Melbourne buyers making cross-city moves for bigger blocks
Melbourne home buyers are pulling up stumps in the inner suburbs and making “cross-city” moves to new areas in search of bigger blocks, according to recent data.
Low stock and high demand for properties with a backyard close to the city is driving unprecedented price growth for family homes in the outer suburbs.
The proof is in the pudding – Mooroolbark, Mt Martha, Frankston South, and Pakenham have seen the median prices for five-bedroom houses skyrocket by up to 21% in the last financial year.
hockingstuart’s offices in the north and outer-west are seeing a growing number of young families who are looking further afield for a more affordable and spacious home, while second homebuyers are looking to upsize with their growing families.
Auction clearance rates tell a similar story, with the north-east the city’s top performer, averaging 83.3% in recent weeks.
If you’re in the market for a spacious family home look to Wyndham Vale – the city’s cheapest place for five-bedroom houses at a median of $412,000. Hampton Park ($530,000), Pakenham and Hoppers Crossing (both $546,000), and Craigieburn ($587,750) are also affordable options.