Property expert says now is the time for first home buyers to invest
With key indicators pointing to a Melbourne property market boom, first home buyers should consider investing in the region now, according to a leading property expert.
Backed by his more than 35 years’ experience in residential development, AVID Property Group (AVID) Executive General Manager Bruce Harper is confident there will be growth in the Melbourne market over the coming months, with AVID committing to new land releases in Melbourne’s western growth corridor.
The latest CoreLogic data reveals the median dwelling price in Brisbane is now $19,500 more than in Melbourne and the value of dwellings in the Victorian capital dropped 3.5 percent across 2024, but Mr Harper said it was important to think long term, particularly for those younger buyers aiming to break into the market.
“It’s important to acknowledge this data captures all dwellings and Melbourne has far more units than Brisbane, so the median home value for Melbourne is still strong.
“While the value of dwellings has decreased, this is an ideal time to snap up a home, particularly a new build because there is more availability and typically far less upkeep costs long term.
“The Melbourne market is only going to go up, if I were looking for a state to start my home ownership journey it would be Victoria,” he said.
Mr Harper said interest was steadily growing with increased buyer enquiry and a string of new land releases at AVID’s Deanside community Carolina, indicating first home buyers were becoming more confident in the market.
“As developers, it helps to feel confident there is demand out there before releasing our new stages and so far, the response is showing buyers are eager.”
To date, the 740-lot Carolina masterplanned community has had 41 percent of purchasers from the first home buyer’s category with the remaining percentage made up of second home buyers and investors.
Land in Carolina is now selling from $374,000, with blocks ranging in size from 343sqm to 444sqm.
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