In some suburbs, buyers can pay half the price for their next property by commuting just a few minutes more.
Tim Heavyside of HEAVYSIDE Boroondara said buyers priced out of Mont Albert or Surrey Hills were finding better deals a train stop or two away.
“There is a suburb creep happening, where buyers creep out a little bit further to find a better price,” Heavyside said. “But the thing is, they’re not too far away, so they really still have access to the amenities in Mont Albert or Surrey Hills.” Buyers agent Cate Bakos said a proximity to train stations was a priority for home buyers and investors, but warned house hunters against getting too close.“It’s not a deal-breaker, but if it’s close to a rail line it is valuable to buyers,” Bakos said. “It’s got to be close enough, but not too close. Within 400 metres is great but within 50 metres is terrible.
“If you’re on a stretch of the line with an express train sounding the horn as it goes past, you don’t want that to be your wake-up call.” Bakos said the upgrading of train lines and stations both now and in the future would add to property prices.being built as part of the new city loop, which is due for completion in the next two years.
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