Try Next Door


Traditional bridesmaid suburbs bordering some of the city’s most exclusive neighbourhoods offer buyers the opportunity to purchase a house for a much lower price. New REIV data reveals a number of inner-city and bayside areas where buyers can make a significant saving by purchasing in the adjacent suburb, without needing to compromise on amenities or services.

Buyers priced out of Toorak, where the annual median house price is $4,745,000, can save more than $2.6 million by purchasing in neighbouring South Yarra. Significant savings of more than $885,000 were also possible for buyers who purchased in St Kilda East, rather than Caulfield North, which commands an annual median house price of $2,280,000. With an annual median house price of $1,930,500, Elwood was a more affordable bayside option than Brighton, where buyers need $2,725,000 to get into the market – a 41 per cent difference.

Buyers could also save about half a million by purchasing in Prahran for a median house price of $1,581,251, rather than in Armadale. Strong price growth across the inner-city suburbs is delivering dividends for areas which were once considered unattractive with many of these suburbs poised for price growth in the coming years.

Article supplied by Gil King, CEO, REIV.

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