By NICOLE VALICEK
THERE has never been a better time to own your first home in Melton according to data released in a new property guide.
The first home buyer’s guide released by the Real Estate Institute of Victoria (REIV), revealing the average weekly mortgage repayment required to buy houses and units by suburb, listed a three bedroom house in Melton South as $306 per week – more than $100 less than the average repayment for first home buyers.
REIV CEO Enzo Raimondo said the average first home buyer mortgage repayment in Victoria during the September quarter last year was $414 per week.
Stockdale & Leggo Real Estate Director Brian Payne said in the last three years house prices have dropped, interest rates are at their lowest in decades, while rental prices have increased.
“This means that even with the first home buyers grant being reduced, it is still probably the most affordable it has been to own your own home,” Mr Payne said.
“That also means that if you’re paying a higher rental amount maybe it is time to get out of the rental cycle.”
Sweeney Estate Agents Melton Director Garry Gale said the area offers budget conscious clients an opportunity to purchase their own home with “world class facilities at their doorstep”.
“The benefits of buying in Melton allows you to not have to compromise on size and space, which is prevalent in other areas of Melbourne.”
The guide also helped first home buyers in Melton to target suburbs and dwelling types according to their budget.
“For instance if they want a three bedroom house and can afford the average repayments, they are better off starting the search in Melton than they would be in Caroline Springs,” Mr Raimondo said.
The guide also presents a realistic appraisal of the actual cost of buying by taking into account all the costs including conveyance fees, stamp duty and mortgage insurance.
It also incorporates the benefits for first home buyers, including lower stamp duty and the First Home Owners Grant.
