Property buyers opt for affordable suburbs

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According to a new report buyers in Victoria targeted cheaper areas – even if it meant travelling farther from the Melbourne CBD. PRDnationwide collated the report on the suburbs that have recorded the highest number of sales over the six months ending September 2009, and found that the most affordable suburbs were more popular than the iconic inner city locations.

Berwick, which took the top position having recorded an impressive 212 sales transactions, is located 42km away from Melbourne’s CBD. The suburb is appealing to many first homebuyers and renters because of its accessibility and affordable entry price points, according to Josh Brown, a PRDnationwide research analyst.

“Affordability in housing has been a contributing factor to the demand in these areas, attracting first homebuyers and those investors seeking future price growth,” he said. “These suburbs all have direct access to major transport corridors which insinuates a trend towards increasing demand for areas well serviced by transport infrastructure.”

The most affordable median house price of $230,250 was recorded in Traralgon – a remote community 130km southeast of the Melbourne CBD. The town recorded 138 transactions over the six-month period.

The most active suburbs in terms of the number of sales are located at least 10km away from the Melbourne GPO, according to Brown. “Demand in these areas is underpinned by good rental growth and affordable housing with direct access to major road corridors and railway lines.”

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