2025 Cost Breakdown: What to Expect When Buying a Home in Melbourne
Introduction: The Real Cost of Buying a Home in Melbourne
Buying a home in Melbourne in 2025 comes with more than just a price tag. Whether you’re a first-time buyer or upgrading, understanding the full cost breakdown helps you budget accurately and avoid financial surprises.
In this article, we break down the essential costs involved, compare them with 2023 and 2024 prices, and explain how The Lancore West & North can help make your buying journey stress-free and transparent.
2025 Home Buying Cost Comparison Table (Melbourne VIC)
| Cost Component | 2023 | 2024 | 2025 (Latest) |
|---|---|---|---|
| Average Home Price | $870,000 | $890,000 | $910,000 |
| Stamp Duty | $45,000 | $46,800 | $48,500 |
| Legal & Conveyancing Fees | $1,200 | $1,300 | $1,500 |
| Loan Application Fees | $600 | $650 | $750 |
| Pest & Building Inspection | $600 | $620 | $650 |
| Lenders Mortgage Insurance | $15,000 | $16,500 | $17,800 |
| Moving Costs | $1,000 | $1,200 | $1,300 |
Prices are approximate and vary depending on the property and financial institution. Contact our experts at The Lancore West & North for tailored guidance.
Understanding the Full Costs When Buying Home in Melbourne
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Upfront Costs – These include the property price, stamp duty, and legal fees.
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Ongoing Costs – Council rates, utilities, insurance, and maintenance.
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Hidden Costs – Lenders Mortgage Insurance (LMI), building inspections, and loan setup fees.
How The Lancore West & North Helps With Buying Home in Melbourne
At The Lancore West & North, we help buyers:
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Navigate government grants and stamp duty concessions.
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Connect with the best legal, inspection, and loan experts.
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Provide local insights on where to buy property in Australia—especially in Melbourne and Victoria.
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Negotiate the best price and settlement terms.
We ensure you understand every dollar and every detail, so there’s no guesswork.
Friendly Staff That Put You First
Our passionate team of real estate professionals brings years of experience, transparency, and a personal touch to every client. We take the time to explain the process, answer your questions, and make your home buying journey enjoyable and stress-free.
Why Choose The Lancore West & North?
Choosing The Lancore West & North means working with a local agency that knows Melbourne’s real estate market inside-out. Our team, led by expert agent Prince, offers a personalized experience backed by strong negotiating skills, detailed market analysis, and a friendly, professional approach. Whether you’re buying your first home or your fifth, we make sure it’s a smooth, rewarding experience.
📞 Contact us today at https://thelancore.com.au/contact-us/ or call +61 430 200 133
FAQs – Buying Home in Melbourne
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How much deposit do I need to buy a home in Melbourne?
Generally, you need at least 10-20% of the property price. -
What is stamp duty in Victoria for 2025?
It varies based on property value but averages around $48,500 in 2025. -
Is it a good time to buy a home in Melbourne in 2025?
Yes, due to stable interest rates and increasing property value forecasts. -
What are the hidden costs of buying home in Melbourne?
LMI, inspections, conveyancing fees, and loan application costs. -
Can I get government assistance as a first-time buyer?
Yes, various grants and stamp duty exemptions are available in VIC. -
How do I choose a good real estate agent in Melbourne?
Look for experience, local knowledge, and transparent communication—like The Lancore West & North. -
Should I get pre-approved before house hunting?
Yes, it gives you a clearer idea of your budget and bargaining power. -
How long does the home buying process take?
Typically 30 to 90 days from offer to settlement. -
Do I need building and pest inspections?
Absolutely, it’s essential to ensure your future home is safe and sound. -
Who can help me throughout the buying process?
A licensed agent like Prince from The Lancore West & North will guide you from start to finish.
