Housing Affordability is a Hot Topic in Australia's Two Largest Cities with Home Prices Increasing Quickly and Pricing the Younger Generation Out of the Market. House and Land Packages are Becoming a Popular Option Due to their Affordability, Particularly in Melbourne
MOUNT WAVERLEY, AUSTRALIA / ACCESSWIRE / August 14, 2017 / House prices in Sydney and particularly Melbourne, Australia are a skyrocketing with Melbourne seeing year on year price increase of 15%+ according to Corelogic.
Housing affordability in Sydney and Melbourne is a hot topic. With news articles highlighting the issue published almost daily in Australia it is hard to ignore. Many believe that the younger generation will be permanently priced out of the housing market in these two capital cities. However, house and land packages are providing an affordable option for home buyers, particularly in Melbourne.
New estates and developments on Melbourne's outer fringes have proven popular with buyers looking to build their own home. Building a property is a popular thing for Victorians, with about 17 per cent of adult Victorians are interested in building a home according to Local Builders. Many first home buyers are now turning to house & land packages in the outer ring suburbs to fulfill their dreams of home ownership. Melbourne unlike Sydney has a greater availability of undeveloped land which has kept house and land packages at a lower price range and is allowing first-home buyers to get in to the property market. This has made the Local Builders company focus its efforts on house and land packages as demand for these increases.
Melbourne's most popular suburbs for house and land packages are generally more than 30km from city centers. In Victoria, popular suburbs included Rockbank, 35km west of Melbourne and Point Cook, 29km southwest.
In addition to house and land packages, Melbourne is undergoing significant in-fill development with houses on suitable blocks being knocked down and rebuilt with 2-4 new townhouses. These new town houses are often sold off the plan and are more expensive than new homes in the outer suburbs but usually cheaper than the type of house that they replace due to the smaller land size per each townhouse.
Melbourne is a great place to live. The latest data from Australian Bureau of Statistics, (the year to June 2016) showed that Melbourne was again the Australia's fastest growing capital city. Furthermore, according to the Economist Intelligence Unit, Melbourne has also claimed the title of the world's most liveable city for the sixth year in a row.
Contact Info:
Name: Steve White
Organization: Local Builders
Address: 8 Bales St, Mount Waverley, VIC 3149, Australia
For more information, please visit http://www.localbuilders.net.au/
SOURCE: Local Builders