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![The first home buyer](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
Young Melbourne buyers aim to grow suburbs like Craigieburn and Pakenham to succeed in Melbourne’s tough housing market. Image: Tony Gough
Millennials and Gen Z may have a harder path to ownership of property than parents, but experts say even Melbourne’s wealthiest area still has some ways to trade.
You just need to know where to look.
At Craigieburn, the median house price in 2025 is $610,000, six times the average annual salary in the United States.
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In Tarneit, the typical home is priced at $645,000, other suburbs offer a more affordable starting point, including Wyndham Vale, $607,000, Pakenham, $590,000, Werribee, $610,000, Frankston, $715,000.
With access to infrastructure, lifestyle convenience and growing population opportunities, these prices have the potential to grow.
George Devic, a special agent of Ray White Frankston, said there was a lot of demand in the Frankston area, especially from young buyers and investors.
“If you keep a price of less than $850,000, you’ll see a lot of resident buyers as well as local and interstate investors in the market,” Mr. Devic said.
“Buyers are active and we see that the entire suburb remains attractive, from entry-level homes to blue-chip pockets.”
Eleanor Creagh, economist at PropTrack, said equity growth is still possible for wise buyers.
Eleanor Creagh, senior economist at PropTrack, added that while buyers entering the market today are unlikely to see the same exponential growth as their parents, real estate remains a strong long-term investment.
“Entering the market remains a crucial first step and the right purchases are made in the right place, and over time it is possible to build wealth.”
For the first time, a affordable property was snapped up in the outskirts of Melbourne to build long-term wealth. Photo: Wayne Taylor
Once overlooked suburbs are now popular properties as Z and millennials change their buying strategies. Image: Jason Edwards
“Even if the journey looks different, the principle of long-term equity growth is still correct.”
The concept relies on relatively affordable investments to gain value over a long period of time. If a person is able to acquire multiple homes, it can eventually allow them to sell a more affordable set of homes to fund homes in higher-priced neighborhoods.
Buyer advocate Madeleine Roberts said young Australians are using smart strategies such as rentvesting to build wealth through property.
Advocate director and buyer agent Madeleine Roberts said young Australians are looking for new ways to build wealth, from rent to future lifestyle suburban purchases.
“I grew up in rye, which was a sleepy beach town. It’s a million dollar suburb,” Ms Roberts said.
“It shows the potential of a once neglected lifestyle-driven region.”
Demand in areas such as Frankston is rising, driven by investors and young buyers from the in-house Melbourne. Image: David Caird
Lifestyle strategic property purchases in suburban areas are helping young Australians embark on the road to ownership. Photos – Istock
The buyer’s brokers added that younger buyers are “more investment-conscious” than previous generations.
“They know that the dream home doesn’t magically fall on their legs,” she said.
“They are using property as a wealth building tool, which is to stay strategic from the start and understand how to make the market work for it.”
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