Wandin North and Seville options for first home buyers in Melbourne's east: HTW

Within the outer eastern suburbs of Melbourne, typical options for first time buyers under $500,000 would tend to be restricted to apartments and single storey units constructed in the 1960s and 1970s, according to HTW’s Month in Review: March 2017. 

However, the valuation firm says options exist further east in suburbs such as Wandin North and Seville.

HTW says a common strategy is to purchase a small two bedroom unit and rent one of the bedrooms to cover the mortgage costs.

Developments within the suburbs of Croydon, Ringwood, Wantirna and Ferntree Gully, where the average resale price of one bedroom apartments is between $310,000 and $375,000, are also affordable option for first time buyers, the report says.

“It would be wise for first time home buyers to do their sums before purchasing an apartment due to the fact that body corporate fees can often be a significant additional monthly outlay in addition to the mortgage payments.

“Older units within the outer eastern suburbs are also a good option as the body corporate fees tend to be lower and the accommodation tends to be larger than the newer apartments with a better scope to renovate or change the property.

“Low rise apartments within Ringwood are a property type that first home buyers should consider.”

Eastland shopping centre, transport links and ongoing development are key drawcards for the area, HTW says.

A three bedroom house at 1-5 Wanda Avenue, Wandin North (above) was recently sold for $680,000.

Similarly a three bedroom house at 15 Sirocco Court, Wandin North (below) was sold for $600,000.