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Top Melbourne suburbs for first homebuyers or first-time investors

ByAndrew Mirams

Werribee

Situated in the city’s west, this suburb boasts affordability and solid infrastructure. Median house prices are significantly lower than inner suburbs, making it an excellent hunting ground for young families and first homebuyers. The area has good schools, access to Werribee Plaza for shopping and good transport links to the city.

Median house price: $607,000

Median unit price: $435,000

Craigieburn

In Melbourne’s north, Craigieburn has seen massive growth in recent times with new estates and improved amenities. There’s a mix of new and established homes, making it an attractive option for buyers on a budget. There are lots of parks and some good schools for families, as well as access to a range of amenities.

Median house price: $650,000

Median unit price: $409,000

Pakenham

This southeastern fringe suburb is increasingly in the sights of buyers and investors alike thanks to its transport connections to the CBD and its great affordability. New housing estates are popping up, meaning there’s an influx of new families and young professionals to the area.

Median house price: $650,000

Median unit price: $488,000

Sunshine

It’s just 12 kilometres from the city and undergoing rapid gentrification, making this inner-western gem hugely underrated. There has been a lot of investment in both community infrastructure and amenity, as well as transport. Whenever you see trendy new cafes popping up at a rapid rate, you know exciting change is coming.

Median house price: $795,000

Median unit price: $400,000

Frankston

Changing demographics, urban renewal and the chance to snap up a beachside lifestyle without a mammoth price tag have seen this suburb’s fortunes shift in recent years. Prices are on the rise, but it’s still possible to get good bang for your buck. And for rookie investors, rental demand remains strong.

Median house price: $730,000

Median unit price: $516,000

Things to keep in mind

Before rushing off to go house-hunting, those buying property for the first time should get a really clear understanding of their borrowing power. Your income, credit history, current debts and a host of other factors can impact how much a lender will give you. 

It’s crucial to understand that not all mortgages are created equally. There are some big choices to make when it comes to interest rates, the repayment structure, various features like offset accounts, and the fees and charges payable.

Don’t go it alone when it comes to your finance. Speak with us. We can examine your personal circumstances, your goals both now and into the future, and the options available. And we can find you the best deal possible to save you money.

We can also help you secure a home loan pre-approval, which allows you to buy with confidence because you know what the bank is willing to lend. It also makes the whole process once you’ve signed a contract.

There are some enticing grants and schemes on offer for first timers. It’s important to understand what you’re eligible for. Talk to us about what’s possible.

Final thoughts

Whether you’re looking for a family-friendly area like Werribee, an up-and-coming suburb like Sunshine, or a coastal retreat in Frankston, Melbourne has plenty to offer first-time buyers.

For those looking to secure financing, working with an experienced mortgage broker can help you to navigate home loan options, secure the best interest rates and take advantage of government incentives.

If you’re ready to take the next step, now’s the time to talk to us about your options and get your finances in order so you’re ready to buy.

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Andrew Mirams
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