600k gains in Melbourne by going one train stop further
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600k gains in Melbourne by going one train stop further

600k gains in Melbourne by going one train stop further

by Sasha Karen | April 03, 2019 | 1 minute read

The Real Estate Institute of Victoria has revealed data that could mean the difference of over half a million dollars in property prices for savvy buyers.

Melbourne
April 03, 2019

By purchasing a property a stop further down a train line, investors could find themselves saving up to $668,250, according to research from the REIV.

The REIV analysed median house price gaps in between Melbourne suburbs that were separated by one stop on various train lines, according to REIV president Robyn Waters.

“The REIV analysis showed that the biggest price differential 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.

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“Similarly, spending a few minutes extra on the train commute between HawthornHawthorn, VIC Hawthorn, SA, serviced by Glenferrie station, and Hawthorn East, serviced by AuburnAuburn, SA Auburn, NSW station, on the Alamein Line could nab savings of around $487,500.”

Ms Waters continued, stating that most inner Melbourne suburbs and many middle Melbourne suburbs have median prices of over $1 million, which raises the bar of entry into these particular markets, but as REIV’s analysts suggests, looking to just one suburb down the nearby train line can provide a cheaper price point.

“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 RichmondRichmond, SA Richmond, VIC Richmond, NSW Richmond, TAS Richmond, NSW, next to South Yarra, where property values have increased over recent years,” Ms Waters said.

The suburbs to look out for, and the savings investors can find, according to the REIV, are:

Line

Station 1

Suburb

Median

Station 2

Suburb

Median

Difference

Hurstbridge

Eaglemont

Eaglemont

$1,725,750

Heidelberg

Heidelberg

$1,057,500

$668,250

Glen Waverley

Holmesglen

MalvernMalvern, VIC Malvern, SA
East

$1,760,000

Jordanville

Mount
WaverleyWaverley, NSW Waverley, TAS

$1,215,000

$545,000

Alamein

Glenferrie

Hawthorn

$2,217,500

Auburn

Hawthorn
East

$1,730,000

$487,500

Glen Waverley

Tooronga

Malvern

$2,122,500

Gardiner

Glen IrisGlen Iris, VIC Glen Iris, WA

$1705,000

$417,500

Craigieburn

Strathmore

Strathmore

$1,242,500

Pascoe Vale

Pascoe Vale

$840,000

$402,500

SandringhamSandringham, VIC Sandringham, NSW

WindsorWindsor, NSW Windsor, VIC Windsor, QLD

Windsor

$1,400,000

Balaclava

Balaclava

$1,005,000

$395,000

Mernda

Thornbury

Thornbury

$1,297,500

Bell

Preston

$921,000

$376,500

Frankston

Carrum

Carrum

$1,002,500

SeafordSeaford, SA Seaford, VIC

Seaford

$675,250

$327,250

Hurstbridge

Alphington

Alphington

$1,725,000

Darebin

Ivanhoe

$1,400,000

$325,000

Frankston

Patterson

Bentleigh

$1,297,500

Moorabbin

Moorabbin

$975,000

$317,000

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