Research by the Real Estate Institute of Victoria (REIV) has revealed there are 23 suburbs in Melbourne where first home buyers can purchase a one bedroom apartment and pay equal or less than the average first home buyer mortgage repayment in Victoria of $414 per week.
Included in the list are inner city suburbs including Carlton, Moonee Ponds and Thornbury. Least expensive on the list is Noble Park with a median price of $155,000 while Carnegie & Essendon are the most expensive at $310,000.
The research is part of the REIV’s new first home buyer guide which shows where properties of different types may be purchased with mortgage repayments of equal or under the average for first home buyers in Victoria.
Calculation of the $414 per week mortgage payment is based on an average first home buyer loan of $286,600 with a 30 year term, a standard variable rate of 6.40%, a 10% deposit and receipt of the $7,000 First Home Owners Grant.