#top10realestateagentsinMelbourne

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Who Are the Top 10 Real Estate Agents in Melbourne?

Top 10 Real Estate Agents in Melbourne

In the dynamic and competitive landscape of Melbourne’s real estate market, choosing the right agent can significantly influence your buying or selling experience.

Below, we delve into ten standout agents renowned for their exceptional service, expertise, and impressive track records.

Mario Tucci – Harcourts Rata & Co

With a perfect rating of 5.0 from 245 reviews, Mario Tucci stands out as a sales specialist at Harcourts Rata & Co.

His dedication is evident, having sold 133 properties with a median price of $325,000 over the last year.

Mario’s success is attributed not only to his sales figures but also to his strategic marketing and negotiation skills.

Clients frequently commend his ability to tailor marketing campaigns to fit the unique aspects of each property, enhancing visibility and buyer engagement.

In 2023, Mario successfully facilitated the sale of a high-demand family home in the suburbs, achieving a selling price 10% above the initial listing price, showcasing his prowess in negotiations.

His extensive knowledge of local market trends allows him to advise clients on optimal pricing strategies and the best times to enter the market.

With a focus on building long-term relationships, Mario’s commitment to excellence ensures that clients receive top-notch service from start to finish.

This dedication, combined with his track record, makes him a trusted choice for both buyers and sellers navigating Melbourne’s real estate landscape.

Annamaria Stella – Twig Real Estate

Annamaria Stella, a senior sales executive at Twig Real Estate, boasts an impeccable 5.0 rating from 241 reviews.

Over the past year, she has successfully sold 36 properties with a median sale price of $360,000.

Her reputation for thoroughness and professionalism is well-deserved; one client recently shared their appreciation for Annamaria’s comprehensive market analysis, which informed their selling strategy.

Annamaria specializes in inner-city properties and leverages cutting-edge digital marketing techniques to enhance property visibility.

In 2023, she achieved a remarkable 15% increase in sale prices for her clients through her effective negotiation skills and market expertise.

Her strong focus on client education and communication fosters trust and transparency throughout the buying or selling process.

Annamaria’s commitment to excellence ensures that every client feels valued and informed, making her a top choice for those looking to navigate the Melbourne real estate market with confidence.

Alex Ouwens – Ouwens Casserly Real Estate

Alex Ouwens, the director of Ouwens Casserly Real Estate, carries a 4.9 rating from 210 reviews.

He has sold 120 properties in the last year, with a median sale price of $520,000.

Known for his innovative marketing strategies, Alex employs a blend of traditional and digital marketing techniques to maximize property exposure.

His recent success includes selling a high-end apartment in Southbank for $1.2 million, 8% above the asking price.

Alex’s deep understanding of market dynamics enables him to provide tailored advice to clients, ensuring they make informed decisions.

His ability to connect with clients on a personal level fosters strong relationships, leading to repeat business and referrals.

With a proven track record and a commitment to delivering results, Alex Ouwens is a formidable player in the Melbourne real estate market.

Caitlin O’Connor – McGrath Estate Agents

Caitlin O’Connor, a prominent agent at McGrath Estate Agents, holds a stellar 4.8 rating from 180 reviews.

In the past year, she has sold 75 properties, achieving a median sale price of $450,000.

Caitlin is known for her comprehensive understanding of buyer psychology, which she leverages to create compelling marketing campaigns.

A recent project saw her successfully sell a historical home in Fitzroy for $2 million, which was $150,000 over the asking price.

Her exceptional communication skills ensure clients are kept informed throughout the process, building a sense of trust and reliability.

Caitlin’s proactive approach to problem-solving and her ability to navigate complex transactions set her apart in a competitive market.

With a dedication to excellence, she remains a top choice for both buyers and sellers in Melbourne.

James Tostevin – Marshall White

James Tostevin is a leading figure at Marshall White, with an impressive 4.9 rating from 200 reviews.

Over the last year, he has sold 140 properties, with a median sale price of $1.5 million.

James is particularly known for his strategic approach to luxury real estate, where he has developed a keen eye for market trends.

One of his notable achievements includes selling a luxury home in Toorak for $4 million, significantly above its initial listing price.

His extensive network of contacts and his reputation for professionalism enhance his clients’ experiences.

James is committed to providing personalized service, ensuring each client receives tailored advice based on their specific needs and goals.

His successful track record and dedication to client satisfaction solidify his status as one of Melbourne’s top agents.

Vanessa McGrath – Biggin & Scott

Vanessa McGrath, a leading agent at Biggin & Scott, boasts a commendable 4.8 rating from 160 reviews.

