15 Most Affordable Suburbs in Melbourne
Affordable and Melbourne aren’t usually two words you would see in the same sentence. But there are some pockets of Melbourne that are yet to extend entirely out of the reach of first home buyers. Have a read here to get a handle on some of Melbourne’s most affordable suburbs and what they have going for them.
East of Melbourne is where you’ll find the leafiest and most family friendly suburbs, but the inner east doesn’t really warrant a mention amongst the most affordable suburbs in Melbourne.
The balance you will likely need to strike will be between the relative distance and affordability of the target suburb you want to buy in. If you’re comfortable with a longer commute into the city, you’ll quickly find yourself presented with some beautiful options.
Lilydale, Croydon, Mooroolbark
The verdant eastern suburbs are by far the most expensive when it comes to median property prices. But the longstanding suburbs of Lilydale, Croydon and Mooroolbark are a collection of leafy suburbs sitting just north of the beautiful Dandenong Ranges and Mount Dandenong. Connected to the city via a highly accessible train line and populated with an impressive number of educational institutions, there is a lot for young families to look to in this section of Melbourne.
Boronia, Ferntree Gully, Belgrave, Upwey
Surprisingly, many of the more affordable suburbs in Melbourne’s east are those surrounding some of the most beautiful natural features that Melbourne has to offer. Right at the mouth of the Dandenong Ranges, each Boronia, Ferntree Gully, Belgrave and Upwey are perfect for those looking to find a balance between access to the hustle and bustle of the city and the quiet peacefulness of one of Victoria’s most beautiful national parks. These areas are rare gems for those looking to keep up a busy inner-city career while having the space to relax and enjoy the outdoors over the weekend.
The western suburbs of Melbourne are seeing the most rapid development and present young professionals and families alike the greatest opportunities to buy and own a spacious home that isn’t too far from the city. The relative proximity of a home in the inner west to the city may not even be it’s greatest strength however, as there is a great deal of development taking place, and a correlated rise in the number of employment opportunities.
City of Melton
Melton and its surrounding suburbs are far and away the fastest growing opportunity in the booming western suburbs. The median house price has skyrocketed over the course of the last five years, and yet it still remains highly affordable. The median house price in Melton itself is below 400k and is growing steadily.
Rockbank, Plumpton, Diggers Rest
Just a bit closer to the Melbourne CBD are the suburbs of Rockbank, Plumpton and Diggers Rest. These areas are of increasing interest to those looking to buy their first home and want a relatively inexpensive entry point to the market. Close to the Sunbury shopping centre and serviced with both buses and a trainline, these suburbs look set to grow rapidly in popularity in the coming years.
Truganina, Tarneit, Laverton
Each of these areas present a great balance of proximity to the city with the inexpensive property prices that you can find throughout the western suburbs. The furthest of the three, Tarneit, is just a 40-minute drive along the M1 into the CBD and is a great place to raise a young family.
The southern suburbs are host to probably the widest range of geography and lifestyles for those looking for affordable homes. The most affordable suburbs in the southern suburbs vary from those down toward the Mornington Peninsula, with other options more inland in Officer, Narre Warren and Pakenham.
Beaconsfield, Officer, Pakenham
Beaconsfield Officer and Pakenham border West Gippsland and are a great option for those looking for a quieter life with access to the city, although with a longer commute. There is
Cranbourne and Clyde are two areas that have seen some great developments in the last few years. Perfect for young families and professionals alike, those who live there enjoy the shopping district, collection of schools and easy access to public transport.
The inner-northern suburbs have a long-held reputation as Melbourne’s eclectic cultural heart. Home to record stores, third wave cafes and beautiful historic architecture surrounded with street art, there is always something to look forward to. But these suburbs mostly come with a hefty price tag. The answer for many is to look a little further from the CBD for the next ‘big’ area.
One of the exceptions to the mostly expensive inner north is Carlton. Those looking for units or apartments might be pleasantly surprised by the proximal location they can find to the city in this historic cultural hub. Though you won’t likely find a great deal of space to move around in, with plenty to do in the area on any given day of the week, the balance isn’t a hard one to see both sides of.
Coolaroo, Broadmeadows, Campbellfield
These three suburbs sit just north of Pascoe Vale and are a great way for an attuned investor or young family to get their foot in the door of the Melbourne housing market. The lesser known surrounding areas of Coolaroo, Dallas and Jacana present a number of affordable housing opportunities, that might be slightly harder to find in Broadmeadows or other popular centres serviced by the Craigieburn Line.
Thomastown is a suburb set for a meteoric growth in the coming decade. Already seeing a huge uptick in the median house price over the last decade, the starting of works on the Metropolitan Ring Road and the similar rise in popularity of the nearby Preston will see this suburb develop fast in the coming years.