Buying a Home in Victoria? Here’s Why Donnybrook is a Good Place

Couple with keys outside new home

Couple with keys outside new homeThe median price of homes in Melbourne may have fallen by 1.8% in the second quarter of 2018, but it’s still too expensive at $882,082 for many aspiring homeowners. And so, house and land packages in Donnybrook, Victoria and other suburbs may be a better option if you wish to buy more affordable homes than in the state capital.

Suburban Properties

Donnybrook isn’t the only top destination for first-time buyers, but also Craigieburn, Kalkallo, Mickleham and Roxburgh Park. These places became more popular after the implementation of new stamp duty rules in July 2017.

The new regulations no longer require buyers to pay stamp duties for transactions worth less than $600,000, while those who buy homes worth up to $750,000 may be eligible for concessions. At least 28,000 people took advantage of the new policy. Those who are still unsure should make up their minds quickly since competition among buyers has become stricter due to the recent changes.

Higher Demand

Aside from an increase in home prices, the other downside of a stronger demand means that buyers may need to spend a premium to purchase their preferred property. The Real Estate Institute said prices in outer suburbs have risen because of the greater demand.

Population growth and low interest rates also contributed to the growth. However, the pent-up demand from first-time buyers still played a key role in the price movement. Most people didn’t buy houses until the new stamp duty regulations became effective in July 2017.

Home prices in Donnybrook and other suburbs have cheaper than those in the city, so buyers naturally sought to acquire properties in these place. Consider reaching a decision soon since the rising demand for suburban houses causes property values to increase at the same time.