321 different suburbs, which provide a diverse range of environments and ways of life for you to purchase a home, surrounding Melbourne from urban and industrial to rural and beachfront. There are benefits and drawbacks associated with each of these options. The Central Business District (CBD) is a great place to live if you want to be in the middle of everything, but it will cost you. If you are searching for solitude and some breathing room and want to get a West Melbourne apartment for sale or on rent, it’ll save you money.

Fortunately, PB property can assist you in determining which suburbs are worth investigating further.

Overview

Over the past decade, Melbourne’s population has increased by an average of 100,000 annually. In 2006, there were 3.7 million people living in the metro region. The number increased to 4.35 million by 2013. We have estimated that by 2050, the population could reach 8 million.



Housing prices in both Melbourne and Sydney have increased in recent years as their respective populations have grown, such that neither city is significantly cheaper than the other. There is currently a severe housing shortage in Melbourne, and families trying to find west Melbourne apartments for sale are progressively being forced to the city’s periphery.

In Melbourne For Rent

As you begin your search for west Melbourne apartments for sale, keep in mind that, unlike in much of the rest of the world, where rental costs are often advertised by the month, the week listed prices in Australia. You need to be careful while you make financial calculations. As the monthly rent is not four times the weekly rent. In order to calculate the monthly rent. Simply multiply the weekly rent by 52 (the number of weeks in a year). Then divide by 12 (the number

of months in a year). For instance:

The total weekly rent is $600.

Annual Rent = $2,600 = ($600 x 52) / 12

As previously showed, demand for west Melbourne apartments for sale in several of Melbourne’s more popular neighbourhoods has increased because of the city’s growing population and limited housing supply. Potential buyers see most houses on the market during brief weekend open houses. Since it is likely that the same agent is running all the open houses in a certain suburb, property management companies will often space them out. To give one example, an agent may schedule open houses from 9:15 to 9:30 am and 9:45 to 10:00 am.

You may find yourself in close proximity to many other prospective buyers during this inspection period. The exact number of whom will depend on the location and selling price of the home in question. Actually, if you’re visiting multiple properties in the same neighbourhood, you’ll probably see a similar clientele at each.



You’ll certainly like our mini-blog on what makes West Melbourne a great place to buy your dream property!

Before you rent

If you find a place in a West Melbourne suburb you like, you should be prepared to act swiftly because of the high level of competition. To submit an application, please have the following materials available:

Rental applications are usually available online, posted by the property’s listing real estate agency.

Documentation of your identity, like a driver’s licence or a passport, is required.

You should show proof that you can pay back the loan, like a letter from your company with your annual salary and bank statements from the last three months.

Given the high level of competition, a letter of recommendation is another excellent way to set you apart.

Submitting an application may incur a small, non-refundable cost. You can also submit an application electronically.

You are under no obligation to accept any of the apartments for which you apply. So feel free to shop around.

Purchasing In Melbourne

Finding a West Melbourne apartment for sale is as difficult as it is to rent one. Most real estate transactions in West Melbourne suburbs take the form of auctions, where the asking price of a home serves as the starting point for bids from interested buyers. There are real estate agents out there who will deliberately set a low minimum bid in order to draw potential purchasers to an auction. A line of people waiting to enter the building is a common occurrence. The stories told by people attending open houses once a week for an entire year, making numerous bids on various properties, and constantly being outbid.

When buying a residence in the West Melbourne suburbs, a tax called “stamp duty” must be paid. Purchasing a home for $500,000 would cost you about $25,070 in stamp duty. Stamp duty of $60,500 would be owed on a $1 million home. Buying off the plan in Melbourne is also an interesting prospect that you can explore!

Why look for a West Melbourne apartment for sale

In today’s time, the apartments for sale in West Melbourne have essentially redeveloped warehouses and Victorian-era single and double-story terrace homes that fetch upwards of $1 million.

Besides its abundance of wholesale fruit, vegetable, and seafood markets, this area is also home to a scattering of businesses, making it ideal for work and family lifestyles.

West Melbourne suburb is around the Maribyrnong River to the west, the Yarra River to the south, Kensington and North Melbourne to the north, and the Melbourne Central Business District to the east, which makes it an amazing place to strike the perfect balance between business and pleasure.

At PB Property we help you purchase your dream property within Australia. Get in touch today!