Getting a foothold on the property ladder can be especially challenging for the millennial home-buyer. With daily headlines updating us as to the dismal state of the housing market and the ever-increasing cost of living, it’s easy as a young first-home buyer to become discouraged and dejected. Although recent research conducted by Credit Simple revealed that under 30’s comprised just 14% of mortgage applications in Victoria – slightly less than the national average of 15% – the study also highlighted the best Melbourne postcodes for millennial home buyers. If you’re a millennial seeking your first home in Melbourne, here are the top 5 property hotspots just for you…
1. 3029 – Truganina, Hoppers Crossing, Tarneit
Topping Credit Simple’s list for the highest number of mortgage applications from under 30’s nationwide, 3029 is one of the best postcodes for millennial home buyers. These western-based suburbs are rapidly expanding and family-oriented, combining a ‘countryside feel’ with convenient freeway access to the Melbourne CBD. Compared to the Melbourne-wide median house price (MHP) of $826,000, the MHP for the suburbs of 3029 comes in at a significantly lower and more attractive figure of $447,500.
2. 3064 – Craigieburn, Roxburgh Park
Coming in second, the northern-based suburbs of 3064 have proven popular due to the affordability of the real estate and the short 35-minute journey to the city. With an inexpensive MHP of $444,000, close access to the cafes and culture of Brunswick and newly opened sporting facilities, it’s easy to understand the appeal such an area has for the millennial home buyer.
3. 3977 – Cranbourne
Situated 43km south-east of the Melbourne CBD, Cranbourne, and its adjacent suburbs of Clyde and Botanic Ridge, have fast become some of Melbourne’s most in-demand locations. Falling within the most popular municipality of Victoria – the City of Casey – Cranbourne, and its surrounding areas combine emerging estates and brand-new state of the art sport and shopping facilities with a very economical MHP of $430,000.
4. 3030 – Werribee
With its proximity to the city and strong sense of community, young millennials seeking larger contemporary homes with more affordable price-tags are flocking to this property hotspot in the west. The newly expanded Werribee Plaza and Avalon Airport have proven major drawcards, with larger lot sizes and strong infrastructure investment similarly appealing to young buyers. Werribee has a MHP of $415,000 and is a particularly great area for millennials keen on a very family-friendly environment.
5. 3023 – Caroline Springs
Situated 25km west of the city, the relatively new community of Caroline Springs hosts an eclectic variety of freestanding homes and modern townhouses perfect for a trendy, low-maintenance style of living. Known for its greenery, walking trails, wetland views and stunning lakes, the suburb has a MHP of $560,000 and is a great choice for young professionals. As one of the first areas to receive NBN fibre-to-curb connections and with the recent of the $40 million five-star hotel and entertainment complex, Caroline Springs rounds out our list of Melbourne’s best property hotspots for millennials.
Are you a first home buyer interested in these property hotspots? iBuildNew can help you choose the perfect home design and builder to carry out the project. Get in touch on 1800 184 284 or book a call to get started today!