Owning a house is everybody’s ultimate dream. The joy that comes with this accomplishment cannot be matched. Whether you are living alone or starting to build a family with your partner, getting a comfortable home is among the first things you should do.
If you are planning to buy a house or a piece of land in Australia, choosing the right location is of utmost importance. It is ideal to live in a place that is near the most important establishments, such as schools, hospitals, shopping centres and entertainment hubs. Your family’s comfort, enjoyment, peace of mind and future depend on the environment you will be living in. Make sure you get the location right at the onset.
Ideal Locations for First-Time Homebuyers
First-time homebuyers who are looking for alternative places near Melbourne acquired properties around Donnybrook, where the house and land packages are likely cheaper than those in the capital city. This is good news for those who are just starting out or have a limited budget. Suburbs are likewise more attractive to first-time homebuyers, as these provide a quiet and fresh environment.
Most developers incorporate nature into the design of their master-planned communities in the outskirts of the cities. This allows for the creation of an environment that is conducive to a simple and peaceful way of life.
Based on data from the Victorian government, the 3064 postal code ranked as the most popular for first-time buyers during the three-month period, from July to September. The postcode covers the Craigieburn, Donnybrook and Mickleham areas. Peppercorn Hill shares some insights on this home buying trend.
Stamp duty exemptions and concessions for first-time homebuyers served as the main factor for the increase in transactions, which helped 8,205 people with their purchases. As prices in Melbourne remain high, around 25 per cent of these aspiring homeowners flocked to the city’s outskirts to look for more affordable options.
The concessions exempted buyers from stamp duty payments if they bought a house below $600,000, whilst those who acquired a property below $750,000 only paid a discounted rate. Other top suburbs near Melbourne included the 3029 postcode comprising Truganina and Tarneit, where there were 320 concessions, and 280 concessions in the 3030 postcode from Werribee to Point Cook.
An expected decline in Melbourne home prices serves as another reason to avoid buying a house in the city as an investment. By 2020, the median price of houses may fall as much as 20 per cent because of stricter lending standards and a bigger supply of properties, according to AMP chief economist Shane Oliver.
The situation could likewise apply to Sydney’s housing market whilst prices in Adelaide, Brisbane, Canberra, and Hobart may buck the trend in the next two years. National property prices may continue to drop in 2019, so think carefully where you plan to buy your first house.
Some property developments near Melbourne offer land only or house and land packages for buyers, which provide you with an option to save money. You should decide soon, however, since the popularity of these suburbs could mean tougher competition from other buyers.