Glenroy Barry Plant sales manager Roy Hoder said many buyers could upgrade over three years in areas such as Glenroy, Broadmeadows and Hadfield, which were more affordable for families in need of a larger home.
“You can get really good value for money,” Hoder said. “Even somewhere, for example, in Oak Park, it’s something that makes it bigger there.”
On the other side of town, in Carrum Downs, first-time home buyers are moving into apartments, even if some “upper” homes may be cheaper.
Michelle Stevens of Carrum Downs said that those whose budget does not stretch to repairs, choose a room before buying a home.
“For many first-time home buyers, buying a home is a little out of reach, or it takes work, so they’ll have to spend the extra money, so they’re really moving to a more modern unit,” Stevens said.
Circumstances dictated when people could upgrade: some sold their block to buy a house as soon as 12 months later, while others waited longer.
“Because it’s affordable, people change a little more,” she said.
In more expensive suburbs, however, upgrading is less easy, and homeowners wait longer before selling an apartment and buying a home.
In Menton, Natalie and Matthew Jeffrey have owned a three-bedroom apartment, which they are now selling, for 13 years.
The couple, who now have two children, Thomas and Siena, need a larger family home and hope to stay in the coastal suburbs to be close to the specialized schools and medical care the family needs.
The gap in average prices between an apartment and a house in Menton is $ 650,000, which means the couple realizes it can be hard to buy exactly what they want.
“I was surprised by house prices, but they have dropped a bit, so we’re taking the opportunity now,” Jeffery said. “We have no choice because we need a bigger house, so it may be a matter of compromising on which part of the suburbs we live in.”
While higher prices in some suburbs make size increases more difficult, in Melbourne’s most expensive suburbs this may become almost impossible.
At Toorak, homeowners need an additional $ 3,440,500 to upgrade, Malvern’s price gap is $ 2.265 million, and Balwyn’s business owners need an additional $ 1.93 million to buy a home.
“I tell people when they’re considering upgrading the suburbs that it’s the hardest step because of the price difference,” Woodards South Yarra director Luke Piccolo said.
“Most people who buy a home already have significant funds behind them, and other people will be appreciated, so modernization rarely works.”