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News Northern suburbs: Entry-level bargains within reach

Northern suburbs: Entry-level bargains within reach

Home improvement & renovations
16 December 2022
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Buyers pounce on affordable homes in Thomastown, Lalor, Wollert and Epping

Buyers can break into the market in Melbourne’s middle and outer-ring suburbs without breaking the bank.

With median house prices below $735,000, Thomastown, Lalor, Wollert and Epping are among the most affordable suburbs in the city, according to Domain data, as reported in The Age.

Based on Canstar research, the data revealed two full-time workers on average salaries of $92,000 could each borrow $587,130. And with a 20 per cent deposit, together they could afford to pay a maximum $733,913 for a home.

To keep mortgage repayments under 30 per cent of their income, they would need to stick to a budget of about $734,000. This price point still gives them a wide choice of houses for sale in these suburbs located 16-25km north of the CBD.

In Epping, a three-bedroom house on 528sq m at 7 Savannah Crescent, is up for auction on December 17, with $520,000-$570,000 price hopes.

About 40 groups who inspected the home were attracted to its affordable price, move-in ready presentation and location, according to Barry Plant North Eastern Group agent Michael Stamboulidis.

“This property offers value for money and is an exceptional buy for first-home buyers and investors,” he said.

“And we expect about five to bid at the auction.”

Entry-level buyers were also drawn to the four-bedroom house at 16 Lefroy Walk, Wollert, priced at $620,000-$650,000.

“This home is only four years old and still under warranty,” Mr Stamboulidis said.

“It’s also in a great location near shops and the access to the M80 freeway.”

Also in Wollert, a near new three-bedroom townhouse at 34 Skye Walk (main image above), is for Sale by SET DATEⓇ on December 21 with a price guide of $470,000-$517,000.

“This tenanted home represents great entry-level buying,” Mr Stamboulidis said.

While these were challenging times for the property market, well-presented properties that were priced realistically and in desirable locations sold well, according to Mr Stamboulidis.

They not only attracted local buyers but also those from out of the area, including the neighbouring and more pricey suburbs of Reservoir, Preston and Bundoora.

“This is a great opportunity for buyers to pick up a property as they are not competing in an overheated market,” Mr Stamboulidis said.

“The market is slowly starting to level out and by next year we should see some stability in terms of interest rates.”

Nearby, in Lalor and Thomastown, buyers were snaring houses for the price of units in the more expensive inner-city suburbs and those on the other side of the CBD.

A young couple from South Wharf snapped up a four-bedroom house at 6 Milford Street, Thomastown, for $630,000, according to Barry Plant Thomastown agent Christine Constantinou.

“This was a great opportunity for them to get into the market,” she said.

Up for auction on December 17, a 645sq m property with two homes at 79 Robert Street, Lalor, is attracting strong interest with two bidders expected to compete at the auction.

With $680,000-$720,000 price hopes, it includes a renovated three-bedroom house and a separate two-bedroom self-contained villa unit.

“It’s ideal for those with elderly parents, extended family members or independent children,” Ms Constantinou said.

“Or the new owners could live in one dwelling and rent out the other.”

The property is in a coveted location near transport, freeway access, May Road shopping strip, cafes, Pacific Epping shopping centre, Costco, Northern Hospital, parks and multiple schools.

Only 6.6km in radius, Lalor is a tiny suburb that boasts seven primary schools and three secondary colleges, according to Ms Constantinou.

“It’s big on education and only an 11-minute bike ride to RMIT in Bundoora,” she said.

“So the kids’ schooling can be taken care of from start to finish.”

Astute buyers were snapping up properties in Thomastown for their value and potential.

A knockdown three-bedroom house on 697sq m at 24 Main Street, sold to a local developer for $720,000 after a competitive auction.

The prime development site in a residential growth zone offered endless possibilities, according to Ms Constantinou.

Also in Thomastown, a four-bedroom house on 683sq m at 11 Waratah Street, is also attracting the developers.

Priced in the mid-$600,000s, the property is a rare opportunity to invest in a multi-unit development, subject to council approval.

“It offers the chance to build three townhouses or a dream home,” Ms Constantinou said.

“Or the buyer may want to renovate the existing classic weatherboard house.”

The property is in a sought-after location, near the train station and schools including the reputable Thomastown East primary school. Shops, cafes, Thomastown Recreation and Aquatic centre, and the freeway are also close by.

Home improvement & renovations
16 December 2022
Save Article

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