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’. Photo: Darrian Traynor
Desperate home buyers are ditching their “cool” addresses in the inner-eastern suburbs for less affluent areas in Melbourne’s west and north to get into the property market before it soars out of reach.
With Melbourne’s 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.
Melbourne’s median house price jumped by 4.8 per cent – or nearly $45,000 – over the three months to March to a record-breaking median of $974,397, the latest Domain House Price Report showed, with some experts predicting it could reach $1 million by June.
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Apartment prices also soared to a median of $567,793 – a rise of 2.2 per cent, or more than $12,000 – over the same period.
Joseph Luppino from Village Real Estate in Seddon, in Melbourne’s 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.
“Whenever 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,” he says.
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