What $700,000 can buy in southeastern Melbourne: HTW residential
Residential dwellings in Melbourne's outer south-eastern suburbs such as Officer, Clyde and Berwick fall within the $700,000 budget, according to the July Herron Todd White (HTW) residential report.
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation.
The report notes these suburbs offer plenty of choices for those looking to buy as there are many newer estates in these areas.
A brand- new house and land package can range from $500,000 to $650,000.
Latest figures show that the median house prices for Officer, Clyde and Berwick are $557,000, $566,500 and $687,000 and depending on the size, location and specifications, can generate rental yields of 4.5 per cent, 3.71 per cent and 3.1 per cent respectively.
A four bedroom house in Berwick has recently been sold for $640,000.
Positioned on a 618sqm block, the family home at 21 Shaftsbury Avenue (pictured below) features two living areas, two bathrooms, and large pergola area.
It is situated within walking distance to parks, public transport and shops.
"The recent crisis has rocked buyers’ confidence, with many facing issues of job security," the valuation firm said.
The government has since introduced a new Home Builder Scheme for those looking to either build a new home or renovate, as homeowners will be given a $25,000 incentive which has been designed to boost the construction industry as it recovers from the effects of COVID-19.
House and land packages in these urban growth zones are attractive to first home buyers and young families as they allow flexibility in designing homes to cater to their individual needs, the report noted.
"In more established areas such as Cheltenham, Oakleigh and Mentone, housing prices start from $960,000 for houses and $600,000 for units," the valuation firm said.
These areas in the south-east generally yield high sales and rental prices as they are among the most sought after suburbs to live in as they are generally close to public transport, major shopping centres and the CBD.
A current listing is a three bedroom apartment in Cheltenham with sea views.
The modern apartment at 609/6 Railway Road (pictured below) has been listed for sale with a price guide of $680,000.
It comprises three bedroom, two bathrooms, open plan kitchen and living room area.
