Metro magic: buyers on track for six figure savings
Date: 26 Aug 16
New REIV data shows it’s possible to save hundreds of thousands of dollars by purchasing in the next suburb along the train line.
The Sandringham line recorded the city’s largest price difference between stations with homes in Brighton Beach ($2,715,000) almost a million dollars more expensive than in neighbouring Hampton ($1,765,000).
Significant savings of $885,000 were also possible for homebuyers who bought a home in Chatham, rather than the previous station on the Belgrave line, Canterbury.
For a few more minutes on the Lilydale line, buyers could save more than $500,000 by buying a home in Box Hill instead of the previous suburb, Mont Albert.
Meanwhile, similar savings were evident on the Craigieburn service with commuters able to save almost $450,000 by purchasing one stop further along the train line in Pascoe Vale, rather than Strathmore.
A substantial price difference of $420,000 was also recorded on the Frankston line between Patterson (1,357,500) and Moorabbin ($937,500).
REIV CEO Geoff White said a number of top commuter suburbs delivered significant savings for buyers seeking value within easy commuting distance of the city.
“These areas enable buyers to enter the market at a much more affordable rate without really compromising on travelling time to the CBD,” Mr White said.
“Homebuyers willing to live in a suburb just one stop further along the train line can save themselves a significant six-figure sum.”