{"id":32312,"date":"2021-05-11T13:47:12","date_gmt":"2021-05-11T01:47:12","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=32312"},"modified":"2021-05-11T13:47:12","modified_gmt":"2021-05-11T01:47:12","slug":"first-home-buyers-flock-to-the-wild-wild-west-to-get-into-fast-rising-property-market","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/first-home-buyers-flock-to-the-wild-wild-west-to-get-into-fast-rising-property-market\/","title":{"rendered":"First-home buyers flock to the \u2018wild, wild west\u2019 to get into fast-rising property market"},"content":{"rendered":"

PHOTO: Home buyers from the trendy inner east are flocking to the inner west in search of more affordable housing and discovering it’s not so ‘wild’.\u00a0Photo:\u00a0Darrian Traynor<\/span><\/strong><\/p>\n

Desperate home buyers<\/a> are ditching their \u201ccool\u201d addresses in the inner-eastern suburbs for less affluent areas in Melbourne\u2019s west and north to get into the property market before it soars out of reach.<\/p>\n

With Melbourne\u2019s house and unit prices rising fast, real estate agents say they have never seen such large numbers of home buyers moving across town or across the river to snap up more affordable homes.<\/p>\n

Melbourne\u2019s median house price jumped by 4.8 per cent \u2013 or nearly $45,000 \u2013 over the three months to March to a record-breaking median of $974,397, the latest\u00a0Domain House Price Report<\/em>\u00a0showed, with some experts predicting\u00a0it could reach $1 million by June.<\/p>\n

WE DON\u2019T ROAST OUR BEANS UNTIL WE HAVE YOUR ORDER<\/span><\/h3>\n

\"Fergs<\/a><\/p>\n

Apartment prices also soared to a median of $567,793 \u2013 a rise of 2.2 per cent, or more than $12,000 \u2013 over the same period.<\/p>\n

Joseph Luppino from Village Real Estate in Seddon, in Melbourne\u2019s inner west, says while it is not uncommon for price-conscious home buyers to cross the Yarra, he says they have been migrating to places like Footscray, Seddon, Kingsville and Yarraville in droves since the beginning of this year.<\/p>\n

\u201cWhenever the market takes off, like it is now, we see a lot more people coming across from places like Richmond, Cremorne, South Yarra, Prahran and Windsor,\u201d he says.<\/p>\n

READ MORE VIA DOMAIN<\/a><\/p>\n

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