600k gains in Melbourne by going one train stop further
The Real Estate Institute of Victoria has revealed data that could mean the difference of over half a million dollars in property prices for savvy buyers.
By purchasing a property a stop further down a train line, investors could find themselves saving up to $668,250, according to research from the REIV.
The REIV analysed median house price gaps in between Melbourne suburbs that were separated by one stop on various train lines, according to REIV president Robyn Waters.
“The REIV analysis showed that the biggest price differential could be found between houses in Heidelberg and Eaglemont, which are just one stop apart on the Hurstbridge train line,” Ms Waters said.
“Canny buyers can also look one stop further down the Glen Waverley line, from Malvern East, serviced by Holmesglen Station, to Mount Waverley, served by Jordanville station, and save around $545,000.
“Similarly, spending a few minutes extra on the train commute between Hawthorn, serviced by Glenferrie station, and Hawthorn East, serviced by Auburn station, on the Alamein Line could nab savings of around $487,500.”
Ms Waters continued, stating that most inner Melbourne suburbs and many middle Melbourne suburbs have median prices of over $1 million, which raises the bar of entry into these particular markets, but as REIV’s analysts suggests, looking to just one suburb down the nearby train line can provide a cheaper price point.
“Often these suburbs are on the cusp of emulating their fancier neighbours’ appeal which generally results in rises in property values over time, such as Richmond, next to South Yarra, where property values have increased over recent years,” Ms Waters said.
The suburbs to look out for, and the savings investors can find, according to the REIV, are:
Line |
Station 1 |
Suburb |
Median |
Station 2
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|
Suburb |
Median |
Difference |
Hurstbridge |
Eaglemont |
Eaglemont |
$1,725,750 |
Heidelberg |
Heidelberg |
$1,057,500 |
$668,250 |
Glen Waverley |
Holmesglen |
Malvern |
$1,760,000 |
Jordanville |
Mount |
$1,215,000 |
$545,000 |
Alamein |
Glenferrie |
Hawthorn |
$2,217,500 |
Auburn |
Hawthorn |
$1,730,000 |
$487,500 |
Glen Waverley |
Tooronga |
Malvern |
$2,122,500 |
Gardiner |
Glen Iris |
$1705,000 |
$417,500 |
Craigieburn |
Strathmore |
Strathmore |
$1,242,500 |
Pascoe Vale |
Pascoe Vale |
$840,000 |
$402,500 |
Sandringham |
Windsor |
Windsor |
$1,400,000 |
Balaclava |
Balaclava |
$1,005,000 |
$395,000 |
Mernda |
Thornbury |
Thornbury |
$1,297,500 |
Bell |
Preston |
$921,000 |
$376,500 |
Frankston |
Carrum |
Carrum |
$1,002,500 |
Seaford |
Seaford |
$675,250 |
$327,250 |
Hurstbridge |
Alphington |
Alphington |
$1,725,000 |
Darebin |
Ivanhoe |
$1,400,000 |
$325,000 |
Frankston |
Patterson |
Bentleigh |
$1,297,500 |
Moorabbin |
Moorabbin |
$975,000 |
$317,000
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