A Melbourne buyer could save $140,000 by choosing to search for a three-bedroom home instead of a four, or $74,000 by switching from three to two bedrooms.
The cost of adding an extra bedroom increases as you shift to larger homes.Melbourne home buyers could save tens of thousands of dollars by giving up an extra bedroom amid cost of living pressures and worsening mortgage affordability.
“Our expectations are high ... people push themselves and try to buy a home that is larger than they currently need,” she said.“Going from two bedrooms to three is an 11 per cent increase in median price, and from three to four it’s 18 per cent. The more bedrooms you add there’s a larger price increase.”For units, the price difference between one and two-bedroom apartments was $210,000, while the gap between two and three bedrooms was $265,000.
“There’s not really a lot around that has three bedrooms and what we would consider a smart move,” she said. “They seem to be places that need a lot of work. “The other thing to consider is [whether] the size of the dwelling reflects the geographical location of that dwelling,” she said.
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