With 90 property sales in the past year and a median sale price of $400,000, Vanessa’s achievements speak volumes.

She is known for her approachable demeanor and in-depth knowledge of the local market, which allows her to connect with clients effortlessly.

In 2023, she sold a family home in the suburbs for $850,000, achieving a price that exceeded expectations by 5%.

Her attention to detail in marketing materials and open house events contributes to her success in showcasing properties effectively.

Vanessa’s commitment to building lasting relationships with clients is evident in her high rate of referrals and repeat business.

With a passion for real estate and a focus on delivering results, Vanessa McGrath remains a trusted name in Melbourne’s real estate sector.

Natasha D’Angelo – Barry Plant

Daniel D’Angelo of Barry Plant enjoys a strong 4.9 rating from 230 reviews.

Over the last year, he has sold 110 properties, with a median sale price of $375,000.

Known for his integrity and dedication, Daniel takes the time to understand his clients’ needs and objectives.

His recent sale of a commercial property in the CBD for $2.5 million highlighted his expertise in navigating complex transactions.

Daniel’s strong negotiation skills and proactive marketing strategies help ensure clients achieve the best possible outcomes.

He also places a strong emphasis on transparency, keeping clients informed at every stage of the buying or selling process.

With a commitment to excellence and a client-first approach, Daniel D’Angelo is highly regarded in Melbourne’s real estate community.

Liz Fong – Jellis Craig

Liz Fong, a top performer at Jellis Craig, boasts a 4.9 rating from 205 reviews.

In the past year, she has successfully sold 85 properties, achieving a median sale price of $450,000.

Liz is known for her creative marketing strategies and deep understanding of buyer behavior.

A recent highlight in her career was selling a prestigious home in Kew for $3 million, surpassing the asking price by 10%.

Her exceptional service and attention to detail have earned her a loyal client base, with many praising her for her professionalism and reliability.

Liz’s commitment to ongoing education and market research keeps her ahead of trends, ensuring she offers the best advice to her clients.

With a reputation for excellence, Liz Fong is a sought-after agent in Melbourne’s competitive market.

Tom Curnow – First National Real Estate

Tom Alexi, a seasoned agent at First National Real Estate, holds a strong 4.7 rating from 195 reviews.

Over the past year, he has sold 100 properties with a median sale price of $500,000.

Tom’s expertise lies in residential sales, where he utilizes data-driven strategies to optimize pricing and marketing efforts.

In 2023, he achieved notable success by selling a waterfront property for $1.8 million, well above the market average.

His clients appreciate his strong communication skills and his ability to simplify complex real estate processes.

Tom is committed to delivering outstanding results, consistently exceeding client expectations and building lasting relationships.

With a focus on integrity and transparency, Tom Alexi is a reliable choice for anyone looking to buy or sell in Melbourne.

Alistair Macmillan – Ray White

Sarah McMillan, an accomplished agent at Ray White, boasts an impressive 4.8 rating from 220 reviews.

In the last year, she has sold 95 properties, achieving a median sale price of $475,000.

Sarah is particularly skilled in digital marketing, utilizing social media and online platforms to reach a wider audience.

Her recent success includes selling a character home in Brunswick for $1.1 million, exceeding the client’s expectations.

Sarah’s focus on building relationships with her clients ensures a smooth and enjoyable experience.

Her proactive approach and extensive knowledge of the Melbourne market make her a valuable asset to both buyers and sellers.

With a commitment to excellence, Sarah McMillan continues to be a top performer in Melbourne’s real estate landscape.

FAQ (Frequently Asked Questions)

What Are the Best Suburbs to Invest in Melbourne Real Estate?

Melbourne’s property market is vast and diverse, making it essential to select the right suburb for investment.

Suburbs like Brunswick, Carlton, and Preston are gaining popularity for their proximity to the city and vibrant lifestyle.

For those looking for long-term capital growth, these areas have seen consistent annual price growth of over 5%. Brunswick, in particular, offers a mix of modern developments and heritage properties, with a median house price of around $1.4 million.

In Melbourne’s southeast, suburbs like Bentleigh East and Cheltenham are witnessing a surge in demand due to their accessibility to the city and improving infrastructure.

House prices in Bentleigh East have risen by approximately 10% over the past year, with a median price of $1.6 million.

Further out, suburbs like Tarneit and Cranbourne provide strong investment opportunities, particularly for first-time buyers and investors with smaller budgets.

