Buying Your First Home in Melbourne: What to Know?
Buying your first home is going to be one of the biggest financial milestones of your life. If you have already chosen Melbourne as your ultimate destination, learning about the latest housing market insights and the top home loan brokers in Melbourne can guide you towards making the right decision.
How Has the Melbourne Housing Market Performed in 2021?
The Melbourne housing market has performed well in 2021.
The overall housing prices in Melbourne have seen a sharp increase of 16.37 per cent in the current year to date. As of September 2021, the median price of a house in the city is around $954,000. Meanwhile, units and apartments remain a more affordable option with an average value of $616,000.
In addition, the Victorian government has introduced a temporary 50% concession in land transfer duty for new homes within Melbourne that have a value of up to $1 million. The government also offers a complete stamp duty exemption for new houses and apartments that have not attracted buyers for 12 months or more.
You may also be eligible for the First Home Owners Grant (FHOG) when buying your first home in the city. To learn more about this grant, please feel free to contact Opulent Finance today.
The Best Neighborhoods in Melbourne to Buy a Home
These are considered the top suburbs to buy a home in Melbourne due to their location, nearby amenities, housing market trends, and most importantly, the planned future development.
- Frankston North
- Gladstone Park
Finding the Best Home Loan Brokers Melbourne
The rapidly increasing housing prices in Melbourne make it challenging for first-time buyers to purchase a home in the city. Working with the best home loan brokers in Melbourne can help you learn all about the right category of loans to apply for. They will also create custom-built plans that are well-suited to your needs.
Please remember that finding a lender with lower interest rates can help save you a lot of stress and enable you to pay off your home loan a lot quicker.
The team of professional brokers at Opulent Finance is committed to providing you with the best home loan solutions. You can find out more about us here.