Those looking to find a house in Melbourne’s more prestigious suburbs may be able to save themselves hundreds of thousands of dollars if they can live with a little less space.
While houses in many of Melbourne’s inner city suburbs carry a median price tag of more than $1m, figures from the Real Estate Institute of Victoria (REIV) show buyers could get themselves a six-figure saving by settling for a two-bedroom house.
The largest saving can be found south east of Melbourne CBD in Elsternwick, where the median price for a two-bedroom house sits at $929,000.
For many, that may still seem like an expensive purchase, but it is a whopping $648,500 cheaper than the suburb’s overall median house price of $1,577,500.
To the north east of the CBD, two bedroom houses in Ivanhoe carry a median price of $921,000, a $474,000 reduction on the suburb’s overall median house price of $1,395,000.
In the city’s north, the median price for a two bedroom house in Essendon sits at $912,000, which is $465,000 lower than overall median in the suburb.
In Moonee Ponds the median house price currently sits $1,265,000, but buyers who opt for a two-bedroom house will face a median price of $820,000, a saving of $445,000.
In Caulfield South, the REIV’s figures show the median house price $1,388,000, while the median two-bedroom price is $946,500, a saving of $441,500.
Port Melbourne’s median price for a two-bedroom house comes in at $955,000, while the overall median house price is $425,000 more at $1,380,000.
Buyers in Ascot
Vale, Williamstown, Richmond and St Kilda can shave between $341,000 and $214,000 the overall median house prices for those suburbs by opting for a two-bedroom house.
||Median house price
||Median two-bedroom house price
REIV chief executive officer said the price difference shows why people should look deeper than the obvious statistics when considering purchasing in a particular area.
“These are leafy suburbs where buyers can live alongside their million-dollar neighbours on a boutique budget,” White said.
“Two-bedroom homes are experiencing solid price growth in many of these suburbs, offering value and a yard at a price point significantly below the suburb’s median,” he said.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out