With median house prices around $600,000, these growth corridors continue to attract young families and developers due to affordability and government incentives for new home builds.

How Is the Melbourne Real Estate Market Performing in 2024?

As of 2024, Melbourne’s real estate market remains resilient, following the post-pandemic recovery and ongoing demand for housing.

According to CoreLogic, the median house price in Melbourne has increased by 3.7% in the past year, now standing at $930,000.

Despite fluctuating interest rates, the market remains stable due to robust buyer activity, particularly in the outer suburbs where affordability is driving growth.

Popular growth areas such as Werribee, Tarneit, and Clyde North have seen prices rise between 5-8%, fueled by government infrastructure projects like the Suburban Rail Loop and planned transport upgrades.

Demand for apartments is also slowly rebounding, particularly in the inner city.

Vacancy rates, which peaked during the pandemic, have dropped significantly, stabilizing rental yields across the board.

Although the apartment market is still recovering, Melbourne’s housing sector shows long-term stability, with consistent demand from both local and international buyers, particularly as borders reopen and immigration increases.

What Is the Average House Price in Melbourne?

The average house price in Melbourne, as of mid-2024, sits at approximately $930,000.

This marks a slight increase from the previous year, driven by steady demand in both established suburbs and new growth areas.

In inner-city suburbs such as South Yarra and Fitzroy, house prices can exceed $1.5 million, reflecting the premium placed on proximity to the CBD, amenities, and lifestyle factors.

Conversely, in outer suburbs like Pakenham and Cranbourne, the median house price remains around $600,000, offering more affordable options for first-home buyers and investors.

Units and apartments in Melbourne have a lower median price of $580,000, though prices can vary significantly depending on the location and size of the property.

Luxury homes in prestigious suburbs such as Toorak and Brighton often surpass $4 million, attracting affluent buyers and investors.

Are There Any Upcoming Property Developments in Melbourne?

Melbourne is set to benefit from several high-profile property developments over the coming years, contributing to the city’s ongoing growth and expansion.

The Fishermans Bend project is one of the largest urban renewal initiatives, transforming former industrial land into a thriving residential and commercial hub.

This development aims to house over 80,000 residents by 2050, with construction well underway in areas such as Montague and Lorimer.

Other significant developments include Melbourne Quarter in Docklands, which combines residential towers with office spaces, retail outlets, and public parks.

The West Gate Tunnel Project, another large infrastructure development, is expected to unlock growth in western suburbs such as Altona North and Laverton by improving transport links to the CBD.

Smaller developments, such as apartment complexes in Richmond and Southbank, are also contributing to Melbourne’s housing supply, catering to growing demand for inner-city living.

These developments offer opportunities for investors to tap into Melbourne’s future growth potential.

How Do Melbourne House Prices Compare to Other Australian Cities?

Melbourne’s house prices sit just below Sydney’s but remain higher than most other Australian capitals.

As of 2024, the median house price in Melbourne is around $930,000, whereas Sydney’s median is approximately $1.2 million.

Melbourne remains more affordable than Sydney but significantly more expensive than cities like Brisbane and Adelaide, where median house prices hover around $750,000 and $700,000, respectively.

Melbourne’s stable market has historically provided solid capital growth, with an average annual increase of around 4-5% over the past decade.

Perth, with its median house price of $630,000, continues to offer more affordable property options compared to Melbourne, but lacks the same level of population growth and infrastructure development, factors that drive Melbourne’s sustained market performance.

Melbourne’s diverse housing market offers buyers options across various price points, but overall, it remains one of Australia’s more expensive cities to purchase property.

Is Now a Good Time to Buy Property in Melbourne?

With Melbourne’s real estate market showing steady growth in 2024, now may be a favorable time for buyers, particularly those looking for long-term investment opportunities.

The current median house price of $930,000 represents a relatively stable entry point into the market, following price corrections during the COVID-19 pandemic.

Interest rates, while higher than previous years, have stabilized, and many experts predict that the market will continue to grow, especially in emerging suburbs with strong infrastructure projects.

First-home buyers may benefit from government incentives like the First Home Owner Grant and stamp duty concessions on properties under $600,000, making it an opportune time to enter the market.

Investors can also take advantage of rising rental yields, particularly in Melbourne’s growth corridors where demand for housing remains high.

While the market is competitive, those with a clear strategy and focus on growth areas may find 2024 to be a promising year for purchasing property in Melbourne.

What Are the Best Schools in Melbourne’s Top Real Estate Suburbs?

