Buyers can save up to six figures by buying the next suburb on the train line in Melbourne: REIV

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Nov 13, 2017

Buyers can save up to six figures by buying the next suburb on the train line in Melbourne: REIV

Melbournites can save up to six figures by buying a home in the next suburb down the train line, according to new data from the REIV.

Image: Herald Sun.

Melbournites can save up to six figures by buying a home in the next suburb down the train line, according to new data from the REIV.

In the September quarter, the Belgrave line offered the largest difference in price between stations. Canterbury’s median house price of $2,875,000 is almost one million dollars more expensive than the median price of houses in Surrey Hills - $1,930,000 - which is serviced by Chatham station, though the two train stations are less than a kilometre apart.

Those who purchased a home in Heidelberg saved $896,000 compared with buying in Eaglemont, the previous suburb on the Hurstbridge line.

Source: REIV.

At the more affordable end of the market, commuters were able to save more than half a million dollars by purchasing one stop further along the Werribee train line in Laverton, rather than Westona.

REIV President Richard Simpson said six-figure savings were possible if buyers were prepared to buy in the next suburb on the train line.

“Many of these areas are only one or two kilometres further from the city but provide a more affordable alternative for those who may have their heart set on buying in a particular suburb,” he said.

Many of these "bridesmaid suburbs" have experienced solid capital growth in recent years, he said.

Affordability pressures are pushing buyers further away from the CBD, said Simpson, and the data shows that "homebuyers willing to commute for a few extra minutes each day are able to consider a greater number of suburbs."