While Sydney and its harbour enjoy more international attention, Australia’s other major city will overtake its northern neighbour in terms of size and perhaps importance. Now home to approximately 5 million people—that’s one in every five Aussies—the Victorian capital of Melbourne is a giant vast land.
An economic hub that is also seen as the capital of culture, arts, sport, and cuisine; the popularity of Melbourne probably shouldn’t be a surprise. With plenty of people looking to call the city home, local property prices have grown exponentially in the last decade, and have experienced some volatility in recent times.
Thankfully, for those looking to avoid this instability, costliness, and competition, there is a solution: house and land packages in Melbourne. If you venture out from Melbourne’s crowded and pricey city centre, you can find house and land packages in Melbourne that offer a cost-effective and safe way to enter the local property market, while also delivering a brand new home and fantastic quality of life.
The reasons to live in Melbourne are endless, and you want to invest in property. So, does a house and land package represent the right choice for you? Let’s take a look.
Why buy in Melbourne?
Let’s first take a look at the city of Melbourne itself, and what you can expect from its people, its lifestyle and its property market if you decide to buy a house and land package in Melbourne.
In the 1850s, less than 20 years after Melbourne had been established, the Victorian gold rush drew people in from around the globe, and the city has remained the model of Australian diversity and inclusivity ever since. As the population of Greater Melbourne tipped over 5 million in 2019, fewer than 60% of Melburnians were born in Australia, well below the national average of 66.7%. The city is home to particularly strong Indian, Chinese, Greek, Italian, and Vietnamese communities.
As a vast, modern and well-connected city, the opportunities for employment in Melbourne are almost endless. Professionals make up approximately a quarter of the workforce, while hospitality, retail, and healthcare are some of the biggest employers. Melbourne’s reputation as the nation’s arts and culture hub means that there are far more employment opportunities for creative individuals here than elsewhere.
According to the Global Liveability Ranking, which ranks cities on factors like stability, safety, healthcare, culture and environment, education and infrastructure, Melbourne was the world’s most liveable city between 2011-2017 and has found itself behind only Vienna in the last few years.
The reasons for this sustained excellence are apparent. Melbourne is called the Australian (and sometimes the world) capital of sport. It’s where test cricket and Aussie rules football were born, it hosted the nation’s first Olympic Games, and puts on the Australian Open and the Australian F1 Grand Prix every year. Its reputation as a hub of culture and the arts comes from being home to several world-famous galleries, museums, and festivals.
Melbourne’s public transport network is impressive, with trams, trains, and buses making even long commutes fast and easy. The trains, in particular, help to make life on the suburban fringes convenient, with many outer suburbs enjoying peak hour services that take half an hour or less to arrive in the CBD. There is a wealth of education and healthcare options, and the quality of these services attracts students and medical tourists from across the globe.
All in all, the lifestyle that Melbourne offers is—both subjectively and objectively—incredible.
Growth: The Melbourne property market is best summed up in that simple, six-letter word.
The number of properties and the value of those properties have both exploded in recent years. Beginning in the centre of town and slowly rippling out, this growth is now reaching suburbs and regional areas as much as two hours’ drive away, as buyers hunt for affordability.
There has been a boom across much of Melbourne driven by the development of new communities and the attractiveness of purchasing a house and land package in Melbourne for New Home Buyers and those who attracted to making Melbourne their new home.
Despite being located up to 100km away from the CBD, towns and regional centres like Bacchus Marsh and Mornington, which were once totally separate, are now integrated into Greater Melbourne. While this distance may at first seem too significant a hurdle for workers, sound investment in infrastructure has cut travel times to well under an hour in many cases.
The data lays the effect of Melbourne’s expansion bare. Average house prices in Mornington rose from $520,000 to $800,000 between 2011 and 2019, and $325,000 to $500,000 in Bacchus Marsh in the same period. When compared to house prices in Melbourne’s inner suburbs, however, these numbers are entirely affordable for many.