Melbourne is home to some of Australia’s most prestigious schools, particularly in high-demand real estate suburbs.

Suburbs like Toorak, South Yarra, and Kew boast access to elite private schools, including Melbourne Grammar School, Scotch College, and Trinity Grammar School.

These institutions are known for their academic excellence, historical significance, and impressive facilities, often contributing to the higher property prices in these areas.

In Melbourne’s inner east, schools such as Camberwell Grammar School and MLC (Methodist Ladies’ College) attract families to suburbs like Hawthorn and Canterbury, pushing house prices above $2 million.

In more affordable suburbs, such as Altona North and Point Cook, high-quality public schools like Altona P-9 College and Point Cook Senior Secondary College provide excellent education options without the premium price tag.

For families prioritizing school zones, suburbs with access to highly-regarded public schools—such as Glen Waverley, which is zoned for Glen Waverley Secondary College—often experience increased property demand and price growth.

What Is the Process for Buying a House in Melbourne?

Buying a house in Melbourne typically begins with obtaining finance pre-approval, which allows buyers to determine their budget and confidently start house hunting.

Once pre-approved, the buyer can search for properties through real estate agents, online platforms, and auctions.

Upon finding a property, the buyer can make an offer or prepare for an auction if the property is listed for sale by auction.

If the offer is accepted or the auction is won, the buyer enters into a contract of sale and typically pays a deposit of 10%.

A conveyancer or solicitor then conducts legal checks, including title searches and contract reviews, before settlement occurs, usually within 30-90 days.

During settlement, the buyer’s mortgage lender transfers the funds to complete the purchase, and the property title is transferred to the buyer.

The buyer then takes possession of the property, completing the process.

How Can I Find Affordable Homes in Melbourne?

Finding affordable homes in Melbourne requires a focus on emerging suburbs, government incentives, and strategic property choices.

Suburbs in Melbourne’s outer north, west, and southeast offer more affordable house prices, with areas like Werribee, Tarneit, and Craigieburn featuring median house prices around $600,000.

Government schemes, such as the First Home Owner Grant, can provide eligible buyers with up to $10,000 toward purchasing a new home, while stamp duty concessions further reduce costs.

House-and-land packages in new developments, particularly in suburbs like Clyde North and Officer, also present affordable options for buyers seeking new builds.

Another strategy is purchasing smaller homes, townhouses, or apartments, which generally offer lower entry points into the market, especially in well-connected middle-ring suburbs like Coburg or Footscray.

With careful planning and a focus on growth areas, buyers can secure affordable homes in Melbourne’s competitive market.

What Are the Rental Yields Like in Melbourne?

Rental yields in Melbourne vary significantly depending on the suburb and property type.

As of 2024, gross rental yields for houses in Melbourne average around 3.1%, while units tend to offer slightly higher yields at 4%.

Suburbs like Point Cook and Werribee, where demand for rental properties remains high, offer yields of approximately 3.7% for houses and 4.5% for units.

Inner-city suburbs like Southbank and Docklands, known for their apartment buildings, have seen rental yields increase slightly to around 4.3%, driven by the return of international students and professionals post-pandemic.

While rental yields in high-end suburbs such as Toorak and Brighton are lower, averaging around 2.5% for houses, investors targeting Melbourne’s growth corridors or apartment markets can achieve solid returns, particularly in areas with ongoing population growth and infrastructure development.

What Are the Top Real Estate Agencies in Melbourne?

Melbourne’s competitive real estate market is serviced by several high-profile agencies that have earned strong reputations for their professionalism, local knowledge, and results.

Jellis Craig, an agency with a dominant presence in Melbourne’s inner east, is known for handling high-end properties in suburbs like Hawthorn and Kew. The agency has a large network of buyers and sellers and a track record of achieving premium sale prices.

Another leading agency is Marshall White, specializing in luxury homes across Melbourne’s blue-chip suburbs such as Toorak, Brighton, and South Yarra.

Biggin & Scott, with a wider footprint across Melbourne’s inner and outer suburbs, caters to a broad market of buyers and investors, handling both residential sales and property management. Their extensive reach allows them to dominate in high-growth areas like Point Cook and Craigieburn.

RT Edgar and Kay & Burton are also noteworthy agencies, particularly in Melbourne’s luxury market, focusing on prestigious homes and exclusive listings across affluent suburbs.

All of these agencies have adapted to the digital age with strong online platforms, providing potential buyers with the latest listings, virtual tours, and market insights.

How Do I Get a Mortgage for a Property in Melbourne?

