Home in Melbourne West, any chance for first home buyers to enter the market after COVID?

Melbourne west? Where is it?

Melbourne West has been known for many decades as the area for war refugees with the most affordable housing and living standard. Melbourne West includes a large area ranging from Footscay to Sunshine, Deer Park, Maribyrnong, Keilors, St Albans to Caroline Springs. Melbourne West includes a variety of ethics and especial Vietnamese communities.

Vietnamese communities may contain 15-20% of the population living in those suburbs and the majority is of working class who always wish to have a good nest and great education for the next generations.

So the dream of having a home is still easy for Melbourne West people?

Let’s go through the historical data of the typical suburbs of Melbourne West over the last 3 years from 2019 to 2020 and 2021.

Typical suburbs and price trend

Maribyrnong

Sunshine

St Albans

Caroline Springs

Medium price in Melbourne West

Year Maribyrnong Sunshine St Albans Caroline Springs
2019 $960,000 $710,000 $587,000 $620,000
2020 Covid $913,5000 $753,000 $600,000 $650,000
2021 Covid $1,030,000 $870,000 $685,000 $703,000

 

Over the last 3 years, most of Melbourne West already became unaffordable for first home buyers. The most affordable one is St Albans is already too expensive to buy. In 2021, The medium price is already $685,000AUD.

Maribyrnong is too expensive for any first home buyers and even too high for the second home buyers which is over 1 million in 2021.

If we go further west, Caroline Springs also jumped from $620,000 to $703,000AUD over the last 3 years.

Most Melbourne West income is lower than the average Australian and first home buyers can only afford about $500,000 to $600,000. During the COVID, those blue collar workers affected and become insured in their jobs.

The dream of having a home is more and more out of reach. So what is the solution? Move further is the single answer.

Alternative options for Melbourne West Citizens: Deanside Fraser Rise

Right next to Caroline Springs and Taylors Hill, Fraser Rise is just 5 minutes to Caroline Spring center and 10 minutes away from St Albans center. A first home buyer can pay from over $520,000 to $650,000AUD for a house and land from 3 to 4 bedroms, 2 bathrooms and 1 to 2 garages.

With most Melbourne West workers working in the area and drive to work, the distance to the CBD which is around 25km is not a problem.

A first home buyer pays around $50,000 to $70,000AUD lower to start having a nest, this is buy far the most affordable choice for people in the West. Still close to your families and convenient facilities area also the the plus for those young couples.

So each young families used to dream about a home should stop dreaming and start actioning before the same story of price surge happened to the inner West suburbs happen to the same those new developing suburbs.

Stop thinking and start actioning.

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