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Buyers are flocking to the outer south east which offers an alluring mix of affordability and lifestyle.

Pakenham and Clyde North are among the most in demand Victorian suburbs for first home buyers.

A national Westpac survey placed Pakenham at number four, ahead of Clyde North at number five. Tarneit, Craigieburn and Point Cook topped the list.

Director of KR Peters Peter Nicolls says he is not surprised by the survey findings, with the outer south east providing an alluring mix of affordability and lifestyle.

He said first home buyers were flocking into the market, keen to take advantage of generous government incentives and record low interest rates.

Incentives include the Federal Government's HomeBuilder scheme, recently wound back to $15,000 after huge demand, the Victorian Government's $0 stamp duty on houses worth up to $600,000, and the metro Melbourne First Home Owners Grant of $10,000.

First home buyers may also be eligible for the First Home Loan Deposit Scheme, which helps people buy or build a new home with as little as five per cent deposit with the government guaranteeing the remaining 15 per cent.

"First home buyers flocked to Pakenham because they were able to buy a lot of house for their dollars," Mr Nicolls explained.

According to the REIV, the median sale price in Pakenham is $540,000 compared to the metro Melbourne median of $941,000. Prices shot up in Pakenham 3.8 per cent in the December quarter.
br>In 2020, 733 properties changed hands, the most of any suburb in the state.

An array of quality housing estates in Pakenham such as Lakeside, Cardinia Lakes, Heritage Rise, Arden, Blue Horizons, Grandvue and Mt Pleasant offer a smorgasbord of choice just 56km from the CBD.

The suburb has two railway stations, meaning most residents are no more than a five minute drive from public transport, and boasts plentiful parks, six major shopping precincts and 12 schools, including the highly regarded Beaconhills College.

The Pakenham Bypass makes commuting to the city or inner suburbs easy via the Monash Freeway.

Land is in plentiful supply around Pakenham and won't run out any time soon. A huge housing estate that will eventually be home to approximately 20,000 residents at Pakenham East is set to start development this year.

And with the growth will come jobs, predicts Mr Nicolls.

"Pakenham has been identified in the Plan of Melbourne 2050 as a significant Industrial Precinct that will be a major provider of employment and business opportunities for residents," he said.

"Pakenham has seen continual growth in property values, year in year out. This gives buyers confidence to invest in the area."

Further south, Clyde North is also attracting its share of first home buyers, as developers transform farm land into attractive new housing estates.

The median sale price in Clyde North is higher than Pakenham at $612,000.

Mr Nicolls said as a brand new suburb, Clyde North isn't steeped in history or heritage. It's a modern suburb designed for the needs of families today.

It's rural setting and open spaces are particularly attractive to a lot of buyers.

"Wetlands and parks around Clyde North feature great paths for walking and cycling. There are also great playgrounds and retail, services and schools are being built all the time to cater for the suburb's fast growing population," he said.

"I can see why young couples and those with children are flocking to Pakenham and Clyde North. After Covid everyone wants a castle of their own and these suburbs offer excellent value for money."