Top 8 popular suburbs for first-home buyers in Melbourne

This is branded content.

The greater Melbourne region has been experiencing unprecedented levels of urban growth and development over the course of the last two years which has created the perfect entry point for prospective homeowners who are looking to finally sign the papers on their first property.

In response to rising demand, Melbourne home builders like Apex Homes are making moves to ensure they're fully equipped to provide first home buyers with the best deals on house and land packages located in the State's top growth suburbs.

But where are the best places to buy in Melbourne? With a little help from market analysts and the innovative Neighbourhood Profiles guide from realestate.com.au, prospective home buyers in Melbourne can find the perfect suburb to lay a foundation for their first home.

Read on for an overview of Melbourne's top eight most popular growth suburbs for first home buyers in particular.

With a total population of around 270,000 and growing, the coastal city of Geelong is the second largest city centre in Victoria. This famous leisurely coastal haven has been on the radar of many first home buyers over the past few years, and especially so following the COVID-19 pandemic.

Geelong offers first home buyers the unique opportunity to purchase their first home in a regional city centre that's still highly accessible from metro Melbourne, and equipped with plenty of civil infrastructure to support growing families.

Average property prices have skyrocketed over the past two years, however, with sales prices on three bedroom properties going up by around 20-30 per cent. Currently, the median property price on homes in Geelong is $950,000, with units being priced at around $650,000.

This suburb 29km north of the CBD and with a population of just over 3000, Mickleham has made appearances in the media for its rapid growth over the past five years in particular, and not always for the best reasons.

As Mickleham is situated just outside Melbourne's Urban Growth Boundary, the suburb did experience a bit of a halt with regards to its own urban development, with many families moving into freshly built homes before commercial infrastructure for the region was adequately developed.

This led to a situation that plagues many of Melbourne's growth corridors today: congested roadways, as residents were forced to tackle long commutes to inner-city jobs due to the lack of employment opportunities in their locality.

Thankfully, however, Mickleham's local government, the City of Hume, has gotten the ball rolling on planned urban developments for the area following the opening of the federal government's COVID-19 quarantine facility. Mickleham residents have been enjoying a stronger local economy, and property prices in the region have slowly begun to rise once more after years of stagnation.

Located 48km south-east of the Melbourne CBD and just to the west of Pakenham, the suburb of Officer has been called one of Victoria's fastest growing suburbs in the greater Melbourne area. With its residential housing availability and fairly strong local economy, Officer has also been named a more than ideal location for first home buyers who are looking to build a larger family home.

The median property price recorded in Officer over the last year was also $660,000, which is significantly lower than Victoria's median house price of $780,000. As a result, Officer's local population has experienced steady growth over the last few years in particular. Market analysts agree that this satellite suburb is certainly one to not only watch, but also make serious moves on.

Box Hill is by no means a stranger to urban development, with the suburb undergoing several large-scale civil infrastructure projects over the past ten years alone, including the ongoing expansion of the Box Hill Central Shopping Centre. Of all the vibrant suburbs that make up the City of Whitehorse, however, Box Hill has been the one that's proven time and time again that there's no end to the development of a forward-thinking city.

As one of closest suburbs to the Melbourne CBD on this list, median house prices in Box Hill average at over $1,000,000, but the suburb is particularly accessible to younger couples or smaller families who are looking for units or townhouses rather than larger family homes. There are an abundance of new developments to choose from, with the median property price just over $500,000.

Just a small step away from Box Hill in Melbourne's east lies the booming yet undeniably modest suburb of Glen Waverley. With a local population of over 40,000 and growing, Glen Waverley, is a favourite amongst larger families and families with older children, especially considering the secondary and tertiary educational institutes that call this suburb home.

Median house and unit prices in Glen Waverley have been on the rise, however, with property prices increasing by upwards of 40-50 per cent over the past eight years. This has prompted renter populations to rise at a faster rate than the region's homeowner population in recent years.

The development of modern units, apartments, and townhouses, makes Glen Waverley a highly attractive location for many who are looking to live in Melbourne's leafy east.

Located in the City of Wyndham, the suburb of Tarneit has been developing at a similar rate to Mickleham, with just two key differences. First of all, Tarneit is situated firmly in Melbourne's west, and just to the north-west of Hoppers Crossing. Secondly, Tarneit is just 25km from the Melbourne CBD, and is highly accessible, thanks to the Western Ring Road.

In a nutshell, Tarneit is one of the best suburbs for young families or couples who are working in and around the Melbourne CBD but are looking to make the transition from renters to owner-occupiers. Median house prices for this area are highly affordable, averaging at around $640,000 for four bedroom homes, and $420,000 for two or three bedroom units.

In Melbourne's far east lies the happy suburb of Cranbourne, which has been attracting the eyes of many first home buyers for the same reasons why Officer and Geelong have been gaining popularity: it's a bustling city that's totally removed from the hubbub of Melbourne living. Cranbourne has a population of over 20,000, alongside having a thriving local economy with plenty of employment opportunities both within the suburb as well as in surrounding areas.

Cranbourne is also renowned for being highly accessible from Melbourne's south-eastern destinations, including Phillip Island, Wilsons Promontory, and the Mornington Peninsula. Melbourne residents with holiday homes in any of these regions may likely settle in Cranbourne as a means of staying close to their vacation properties whilst still reaping all the benefits of living in the metro Melbourne area.

As far as property prices go, Cranbourne is actually incredibly reasonably priced, and is a definite favourite amongst first home buyers. Median house prices average at around $650,000 for three or four bedroom homes, and units not so far behind at around $450,000 for two or three bedrooms.

Returning once more to Melbourne's north brings us to the thriving suburb of Melton. With a modest populace of around 73000 in the suburb of Melton and a whopping 150,000 in the City of Melton, this region is filled to the brim with property investment opportunities for young families in particular who are looking to build a home that caters to the needs of their growing household.

Despite being around 40km from the city centre, Melton is actually highly accessible, thanks to the Western, Princes, and Hume Freeways. Commutes for Melton residents who may be working closer to the CBD aren't dissimilar for those who are living on the outskirts of Melbourne's north in suburbs like Epping North, Wollert, or Mernda, all of which record significantly higher levels of traffic congestion than Melton.

Median house prices for this suburb are around $450,000 - $500,000 across the board for three bedroom homes, shortly followed by units and townhouses for around $350,000.

~

Whilst these are some of Melbourne's top growth suburbs, this is not an exhaustive list, and there are other growth suburbs across the face of the greater Melbourne region that are also perfectly suited for first home buyers and investors alike.

Understanding what kind of property you're after and which locations work best for you is foundational for any looking to enter the market at this point in time.

The Melbourne property market continues to grow and change in the aftermath of the COVID-19 pandemic, so it's well worth conducting your own research and communicating with real estate professionals well before making your own moves and signing on any property as a first home buyer.