Metro magic: buyers on track for six figure savings

Date: 26 Aug 16

New REIV data shows it’s possible to save hundreds of thousands of dollars by purchasing in the next suburb public-transport.jpgalong the train line.

The Sandringham line recorded the city’s largest price difference between stations with homes in Brighton Beach ($2,715,000) almost a million dollars more expensive than in neighbouring Hampton ($1,765,000). 

Significant savings of $885,000 were also possible for homebuyers who bought a home in Chatham, rather than the previous station on the Belgrave line, Canterbury.

For a few more minutes on the Lilydale line, buyers could save more than $500,000 by buying a home in Box Hill instead of the previous suburb, Mont Albert.

Meanwhile, similar savings were evident on the Craigieburn service with commuters able to save almost $450,000 by purchasing one stop further along the train line in Pascoe Vale, rather than Strathmore. 

A substantial price difference of $420,000 was also recorded on the Frankston line between Patterson (1,357,500) and Moorabbin ($937,500).

REIV CEO Geoff White said a number of top commuter suburbs delivered significant savings for buyers seeking value within easy commuting distance of the city.

“These areas enable buyers to enter the market at a much more affordable rate without really compromising on travelling time to the CBD,” Mr White said.

“Homebuyers willing to live in a suburb just one stop further along the train line can save themselves a significant six-figure sum.”