With property prices in established areas are growing fast, there is another option. Newly developed communities offer a cost-effective way to enter the market, as they lack a reputation, and are often located in empty and undeveloped areas. While average prices in established suburbs might hover around the $600,000-$800,000, in specific communities, you can pick up a three-bedroom house and land package for less than $400,000.
Melbourne House and Land Packages
House and land packages in Melbourne allow buyers to enter the Melbourne property market cost-effectively, and with a newly built home. New communities have been popping up across the city in recent years, so let’s take a look at each of Melbourne’s major development areas, and identify the most exciting projects within each.
Where to find H&L Packages in Melbourne East
- Waterlea, Rowville
- Evelea, Keysborough
Historically no area of Melbourne has been more popular with developers than the city’s east—a significant reason why Greater Melbourne looks so lopsided today. The continual development of this side of the city means that residents enjoy higher levels of infrastructure, amenities, and convenience than they would elsewhere. While brand new communities are rare, they can still be found.
32km or a little over 30 minutes’ drive east of the CBD, Waterlea by Stockland is a townhouse development featuring a healthy serving of education, recreation, transport, shopping, and dining options. The community is draped over landscaped wetlands, making it not only a convenient but a beautiful place to live. Homes can be snapped up for $735,000.
Life on beautiful park frontage, with convenience and family-friendliness in spades; modern city life has never been better than it is at Everlea, a townhouse development located a 40-minute drive east of the Melbourne CBD. This community sits on the border of the city’s growing southeast and established east. The brilliant design, both of the homes and the layout, make this development as stunning as it is affordable. Prices start at $555,000.
Where to find House and Land Packages in Melbourne's West
- Mt. Atkinson, Truganina
- Atherstone, Strathtulloh
- Habitat, Tarneit
Perhaps the area of Melbourne with the most significant amount of current development activity, land that sits just a half hour’s drive west of the CBD. Buyers are presented with the opportunity to get in on the ground floor.
Mt. Atkinson, Truganina
A community that will ultimately be home to over 4000 families, Mt. Atkinson has been designed to be a focal point of the fast-growing western corridor. The wide-open spaces that currently define Truganina won’t be lost, with Mt. Atkinson Conservation Reserve protecting the area’s unique nature for future generations. Melbourne Business Park provides jobs, three community schools offer education, and shopping and transport options are plentiful too. And what’s the price for this level of liveability? House and land packages can be secured for less than $450,000!
Once a small, standalone township, today, Melton is getting large enough to develop suburbs of its own, as the line between it and Melbourne blurs. Strathtulloh is one such suburb located on the Melbourne side of Melton, and its newest development Atherstone, promises to redefine outer suburb living. A final population of 15,000 will enjoy a forward-thinking, sustainable, cleverly planned suburb that looks to maximize both convenience and community feel. And as a delicious cherry on top, several homes are available for less than $450,000.
Located just to the north of city/suburb Werribee, it’s challenging to find a community that so perfectly mixes city convenience with country relaxation as Habitat. Located in the fast-developing suburb of Tarneit, this community is focused on family friendliness, offering hectares of green spaces, a wealth of education and child care options, and some of the most affordable four-bedroom house and land packages on the market, available for a touch over $500,000.
Whereto find House and Packages in Melbourne's North
- Aston, Craigieburn
- Cloverton, Donnybrook
- Botanical, Mickleham
Formerly grazing land, Melbourne’s north has only recently been identified by developers as the fantastic opportunity that it is and therefore offers some of the city’s very best value. While the west and the southeast of Melbourne vie for the attention of developers, the city’s north is where you can still find tranquility, space and fresh country air.
Just 30km north of the CBD, Aston was the most popular new community in Melbourne during periods of 2019, and it’s not hard to see why. This expansive development is situated a 35-minute drive to the CBD and a 15-minute drive to the airport. It features a nine-hectare sports precinct, landscaped waterways, and wetlands, and all the transport, shopping, and entertainment convenience of nearby Craigieburn. But the price is perhaps the biggest lure, with house and land packages starting at $450,000.
