By NICOLE VALICEK
FIRST-time home buyers in Wyndham could get into the market and purchase property more quickly, thanks to the release of a new guide.
The first home buyer’s guide released by REIV for the City of Wyndham revealed the average weekly repayment required to buy houses and units classified by size in each suburb.
According to the guide Point Cook is the most expensive suburb to own a home where buyers can expect to pay $485,000 for a four-bedroom with weekly repayments of $658.
The most affordable property in Wyndham was two bedroom units in Werribee with an average weekly repayment of $312.
Ray White Werribee agency principal Craig Burns said it was a fantastic reference that allowed first home buyers to target areas according to the dwelling they preferred and set a realistic goal that would lead to the purchase of property.
For example he said if first home buyers were looking for a two-bedroom house they were better off starting their search in Werribee than in Point Cook.
REIV CEO Enzo Raimondo said the guide also helped first-home buyers in Wyndham to target suburbs and dwelling types according to their budgets.
“As the data is based on medium prices it is important to note that homes will be available for less and more than the medium as it is simply the middle sale in the series,” Mr Raimondo.
The guide takes into account a realistic appraisal of the actual cost of buying by taking into account conveyancing fees, stamp duty and mortgage insurance.
The benefits enjoyed by first home buyers including lower stamp duty and the first home owners’ grant are also taken into account.
