Once considered affordable, these areas are now even further out of reach for home buyers.
Bridesmaids suburbs are no longer affordable as buyers continue to chase their second and third options.Dozens of liveable Melbourne suburbs, even in far-flung areas, have recorded soaring price growth thanks to sheer buyer demand for green spaces, schools and amenity, rendering them unaffordable.PRD Affordable and Liveable Property Guide
It was followed by St Kilda where its median house price has grown 60.2 per cent to $1.3 million since it also featured on PRD’s report in 2015. Buyers could purchase a house in the beachside suburb for a median of $826,000. “Overall, the Melbourne market has softened slightly, and it’s still in that recovery mode right now, whereas these suburbs they’ve gone above and beyond ... and they’ve got a much higher median price than the benchmark,” Mardiasmo said.
“Liveability can drive up prices because it draws more people to live in the area, and therefore increases demand,” Mardiasmo said. “Being the central hub of the Diamond Valley, I always felt that probably five, six years ago, was a little bit underpriced,” he said.
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