These newly-developed communities in Melbourne's West allow first home buyers an affordable housing option.
As cost of living and interest rates rise, many first home buyers are seeking an affordable option to allow them an entry point into the market.
The PropTrack Home Price Index for June showed national home prices experienced 18 consecutive months of growth. National prices were up 10.14% from their December 2022 low, lifting 3.14% year-to-date to sit 6.55% above June 2023 levels. The median value of a home nationally is $787,000 and in Melbourne it was $803,000 in June 2024.
PropTrack Senior Economist, Eleanor Creagh said there are several factors leading to this growth.
“Despite a rise in the number of homes for sale this year, strong population growth, tight rental markets, and home equity gains are all contributing to demand, whilst the supply side of the housing market has fallen short,” she said.
Why choose a house and land package over an apartment?
While it’s not uncommon for first home buyers to opt for an inner-city apartment, many first home buyers, especially those with families, prefer a house with land which affords them more space.
“It’s not only more space, but also has more potential to grow with you,” said Stockland Development Director Jackie Kent.
“You can build your first home to just get a foot in the door and then in time, it might be that you renovate and expand upon that existing home as your family matures.”
Getting into a house on a modest budget may be more within reach than you think.
Offering home options well below the median value of $803,000 in Melbourne, Stockland in Melbourne’s west has four communities where house and land packages are selling for under $550,000*.
“Affordability is a key concern for many first-time buyers and we have properties that cater to that concern while also allowing them to buy into a well-connected community,” said Ms Kent.
“We offer diverse and inclusive options that cater to a wide range of budgets, lifestyles and life stages.”
To ensure the community is best servicing its residents, Stockland sends out a Liveability Index Survey each year based on belonging, connection, health and fitness, safety, environment, and sustainability.
Repayments on a $488,000 home
Interested in how a mortgage may compare to your current weekly rent?
As an example - assuming there's a deposit available of $110,000 and the interest rate is 6.22% - your repayment could be as low as $537 per week on a 30 year mortgage.
4 Stockland communities where homes are under $550,000*
1. Mt. Atkinson
Located 25km west of Melbourne CBD and surrounded by over 50 hectares of natural habitat adjacent to the Mt. Atkinson Reserve is the Mt Atkinson community in Truganina, which is bigger than the Royal Botanic Gardens.
Buyers can nab a house and land package for $550,000* or a townhouse for $485,000*.
The community is located near the Western Freeway with access to the proposed Metropolitan Ring Road for quick and easy access into the city and just 4.9km from Rockbank Train Station.
There’s also a proposed Westfield Town Centre where residents can shop for everything from clothing to food.
Buyers looking for a house don't need to compromise on an apartment.
2. Grandview
Grandview is located next to Mt Atkinson and offers buyers house and land packages from $488,000* and land from $279,000*.
The community boasts city and mountain views, and is an ideal place for families, with Highline Park and a dinosaur park available for little ones to play at.
Similar to residents at Mt. Atkinson, those at Grandview will have easy access to the city via the Rockbank Station and Western Freeway, along with shopping at the proposed Westfield Town Centre.
3. Grand Central
At Grand Central in Tarneit, house and land packages start at $535,000* and townhomes from $449,900*.
Located 30km from Melbourne CBD, Tarneit is already well established with shops, 12 schools in the area, childcare centres, and Tarneit Train Station linking it to the city with another one planned at Tarneit West.
Nature is a big part of this community with two parks and Davis Creek wetlands on its doorstep.
Locals know there's plenty to love about Melbourne's west.
4. Wattle Park
Wattle Park is also located in Tarneit and boasts house and land packages starting from $538,000* and townhomes from $465,000*.
The community is nestled on the banks of the Werribee River giving its residents access to a preserved natural landscape.
With five shopping centres within close proximity and a proposed primary school 1.1km away, it’s an appealing neighbourhood for families.
Explore Stockland's masterplanned communities in Melbourne's West.
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