawading – Median price: $478,000 – 5 year average growth pa: 7.0%
• Alphington – Median price: $491,000 – 5 year average growth pa: 5.9%
• Williamstown – Median price: $510,000 – 5 year average growth pa: 5.6%
• Blackburn – Median price: $505,000 – 5 year average growth pa: 5.0%
• Moorabbin – Median price: $483,000 – 5 year average growth pa: 4.0%

In Far yet Close Locations…

If you are looking for a dwelling in an isolated area or a location with no neighbours on either sides, then a $500,000 budget is taking you out into suburbia. There are some older areas near to the city in the north and west attracting large numbers of first time homebuyers.

Look for a three bedroom home in -

• Croydon – Median price: $500,000 – 5 year average growth pa: 5.5%
• Sunshine – Median price: $465,000 – 5 year average growth pa: 5.1%
• Ferntree Gully – Median price: $475,000 – 5 year average growth pa: 4.8%
• Reservoir – Median price: $535,000 – 5 year average growth pa: 4.5%
• Glenroy – Median price: $500,000 – 5 year average growth pa: 4.0%