By Danielle Kutchel
Two Casey suburbs are among the most affordable in Victoria.
That’s according to a new report by buyer’s agents BuyersBuyers.
According to the report, Hampton Park and Cranbourne North remain relatively affordable for buyers, with median house prices of $599,223 and $658,970 respectively.
This compares to the median capital city house price of $908,239.
Despite the economic impacts of Covid-19, the Victorian property market is still forging ahead, the company said in a statement.
House prices have recorded strong growth over the past year, despite some softening over recent weeks due to the extension of lockdown restrictions.
And Cranbourne North has recorded price growth of 57 per cent over the past five years.
Pete Wargent, co-founder of BuyersBuyers.com.au, said: “with mortgage rates still close to the lowest on record, all capital cities offer some opportunities for those with a reasonable buffer and a level of employment security.”
“With first homebuyers still active and now competing with investors for a low level of stock on the market, we expect the more affordable suburbs in Australian property to be sharply in focus.”
The BuyersBuyers report is based on analysis undertaken by RiskWise Property Research.
The research revealed that detached houses represent solid buying opportunities for those with long-term strategies, who could expect to see solid capital growth over the coming years, Mr Wargent added.
And thanks to ultra-low interest rates, in many areas it’s in fact cheaper to buy a house than pay rent, he said.