If you’re looking for the perfect example of the fresh air and openness that Melbourne’s north can serve up, look no further than Cloverton in Donnybrook. This development features no less than 80 hectares of conservation space, where kids and adults alike can run around in the wide-open spaces. The development has also earned a 6-star Green Star Communities rating, thanks to its focus on environmental and social sustainability. Thirty thousand will eventually call Cloverton home, so there’s no better time than now to secure a house and land package, many of which are below $500,000!
A suburb west of Cloverton, Botanical, is another community striving for nothing less than excellence. Botanical is far from just a name; the community’s namesake park will feature 22 hectares of wetlands, gardens, lawns, and playgrounds, and pocket parks will intersperse each neighbourhood. House and land packages are on sale from $450,000 to $550,000.
Where to find House and Land Packages in Melbourne Southeast
- Minta, Berwick
- Summerhill, Botanic Ridge
- Arcadia, Officer
As the east became more and more established, the focus of Melbourne’s significant developers turned further south. Now a designated development corridor, the city’s southeast, is slowly being converted from sparse suburbs between industrial estates and swampland to a more modern and connected area of the city.
Named after the farm that once occupied the land on which this new community sits, Minta is situated adjacent to the Princes Freeway. The farm has served as inspiration for the new community, with many of the original features retained to give an airy, relaxed and rural feel. Convenience, beauty, and opportunity can be secured for a surprisingly low price, with house and land packages starting at $500,000.
Summerhill, Botanic Ridge
Making a name for itself by offering large, elegant homes on substantial blocks, residents of Summerhill don’t want for anything. Two hundred homes are spread over blocks that range from 500-700m2, with luxury and modernity taking center stage. This is life at a slower pace, a community small in numbers, but big in spirit. A large house on a large block can be secured for less than $700,000.
Punctuated by Gum Scrub Creek running through its centre, Arcadia promises to be a southeast address that offers a rural slice of city life. It also manages to do so in perhaps the most desirable address in Officer - right next to the train station, adjacent to the Princes Freeway, and with no less than four different education providers on the premises. Pricing has thus far been released for terraced housing only, which starts at just $349,000.
Packages in Melbourne with a low deposit
Saving for a house deposit is challenging, particularly for those who have to pay Melbourne rent while they do it. It begs the question: can I secure a house and land package with a low deposit? To answer this, we’ll first have to understand the ground rules, which are created by the lenders and their regulatory bodies.
To secure a home loan, you’ll need to have a deposit of at least 5%, and in some cases more. It’s also important to note that if you have a deposit of less than 20%, you’ll be required to take out lender’s mortgage insurance (LMI), which covers the lender if you can’t pay the loan back.
There are, however, particular offers and schemes that can help you get to that 5% mark. If you haven’t bought a house before, you may be eligible for Victoria’s first home owner’s grant (FHOG), which sees the state government contribute $10,000 - $20,000 towards your first home. In certain circumstances, you may also be eligible for a stamp duty exemption or concession, potentially saving you tens of thousands of dollars.
Should I buy a house and land package in Melbourne?
As with anything, you need to weigh up what is right for your circumstances. House and land packages can provide a cost-effective, built to your needs, and located in carefully and cleverly planned communities if you’re looking for a brand new home to call your own, a house and land package is one of the very best ways to do it.
There are plenty of decisions to be made if you are to choose the right opportunity, your budget, the location, and the local amenities, to name but a few. Happily, Melbourne isn’t short of developments, so once you know what you’re looking for, you’re likely to find something that suits you.
And there’s no better time to start shopping that now.
Conveyancers for House and Land Packages in Melbourne
If you are looking for a conveyancer to assist you in the purchase of residential or off-the-plan property. We have compiled a list of companies that can assist you through your home buying journey.
Lexus Conveyancing is a licensed conveyancing company based in the heart of Melbourne. Lexus Conveyancing offers a full service and can assist with all your conveyancing needs including residential and off-the-plan.
Mortgage Brokers for House and Land Packages in Melbourne
Melbourne Mortgage Brokers are a boutique Melbourne business that offers a flexible mobile service; they bring a wealth of experience from operating since 1999 and can assist with your lending needs.