With first home buyers in Melbourne being limited to $750,000 or less to be eligible for government support, new research has revealed where they can afford and how liveable the area is.
People’s Choice Credit Union has identified the 20 best suburbs available, with Delahey having the best mix of affordability and livability for home buyers planning to take advantage of the federal government’s First Home Loan Deposit Scheme., Heights and
People’s Choice chief executive officer Steve Laidlaw said the areas were judged off affordability and liveability factors, including access to a variety of public transport routes, driveability, crime rates, schools, economic prospects, local services and an analysis on how settled the community is.
“By looking beyond the price factor, we’ve found the suburbs which offer first home buyers that mix of affordability and quality lifestyle benefits.
“Of the suburbs which qualify for the scheme, the top three – Sydenham, Burnside Heights and Delahey – are all in the west and all about 20km from the GPO, but Sydenham stands out for its excellent public transport options and number of licensed venues, which reflect its retail and social facets.
“Burnside Heights is helped into second, thanks to a lower crime rate, while Delahey enjoys a more affordable median price of $545,000.”
The research has revealed some hidden spots that investors might not be aware of that strike the balance between liveability and affordability.
“For example, Dallas in the north with a median price of $457,500 is ranked fifth for first home buyers, well ahead of neighbouring Thomastown, which is ranked 20th with a median cost of $600,000,” Mr Laidlaw said.
This year, the report analysed data on 474 suburbs and locations across Victoria, which fell within our overall affordability criteria.
“The coronavirus has certainly affected real estate, but now is an excellent time to research the market for when things return to something more normal,” Mr Laidlaw said.
“And that’s the great power of the People’s Choice of Housing – it allows you to compare and contrast suburbs at a much deeper level, to help you make the right decision for you.”