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- Only seven suburbs are affordable for first-timers
- Stamp duty cuts for houses worth up to $600,000
- Melbourne median house price nudges $800,000
Many Victorian first home buyers will soon be exempt from paying stamp duty on properties worth up to $600,000 from July 1.
The controversial plan announced on Sunday by the state government is among a suite of changes aimed to make housing more affordable.
Though it appears the great Australian dream might now be easier to achieve, four consecutive years of rising house prices means $600,000 no longer stretches particularly far in Melbourne.
Among the picks: 210 Humffray Street North, Ballarat Photo: Biggin & Scott
Melbourne’s house median sits just below $800,000, with only a clutch of suburbs identified as affordable for first home buyers.
If you have a budget of $600,000 and want to take advantage of the stamp duty exemption, here’s what you can buy:
1. Clifton Hill
Photo: Jellis Craig
This ground-floor two-bedroom apartment is at the rear of an older-style block, across the road from Yarra Bend Park.
The property, with undercover parking and split-system air-conditioning, is going to auction on March 25 with a reserve price of $550,000.
It is a relatively affordable entry point for an investor or home buyer to the inner north-eastern pocket, where the house median is $1,254,000.
2. Albion
Photo: Sweeney
A growing number of buyers are being priced out of gentrifying Sunshine, and some are spilling into neighbouring Albion.
This three-bedroom California bungalow — a blend of the old and new — is near the new Brimbank Library, Albion station and Sunshine Marketplace.
For those willing to move west, Albion still offers plenty of opportunities with a median house price of $655,000. This property is asking between $550,000 and $590,000.
3. Ballarat
Photo: Biggin & Scott
Plonk this renovated four-bedroom house in Melbourne’s leafy east, and its value could easily triple.
This is a lovely family home with period-restored front four bedrooms and a backyard for children to run around in.
It’s selling privately for between $410,000 and $450,000.
4. Heathmont
Photo: Barry Plant
There are few options to buy a house on a full block for less than $600,000 in Melbourne’s east, even in the outer suburbs.
This single-storey two-bedroom home — one of two on the block — in Heathmont is asking between $550,000 and $600,000.
It is a short walk to Heathmont station and Jubilee Park, and near Eastland Shopping Centre in Ringwood.
5. Cheltenham
Photo: Buxton
With the bayside suburb now threatening to break through the $1 million house median, buyers will quickly realise that half a million won’t go far.
Those with a budget of between $410,000 and $450,000 could buy this renovated two-bedroom villa unit with a funky courtyard.
However, it is on a main road and not within walking distance to Cheltenham station.
6. Reservoir
Photo: Nelson Alexander
Buyers priced out of Preston and Coburg North could shift to neighbouring Reservoir, which is serviced by trams and train.
For between $480,000 and $530,000, this modern two-bedroom villa unit has a private rear courtyard with an entertaining deck and vegie garden.
Home buyers may find a larger home in the area for less than $600,000, but they might have to sacrifice the walkable distance to Reservoir station or need to roll up their sleeves.
7. East Geelong
Photo: Maxwell Collins
This original three-bedroom cottage needs a bit of love and could suit a buyer looking for a renovation opportunity.
It has cedar ceilings and central hallway, and is nestled in a pocket near a sporting reserve and South Geelong train station.
The estimated price range for this corner block property is between $450,000 and $470,000.
8. Werribee
Photo: Triwest Real Estate The Professionals Werribee
Werribee’s median house price is $417,400, so there are still plenty of opportunities to buy a home and be exempt from paying stamp duty.
This three-bedroom house on about 530 square metres is near Werribee River and a short drive to the station and Pacific Werribee shopping centre.
The listing agent is asking for between $390,000 and $429,000.
9. Greensborough
Photo: Barry Plant
In Greensborough, 19 kilometres north-east of the CBD, about $600,000 could buy an unrenovated three-bedroom house.
This one is on about 570 square metres, and is asking between $550,000 and $590,000.
It has hardwood flooring, air-conditioning, a workshop/storeroom and a private rear yard.
10. Mornington
Photo: Eview Group
On the Mornington Peninsula, this three-bedroom, two-bedroom house is close to a dog-friendly beach and Nepean Highway.
The renovated property, on about 569 square metres, has split-system air-conditioning and soft close drawers in the kitchen.
The asking price is between $550,00 and $600,000.