Aussie and CoreLogic’s latest report Most affordable suburbs for housing pinpoints the cheapest locations to buy property in Victoria.
Victoria’s cheapest suburb
Victoria has no entries in the list of Australia’s 20 most affordable suburbs for houses. And just one suburb – Portland in the Glenelg area, makes it into the top 20 locations for apartments nationally. With a median unit value of $160,058, Portland offers plenty of budget-friendly value.
Hots spots of affordability in Melbourne
In Melbourne, property values have been sliding since late 2017, down a total of 9.6% to the end of February 2019. Even so, with a city-wide median dwelling value of $624,000, Melbourne is still Australia’s second most expensive city for real estate, just behind Sydney.
Fortunately, there are plenty of pockets of value – if you know where to look.
If you’re in the market for a house, look no further than Melton, around 50km north-west of the CBD. The median home value here is $389,190. In fact, a number of Melton suburbs make it into the city’s top 20 most affordable suburbs for houses including Cobblebank (median value of $434,888), Kurunjang ($436,026) and Weir Views ($462,542).
The apartment market offers strong opportunities for affordable buying, with Melbourne’s 20 cheapest suburbs for units all having a median value below $380,000.
The cheapest neighbourhood for units is Junction Village, about an hour’s drive south-east of the CBD. The median unit value is $303,505 but it may be possible to pick up an apartment for under $294,000.
What’s really interesting about these hot spots of affordability is that many have bucked the trend of falling property values. Four of the top five most affordable suburbs for apartment including Bacchus Marsh, Albion, Darley and Melton South have enjoyed price gains as high as 13.5% over the past 12 months.
Affordable suburbs 20km from the Melbourne CBD
Within a 20km ring from Melbourne’s CBD, six suburbs have a median house value less than $500,000, with four of the five located in the Hume area – the cheapest suburb being Coolaroo, with a median value of $453,602.
Albion is the most affordable middle-ring suburb for apartments, with a median unit value of $320,234.
Affordable suburbs 10km from Melbourne’s CBD
Aussie’s research dished up a welcome surprise in Melbourne’s inner city apartment market. Even buyers on a tight budget could still become home owners, with suburbs such as Carlton having a median apartment value of just $329,228 though it is possible to pick up a unit for as little as $272,393.
Two other inner city suburbs have median unit values below $380,000 including Travancore (median unit value of $355,798) and Flemington ($376,069).
House buyers in the inner ring of Melbourne can expect to pay more. Topping the list of most affordable suburbs for houses 10km from the city centre is Maidstone, with a median house value of $738,813. Coburg North offers plenty of affordability (median of $750,857). But it’s the Maribyrnong region that accounts for seven of the 20 cheapest inner Melbourne suburbs for houses.
Aussie’s research highlights how knowing the most affordable suburbs can help you get more value for your buying budget.
To read the full Aussie/CoreLogic report click here. Or talk to your local Aussie Broker for expert advice on the home loan that’s right for you.
