Are you a first-time home buyer in Melbourne, Victoria?
Entering the real estate market for the first time can be both thrilling and overwhelming.
However, armed with insights and tips, you should explore stepping into the property market in 2024.
According to Domain recent article – they have put tipped off the current trends and dynamics in 2024, focusing on popular neighbourhoods, upcoming developments, and potential growth areas.
Popular suburbs
Melbourne boasts diverse suburbs catering to varying preferences. Suburbs like Westmeadows
and Epping offer a perfect blend of affordability and proximity to the city.
For those seeking inner-city living, Windsor, Prahran, and Fitzroy showcase vibrant
communities with trendy cafes, boutiques, and cultural hotspots. Meanwhile, the iconic St Kilda and Port Melbourne provide a coastal lifestyle.
Emerging areas
Fawkner, situated to the north, is an emerging suburb attracting attention for its affordability and
future growth potential. The Mornington Peninsula, known for its scenic beauty, offers a relaxed lifestyle and is a hotbed for property investment.
Upcoming developments
Melbourne’s real estate landscape is continually evolving, with exciting developments in the
pipeline. Keep an eye on Westmeadows and Epping, where infrastructure projects are enhancing connectivity and contributing to increased property values.
The inner-city areas, including Richmond and Prahran, witness ongoing urban renewal projects,
ensuring sustained growth.
Let’s now look at a checklist
I have put a handy list together that can help you navigate your way through the process.
Research thoroughly
Dive deep into each suburb’s unique characteristics, amenities, and future prospects.
Online property portals, local council reports, and community forums are valuable resources.
Financial preparedness
Understand your budget and explore available government incentives for first home
buyers. Seek pre-approval for a mortgage to enhance your bargaining power.
Local real estate experts
Engage with local real estate agents who have a profound understanding of the market
trends specific to each suburb.
Attend open houses
Immerse yourself in the property market by attending open houses. This hands-on
experience will help you refine your preferences and priorities.
Finding your way through Melbourne’s real estate market as a first home buyer requires a strategic approach.
By staying informed about trends, exploring popular and emerging suburbs, and seeking expert guidance, you can make informed decisions on your homeownership journey.
Happy house hunting and remember to ALWAYS understand your borrowing capacity, purchase costs associated with your proposed property.
If you would like more information about the process and how we can assist, get in touch with our expert team today.
