Majority of Melbourne Suburbs Above Median National Price reports Elevation Melbourne

(EstateNewsWire.com, November 12, 2012 ) Victoria, Australia -- Recent RP Data figures say that only ten Melbourne suburbs remain with a median house price below $300,000.

The most affordable suburb remaining is Millgrove, located about 73 km east of Melbourne on the Warburton Highway, and holds a median price tag of $229,000.

Melton South in the west is next with a median price of $237,500, and then comes Melton at $250,000.

The aforementioned three along with seven other suburbs with median prices up to $293,000 are the only remaining areas in Melbourne where people who earn $50,000 a year can hope to get a loan on a detached house. A maximum loan of $295,647 is offered by Commonwealth Bank for those on such a salary.

For Ashley Giddon and finance Chiyawat, Melton was the perfect fit. They bought a spacious three-bedroom home for $250,000 earlier in the year.

"We did look at other areas that are more expensive, but I thought 'why would I want to buy a house that's more expensive just because?” said Gliddon. "We bought the house because it has a workshop and a six-car garage for (my hobby) fixing up cars."

A detached house for under $300,000 has been very hard to find since 2009 said Melton real estate agent Joel Rawle from Hocking Stuart. Rawle said the area's affordability is a "key element" that has attracted many buyers from across Melbourne.

"You are buying good-sized, good value homes on good blocks of land for under $300,000," said Rawle. "70% of buyers are coming from outside of the postcode."

Robert Larocca, Real Estate Institute of Victoria spokesman, said that extending one’s budget to $350,000 would open up 27 new suburbs, but also stressed that it is becoming more difficult recently. "Purchasing a detached home for under $300,000 has been incredibly difficult since 2009,'' said Larocca.

"You basically need to start the search on the city boundaries and work in. It's also possible to find houses for under $300,000 in Wyndham Vale, Hoppers Crossing, Cranbourne, Laverton, Pakenham and Cockatoo - around one in four houses sell for under $300,000 there."

About ElevationMelbourne.com.au:

ElevationMelbourne.com.au (http://elevationmelbourne.com.au) is the hub for real estate in Melbourne. At Elevation Melbourne, they show clients photographs and prices to give them the best insight into available real estate in Melbourne.

ElevationMelbourne.com.au

Customer Service

1 300 854 537

info@thirdstreet.com.au

Source: EmailWire.Com