Buying in million-dollar suburbs on a ‘boutique budget’
Despite median house prices exceeding the $1 million mark in some of Melbourne’s most prestigious suburbs, savvy investors are taking advantage of plenty of six-figure opportunities.
New data from the Real Estate Institute of Victoria (REIV) shows that it is still possible for buyers to purchase properties in million dollar suburbs for less than seven-figures — without having to settle for buying an apartment.
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The figures suggest that two-bedroom homes offer the ideal entry point in Melbourne’s most exclusive suburbs, with some offering savings of more than $500,000.
According to the REIV, buyers can secure a two-bedroom house in Elsternwick for $929,000 — almost $650,000 less than the suburb’s overall median house price of $1.5 million.
In the leafy suburb of Ivanhoe, buyers can secure a smaller house for around $475,000 less than the overall median house price in the suburb.
Buyers can also purchase smaller houses in Essendon, Moonee Ponds and Caulfield South for about $400,000 less than the suburb median.
REIV CEO Geoff White said two-bedroom houses offer a more affordable option in many of Melbourne’s most desirable suburbs.
“These are leafy suburbs where buyers can live alongside their million-dollar neighbours on a boutique budget,” he said.
“The homes also deliver capital growth in many areas.
“Two-bedroom homes are experiencing solid price growth in many of these suburbs, offering value and a yard at a price point significantly below the suburb’s median.”
