The property prices in many suburban areas soared in recent times. While most people clamour to find homes to buy in these high priced suburbs, real estate experts recommend looking at neighbouring suburbs to potentially save thousands of dollars. When you look at the most demanded suburbs in Australia, you will notice that the houses in the suburbs that surround them have a lower median price. First home buyers and other home buyers can opt for these surrounding suburbs to find homes that are at a better median price.
According to real estate experts, this price discrepancy is a result of the suburbs being so different despite being located so close to each other. Let’s look at an example. The most in-demand suburb in Australia is Warrandyte and located just 12 minutes from it is Croydon Hills with a median price range of $267,500 - $700,000.If you look at Warrandyte, it features a more rustic lifestyle while Croydon Hills features more of an estate feel. Buyers can further decrease the prices by looking towards Croydon South with a median price of $600,000. Both of these suburbs are gaining the attention of buyers due to affordable housing. The second most demanded suburb in Australia, Brunswick has a median house price of $895,000 while Coburg, its neighbouring suburb has a lower medina house price of $800,000. Similarly, those who are interested in buying in Northcote can find better deals in Bellfield at a remarkable median price difference of $365,000. The biggest savings can be made in the inner northern suburbs and the middle-ring suburbs of Melbourne. Noorwood is a highly in-demand suburb in Adelaide and out of its surrounding suburbs, Adelaide CBD showed the lowest prices.
The possibility of buying a bigger house for less money has made these suburbs highly attractive to buyers of all types. Needless to say, these suburbs being nearby allows buyers to enjoy all the amenities of the in-demand suburbs by simply adding in a few minutes’ travel time. For example, buyers who have chosen Coburg over Brunswick are just a couple of tram and train stops away. Buyers get to enjoy more space for less money without having to completely sacrifice the in-demand amenities.