Richmond units a good choice for savvy buyers

April 13, 2018 by  

Recent studies have shown that homebuyers or investors who are interested in buying into some of Melbourne’ top suburbs can consider purchasing apartments and units.

By opting for apartments instead of houses, they can possibly save millions while still owning property in their favourite suburbs.

According to data from the Real Estate Institute of Victoria, there have been massive differences between the median costs for units and houses in Melbourne’s eastern suburbs, including trendy suburbs such as Richmond, South Yarra, Northcote, Fitzroy North, and Brunswick.

Since the introduction of stamp duty concessions last June, many first-time homebuyers have flocked into the apartment and unit market, especially due to the skyrocketing house prices leaving buyers with less choice.

According to Richard Simpson, president of REIV, the median costs for an apartment is still below $600,000 in many Melbourne suburbs, including the more exclusive locations. He added that purchasing apartments was not necessarily to obtain a forever home for young Melbournians, but more like a gateway into the market to build equity for future upsizing.

According to Tim Lawless, head for research at CoreLogic, the influx of apartment and unit buyers have resulted in impressive gains in the market, where a 7.5% increase in unit values was achieved in 2017.

Homebuyers who wish to find a way into the Melbourne housing market should contact real estate agents for professional advice, including the latest property research findings. Business cards are a good means of obtaining contact details of agents in the area.