Melbourne is one of the most popular cities in Australia and a dream destination for many people. But, have you ever wondered how much it would cost to buy a house in this beautiful city? In this article, we will explore the current house prices in Melbourne and factors that affect the prices.
Prices of Houses in Melbourne
The prices of houses in Melbourne vary depending on several factors. According to the latest data from the Real Estate Institute of Victoria (REIV), the median house price in Melbourne is approximately AUD 880,000. This figure varies depending on the location and the type of property. For example, houses in the inner suburbs of Melbourne are more expensive than those in the outer suburbs. The most expensive suburbs in Melbourne include Toorak, Brighton, and Malvern, while the more affordable suburbs include Craigieburn, Melton, and Tarneit.
Factors Affecting House Prices in Melbourne
Several factors affect the prices of houses in Melbourne. One of the most significant factors is the location of the property. Houses located in the inner suburbs of Melbourne, close to the city center, tend to be more expensive than those in the outer suburbs. Other factors that affect house prices include the size of the property, the number of bedrooms and bathrooms, the condition of the property, and the age of the property.
Another factor that affects house prices in Melbourne is the state of the property market. If the demand for houses is high and the supply is low, the prices of houses will increase. Conversely, if the demand for houses is low and the supply is high, the prices of houses will decrease.
Housing Market in Melbourne
The housing market in Melbourne is quite competitive, and prices have been rising steadily over the past few years. According to recent data, the median house price in Melbourne is around $800,000. However, this is just the median price, and the actual cost of a house can vary significantly depending on various factors, such as location, size, and amenities.
Average Cost of Houses in Different Areas of Melbourne
The cost of a house in Melbourne can vary significantly depending on the area of the city you are looking to buy in. Some of the most popular areas of Melbourne for homebuyers include the Eastern Suburbs, Bayside, and the Inner North. Let’s take a look at the average cost of houses in these areas.
The Eastern Suburbs of Melbourne are known for their beautiful tree-lined streets, excellent schools, and high-quality homes. The average cost of a house in the Eastern Suburbs is around $1.2 million, making it one of the most expensive areas in Melbourne.
Bayside is a coastal area of Melbourne known for its stunning beaches, beautiful parks, and excellent restaurants. The average cost of a house in Bayside is around $1.5 million, making it one of the most expensive areas in Melbourne.
The Inner North of Melbourne is a popular area for young professionals and families, known for its vibrant culture, street art, and excellent cafes. The average cost of a house in the Inner North is around $1.1 million, making it a slightly more affordable option compared to the Eastern Suburbs and Bayside.
In conclusion, the cost of a house in Melbourne can vary significantly depending on the area of the city you are looking to buy in. While the median house price in Melbourne is around $800,000, the actual cost of a house can range from $500,000 to over $2 million. It is essential to do your research and work with a reputable real estate agent to find a house that fits your budget and meets your needs.