One extra stop could save you $400,000 in the north

Homebuyers in Melbourne’s north could save hundreds of thousands of dollars by spending a few more minutes on the train each day.

Buyers can save $402,500 on an average home by riding the Craigieburn line a little bit longer from Strathmore to Pascoe Vale station.

An extra one minute on the Mernda line from Thornbury to Bell station in Preston could see median house prices fall by $376,500.

And two more minutes on the Hurstbridge line from Alphington to Darebin station in Ivanhoe could mean savings of $325,000. 

The median house price between these suburbs, just one station apart from each other, differs vastly, latest Real Estate Institute of Victoria data shows.

REIV chief executive Gil King said traditionally working class northern suburbs had “hipster appeal” with “great cafes, restaurants, shops and entertainment” close to the CBD.

“Looking one stop closer on the train line to the city, the median house prices are higher in neighbouring Strathmore, Thornbury and Alphington, which arguably hit their ‘hipster’ stride long before their more grungy counterparts,” he said.

“Buyers in the north are looking to these neighbouring suburbs … to get more bang for their buck while having to spend just a few minutes extra on the commute.”

Median house prices in Pascoe Vale and Preston are below $1 million — at $840,000 and $921,000 — compared to Strathmore and Thornbury at $1,242,500 and $1,297,500 respectively.

Brad Teal Pascoe Vale South agent Ursula Saba said Strathmore was perceived as a classier area than Pascoe Vale but both were in the sought-after Strathmore school zone.

“Prices seem more expensive in Strathmore but some properties are mirroring places in Pascoe Vale,” Ms Saba said.

“Pascoe Vale is still affordable, lots of cafes are popping up and working couples and younger families are moving into the area.

“Once buyers can’t afford something closer to the city they are moving down the train line.”

Ray White Preston agent Ian Dempsey said the trendy Thornbury scene was creeping into Preston.

“Fancy bars and restaurants are coming into Preston now but there’s that real grungy and trendy vibe happening,” Mr Dempsey said.

“It has beautiful period homes, the Preston market as a drawcard, a good community feel and it probably has more of a centre compared to Thornbury.

”With a more affordable price point, buyers are determined that now is a good time to buy in Preston.”

Median house prices have risen 38.8 per cent in Pascoe Vale, 37.5 per cent in Preston and 55.6 per cent in Ivanhoe from December 2013 to December 2018, according to REIV data.

But they dropped 9.2 per cent, 12.5 per cent and 4.4 per cent respectively over the 12 months to December 2018.

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