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Melbourne buyers can save hundreds of thousands of dollars by simply purchasing one stop further down on many of the city’s train lines, new research from the REIV has revealed.
The REIV collected data and considered the median house price gaps between Melbourne suburbs that are one stop apart on various of the city’s train lines.
President Robyn Waters said that the findings are illuminating.
“The REIV analysis showed that the biggest price differential savings of $668,250 could be found between houses in Heidelberg and Eaglemont, which are just one stop apart on the Hurstbridge train line,” Ms Waters said.
“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.”
Ms Waters said that people hunting for a home for less than a million dollars could look to Pascoe Vale, where the median house price in December 2018 was $840,000, rather than Strathmore, where the median was $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,” Ms Waters said.
“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.
“Often these suburbs are on the cusp of emulating their fancier neighbours’ appeal which generally results in rises in property values over time, such as Richmond, next to South Yarra, where property values have increased over recent years.”
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