The property search often comes with compromise, but not for these eight remaining Melbourne suburbs located within five kilometres of the CBD and with a median unit price under $500,000.
Data from the most recent Domain House Price Report has revealed a tight pocket of inner city suburbs that deliver bang for their buck without a geographical trade-off.
Travancore took the top spot with a median unit price of $373,500, followed by Carlton ($390,000) and Flemington ($401,500).
This comes after Melbourne unit prices increased by almost $12,000 over the December quarter, resulting in a median price of $577,405, according to Domain data.
Sam Aboud of Woodwards Brunswick West is not surprised to find Brunswick West on this list with a median unit price of $450,000.
Aboud says units in the area are extremely popular with first-home buyers and young medical professionals due to their affordability and direct route to Melbourne’s hospital district via the 58 tram.
“If I look at the last 10 or 15 properties that I’ve sold under $500,000 in Brunswick West, a lot of them have been to medical professionals because of the tram ride on Melville Road, which takes you through Parkville, the zoo and basically stops right where the hospital precinct is.”
For a budget of around $450,000, Aboud says, “You can very comfortably get a two-bedroom apartment that’ll be over 60 square metres with an outdoor area”.
This property type at this price point is less common when compared to the median unit price in neighbouring suburbs Brunswick ($550,000) and Brunswick East ($530,000).
“Typically you’ll find the apartment sizes are substantially bigger than going to areas such as central Brunswick or Brunswick east,” Aboud confirms.
Edward Thomas of Edward Thomas Kensington services a number of suburbs that made this list, including Kensington, Travancore, Flemington and Ascot Vale. Thomas believes units in these suburbs remain fairly priced due to the volume of apartments being built in the area.
“As the population continues to increase, I would expect to see growth in the Melbourne apartment market over the next short to medium term,” he says, but for now, units in these pockets are a great opportunity for buyers.
Located just two train stations outside Melbourne’s city loop, Kensington apartments scrape in just under $500,000 with a median unit price of $494,500.
“A budget under $500,000 opens up a lot of options [in Kensington]. You can certainly get a new-build apartment [and] you can certainly get an apartment that’s got two bedrooms, one bathroom and a car space,” Thomas says.
One-bedroom apartments also have high appeal and high turnover in the area, Thomas reveals.
In Ascot Vale, for a similar budget ($490,000), you can get a unit with a slightly bigger footprint compared to Kensington.
Thomas says Ascot Vale remains highly sought after due to its “very good infrastructure and it’s got a fantastic shopping strip on Union Road” as well as proximity to the city.
Source: Domain.com.au
