Savvy property seekers could save up to a total of $668,250 by choosing to buy from one stop further down the train line, according to the latest research from the Real Estate Institute of Victoria (REIV).
The study revealed the median house price gaps between Melbourne suburbs that are one stop apart on various train lines.
Houses in Heidelberg and Eaglemont— which are one stop apart on the Hurstbridge train line— showed the biggest price differential that could be found across the state.
“Canny buyers can also look one stop further down the Glen Waverley line, from Malvern East, serviced by Holmesglen Station, to Mount Waverley, served by Jordanville station, and save around $545,000. Similarly, spending a few minutes extra on the train commute between Hawthorn, serviced by Glenferrie station, and Hawthorn East, serviced by Auburn station, on the Alamein Line could nab savings of around $487,500,” said REIV President Robyn Waters.
The research also found that homes for less than a million dollars could be found in Pascoe Vale, where the median house price in December was $840,000. Strathmore, meanwhile, has a median of $1.24 million.
“Most Inner Melbourne suburbs and many Middle Melbourne suburbs now have median house prices of more than a million dollars, which makes it difficult for purchasers to break into that market. But if you look at suburbs one stop further down the train line, you may be able to find your dream home at a more affordable price,” Waters said.
The more affordable suburbs usually match their fancier neighbours’ appeal. This leads to rises in property values over time. An example is Richmond, next to South Yarra, where property values have increased over recent years.
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