If you’ve been thinking about buying a house in Melbourne, you should consider waiting until next year when prices are expected to be lower.
National Australia Bank’s economists believe home prices in capital cities will decrease in 2019 by 1.9% on average. However, the affordability of houses may be relative depending on the cost of a property. For instance, a house and land package in Manor Lakes may be cheaper than in Melbourne CBD since it is located in a suburb.
Still a Cheaper Place
While buying a house in Melbourne’s suburbs is cheaper, the capital city of Victoria still fares better than other metro areas in Australia. Whether or not you plan to buy a home in the state, it’s better to decide within the next year before prices become flat in 2020. NAB expects this trend for that year.
Prices for apartments will also decline in 2019, according to the economists. Homebuyers may expect up to an average of 2.2% lower values during that time. This means private housing and apartments will be a buyer’s market in the coming months.
When choosing among different suburbs in Victoria, take note that prices differ in each suburb. The Real Estate Industry of Victoria’s data showed that Truganina’s median prices recently increased to $582,000 between April and June, but this means homes in the region are likely to be investment worthy.
Other suburbs with higher prices include Hoppers Crossing, where values were $565,000 in the second quarter. In Point Cook, prices dropped 0.5%, yet it still costs more than $700,000.
Aspiring homeowners should consider looking for master-planned developments in suburban areas since many offer liveability without compromising your budget. When are you planning to buy a house?