Top 10 most affordable suburbs

Top 10 most affordable suburbs

If you’re looking for bang for your buck, new quarterly data from the Real Estate Institute of Victoria (REIV) shows there’s opportunity for Melbourne buyers to get a foothold on the property ladder for a fraction of the city’s median house price.

REIV CEO Geoff White says record low interest rates and a strong market is driving price growth in areas further from the city.

“These areas continue to offer value for money with all of the top 10 most affordable suburbs experiencing solid capital growth in the past year,” he says.

Melbourne’s top 10 most affordable

Melton West – $331,000 Werribee – $355,000 Cranbourne – $380,000 Wyndham Vale – $385,000 Hampton Park – $385,750 Hoppers Crossing – $390,000 Pakenham – $393,000 Carrum Downs – $405,000 Sunbury – $412,500 Roxburgh Park – $425,000.

Melton West was Melbourne’s most affordable suburb in the three months to June, with a median house price of $331,000, less than half the citywide median of $725,000.

Southwest of the CBD, Werribee offers buyers value for money with a median house price of $355,000.

Buyers looking to enter the market for less than $400,000 could do so in a number of suburbs including Cranbourne ($380,000), Wyndham Vale ($385,000) and Pakenham ($393,000).

White encouraged buyers looking for high-value, affordable homes to look at lower priced homes across the city.

“While the suburb’s median house price may be out of your budget, finding the right home is important,” he says.

“Houses with renovating potential or slightly smaller properties in good suburbs offer great buying in the current market.”

About API

Founded in 1997, API is Australia's highest-selling property magazine.

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