Securing a mortgage for a property in Melbourne involves several steps and requires thorough preparation.

The first step is to assess your financial situation by calculating your income, expenses, and debt, ensuring you have a clear understanding of your borrowing capacity.

Next, it’s advisable to get pre-approval from a lender. This can be done by approaching a bank, credit union, or mortgage broker. Pre-approval provides an estimate of how much you can borrow, giving you confidence in your property search.

Once you have found a property, you will need to formally apply for a mortgage. The lender will conduct a valuation of the property, assess your credit history, and review your income and assets.

It’s essential to compare interest rates and mortgage features between different lenders. Fixed, variable, and split-rate options are available, each with different advantages depending on your financial situation and long-term plans.

Once the mortgage is approved, the loan documents are signed, and the funds are released at settlement to complete the purchase of the property.

Ensuring that you have a competitive mortgage with favorable terms can significantly impact your overall financial position, so taking the time to compare and negotiate is crucial.

What Are Melbourne’s Most Expensive Suburbs?

Melbourne is home to some of Australia’s most exclusive and expensive suburbs, where luxury homes and vast estates are nestled within tree-lined streets.

Toorak, consistently ranked as Melbourne’s most expensive suburb, boasts a median house price of over $4.3 million in 2024. Known for its palatial homes, Toorak attracts elite buyers, including business magnates and celebrities, seeking privacy and proximity to the city.

South Yarra and Brighton also feature prominently in the list of Melbourne’s priciest suburbs, with median house prices hovering around $2.7 million and $3.5 million, respectively. These areas are renowned for their stylish homes, vibrant culture, and access to premier schools.

Other exclusive suburbs include Hawthorn, where Victorian-era homes and modern mansions command prices in the vicinity of $2.6 million, and Armadale, where prices exceed $3 million, reflecting its desirability among affluent buyers.

The lifestyle offered by these suburbs, combined with proximity to Melbourne’s CBD, dining, and cultural precincts, ensures that prices remain at a premium, with demand consistently outstripping supply.

How Can I Find Real Estate Auctions in Melbourne?

Real estate auctions are a common method of sale in Melbourne, especially for properties in high-demand areas.

To find upcoming auctions, buyers can visit property listing platforms such as Domain and Realestate.com.au, where auction dates and times are displayed prominently on property listings.

Major real estate agencies like Jellis Craig, Marshall White, and Ray White also feature auction schedules on their websites, allowing buyers to browse available properties and auction dates.

Attending in-person auctions or observing live-streamed auctions online is an excellent way to get a feel for Melbourne’s competitive market dynamics.

For those serious about buying at auction, many agencies offer private inspections before the auction date, allowing prospective buyers to thoroughly assess the property.

Additionally, registering with a local real estate agent ensures that you receive notifications of upcoming auctions tailored to your preferences, keeping you informed of opportunities in your desired suburbs.

What Are the Property Taxes for Buying Real Estate in Melbourne?

When purchasing real estate in Melbourne, buyers must account for several taxes and fees that can add significant costs to the transaction.

Stamp duty, also known as land transfer duty, is the most significant tax, calculated based on the property’s value. As of 2024, buyers in Victoria pay around 5.5% of the purchase price in stamp duty for properties valued between $600,000 and $1 million.

First-home buyers may be eligible for stamp duty concessions or exemptions, particularly for properties under $600,000.

Foreign buyers are subject to an additional surcharge of 8%, applied to both residential and commercial properties. This surcharge reflects the Victorian government’s efforts to manage foreign investment in the property market.

Other taxes to consider include land tax for investment properties, which is calculated annually based on the property’s value, and the ongoing costs of council rates and owners’ corporation fees for apartments.

Ensuring that all tax obligations are met is essential for avoiding unexpected costs when purchasing real estate in Melbourne.

How Do I Find a Reliable Real Estate Agent in Melbourne?

Finding a reliable real estate agent in Melbourne requires research and referrals to ensure that the agent you select aligns with your property needs.

One approach is to ask for recommendations from friends or family who have recently bought or sold property in Melbourne. Personal experiences can provide insights into an agent’s professionalism and effectiveness.

Online platforms such as RateMyAgent and Google Reviews offer ratings and reviews for agents based on past client experiences, allowing you to assess their success rates and client satisfaction.

Real estate agencies such as Marshall White, Jellis Craig, and Barry Plant employ experienced agents who specialize in particular suburbs, providing valuable local knowledge and expertise.

Once you have shortlisted potential agents, meeting them in person can help you gauge their communication style and commitment to understanding your goals.

