Richmond listed among Melbourne’s “Bridesmaid” suburbs

February 26, 2018 by  

Homebuyers or investors in Melbourne can consider purchasing from neighbouring “bridesmaid” suburbs if homes in their dream suburbs are unaffordable.

According to New Real Estate Institute of Victoria, “bridesmaid” suburbs such as Richmond, Collingwood, West Hallam, and Laverton are listed as those with affordable housing, based on their median house prices. These suburbs offer good houses without massive price tags, unlike the less affordable houses in suburbs just a postcode away.

As an example, the suburb of Richmond offers good value houses compared to its pricier counterpart, Hawthorn. Houses in Richmond have experienced a significant double-digit price increase over the previous five years, but single-fronted homes in the area remain fairly affordable.

According to Richard Simpson, president of REIV, the suburbs that have earned the “bridesmaid” title not only offer houses with reasonable price tags, but also provide similar amenities and perks to their more expensive neighbouring suburbs. The rapidly rising value of the suburbs also increases their appeal to both homebuyers and investors who want to get into the housing property market early.

Homebuyers interested in picking up a good deal in Melbourne’s “bridesmaid” suburbs should contact real estate agents in their area for some professional advice. Reputable real estate agents can be found via word of mouth or business cards shared by family and friends.