The two bedroom house option - Melbourne suburb guide
New REIV data reveals it is still possible for buyers to purchase homes in million dollar suburbs for less than seven-figures – as two-bedroom homes offer an entry point across Melbourne with savings of more than $500,000.
For $929,000 buyers can secure a two-bedroom home in Elsternwick - almost $650,000 less than the suburb’s overall median house price of $1.5 million.
Ivanhoe buyers can secure a smaller home for about $475,000 less than the overall median house price in the suburb.
Buyers can also purchase smaller homes in Essendon, Moonee Ponds and Caulfield South for about $400,000 less than the suburb median.
REIV CEO Geoff White said two-bedroom homes offer a more affordable option in many of Melbourne’s most desirable suburbs.
“These are leafy suburbs where buyers can live alongside their million-dollar neighbours on a boutique budget,” he said.
He added two-bedroom homes are experiencing solid price growth in many of these suburbs.
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Suburb | IMO | Median House Price (June 16) | 2-Bedroom Median Price (June 16) | Price Differential |
ELSTERNWICK | inner | $1,577,500 | $929,000 | -$648,500 |
IVANHOE | inner | $1,395,000 | $921,000 | -$474,000 |
ESSENDON | inner | $1,377,000 | $912,000 | -$465,000 |
MOONEE PONDS | inner | $1,265,000 | $820,000 | -$445,000 |
inner | $1,388,000 | $946,500 | -$441,500 | |
PORT Melbourne | inner | $1,380,000 | $955,000 | -$425,000 |
ASCOT VALE | inner | $1,141,000 | $800,000 | -$341,000 |
WILLIAMSTOWN | inner | $1,155,000 | $815,000 | -$340,000 |
RICHMOND | inner | $1,222,500 | $970,500 | -$252,000 |
ST KILDA | inner | $1,190,000 | $976,000 | -$214,000 |
Property Observer found this two bedroom home in Elsternwick, 30 Ross Street (below), on the market for between $900,000 and $990,000.
Property Observer found a two bedroom home in Ivanhoe, 24 Dalveen Road (below).