A reliable agent should be transparent, provide clear advice on pricing and market trends, and prioritize your needs, ensuring that you are fully supported throughout the buying or selling process.

What Are the Best Areas for First-Time Home Buyers in Melbourne?

Melbourne’s outer suburbs continue to offer the best opportunities for first-time home buyers seeking affordability and growth potential.

Suburbs like Werribee, Clyde North, and Cranbourne are increasingly popular due to their lower median house prices, which average around $600,000, and access to new infrastructure projects.

For those willing to venture further north, suburbs such as Craigieburn and Mickleham also provide affordable options, with prices typically below $700,000.

First-home buyers can also benefit from government incentives like the First Home Owner Grant, which offers up to $10,000 for new builds, and stamp duty concessions for properties valued under $600,000.

In Melbourne’s middle-ring suburbs, areas such as Coburg and Preston offer more affordable alternatives to the inner city while still being close enough to enjoy Melbourne’s amenities. These areas have experienced gentrification in recent years, providing first-time buyers with strong capital growth prospects.

By focusing on these emerging areas, first-time buyers can enter the property market without stretching their finances, while still enjoying long-term growth potential.

How Has COVID-19 Impacted Melbourne’s Real Estate Market?

The COVID-19 pandemic had a profound impact on Melbourne’s real estate market, particularly in 2020 and 2021, with prolonged lockdowns causing uncertainty and reducing buyer confidence.

During the height of the pandemic, Melbourne’s median house price fell by around 4%, and rental vacancy rates surged as international students and short-term renters vacated the city. The apartment market, in particular, was hit hard, with prices declining due to oversupply and reduced demand.

However, the market rebounded quickly in 2022 and 2023, driven by record-low interest rates and pent-up buyer demand.

House prices surged by approximately 18% in 2021 alone, particularly in suburban and regional areas, as remote work encouraged people to seek larger homes with more space.

While the market has since stabilized, the lasting impact of COVID-19 has shifted buyer preferences, with demand for larger homes, outdoor space, and suburban living continuing to drive growth in areas like the Mornington Peninsula and Melbourne’s outer north and west.

Melbourne’s rental market has also recovered, with vacancy rates dropping back to pre-pandemic levels as international migration and student arrivals resume.

The overall resilience of Melbourne’s property market highlights the strength of its long-term fundamentals, even in the face of global disruptions.

What Is the Outlook for Melbourne Real Estate Over the Next Five Years?

Melbourne’s real estate market is expected to experience moderate growth over the next five years, driven by continued population growth, infrastructure investment, and strong buyer demand.

With an annual population growth rate of around 1.8%, Melbourne is projected to become Australia’s largest city by 2026, fueling demand for housing in both established and emerging suburbs.

Areas in Melbourne’s west and southeast, such as Werribee and Clyde, are expected to see the most significant growth, benefiting from large-scale infrastructure projects such as the Suburban Rail Loop and the West Gate Tunnel.

While interest rates are likely to remain a key influence on buyer affordability, experts predict that Melbourne’s median house price could rise by 15-20% by 2028, depending on economic conditions.

What Are the Pros and Cons of Buying an Apartment Versus a House in Melbourne?

Aspect Buying an Apartment Buying a House

What Are the Pros and Cons of Buying an Apartment Versus a House in Melbourne?

Aspect

Buying an Apartment

Buying a House

Pros

Affordability

Typically lower entry prices, with an average apartment price of around $700,000 in inner Melbourne.

Higher upfront costs; average house price exceeds $1.2 million, making it less accessible for first-time buyers.

Location

Often located in vibrant urban centers, providing easy access to public transport, dining, and cultural amenities.

Houses may be in family-friendly suburbs, often farther from the city center.

Low Maintenance

Lower maintenance responsibilities due to body corporate fees covering communal areas and some repairs.

Homeowners bear all maintenance responsibilities, which can be time-consuming and costly.

Cons

Space Constraints

Generally less living space, which can be limiting for families or those needing extra room.

Larger living areas and backyards provide more space and privacy for families.

Limited Resale Potential

May not appreciate as much as houses in desirable suburbs, affecting long-term investment returns.

Historically strong capital growth, especially in suburbs like Mount Waverley and Glen Waverley.

Body Corporate Fees

Ongoing fees can add to overall costs, potentially deterring some buyers seeking long-term affordability.

Customization options are more extensive, allowing homeowners to renovate or extend their properties.

Originally Published: https://www.lakenarracan.com.au/who-are-the-top-10-real-estate-agents-melbourne/