Accommodation vs location

For example, will your budget allow you to choose a larger home with extra space for the family, or choose an area that is more highly valued, when it may not have room for both?

It’s a question many families are familiar with when planning a move, so it was interesting to see some recent analysis from Domain which looked at quantifying exactly what these decisions can mean in today’s market.

For example, Domain’s data indicated that the average price difference between a three-bedroom home and a four-bedroom home in Melbourne was around $110,000 in the June quarter this year. Their figures show that the price of that extra bedroom is $22,000 higher than it was in the same quarter last year.

For those thinking about moving up from two bedrooms to three will find that the average price increase is $80,000.

The Domain figures also indicate that larger homes have performed more strongly than smaller homes over the past year. Their numbers suggest that that price of the average four-bedroom home in Melbourne has increased by 6.8 per cent in that time, as opposed to the average two-bedroom home that grew by 3.6 per cent.

The added complication for many families is that some will be thinking about moving to another neighbourhood that may have a higher median value, whether for work, schooling or another reason. Then the question becomes how much more do we need to pay in order to get a home with the same accommodation that we currently enjoy?

If these questions sound familiar, and you’d like some experienced and objective advice to help minimise the disruption to your own lifestyle, don’t hesitate to get in touch with our team at Barry Plant Thomastown. You can get us on 9466 3233.

Regards,

Con Constantinou

Barry Plant Thomastown