What is Melbourne’s most affordable and liveable suburb?

Montmorency ranked 434th for affordability with a high median house price of $839,000 but that was more than offset by its number one rating for liveability, with excellent public transport, four local schools and childcare centres, and 19 licensed venues among other attributes.

The report shows all of Melbourne’s regions have their standouts, People’s Choice chief executive Steve Laidlaw said.

“Burnside in the west is now ranked second for home buyers, with a considerably more affordable median price of $618,500 combined with an attractive liveability ranking of 76 which should certainly attract attention,” Mr Laidlaw said.

“Gowanbrae is third on the latest list, followed by Watsonia North which was number one six months ago. Then there’s Noble Park North in fifth spot, another more affordable suburb at $606,000 which equates to about $650 a week in repayments but it is that little further out at 25 kilometres.

“That’s the great strength of this research – you can compare areas on more than just price. Some suburbs have high prices and high liveability, but right next to them on the list can be underappreciated areas that are very worthy of attention.”

For those looking to buy an apartment instead of a house, Ormond in the city’s south-east topped the list as the fifth-highest suburb for liveability and a palatable ranking of 142 for affordability.

“With a median sale price which has dropped recently to $525,000, Ormond is the most affordable suburb in our top 10 but still ticks a lot of boxes with good results for schools, transport, local facilities, and public safety – important factors when it comes to quality of life,” Mr Laidlaw said.

“Suburbs in the east and southeast certainly dominate when it comes to units, with Ormond followed by Caulfield North, Hawthorn East, Mont Albert and Hughesdale, locations which have provided owners with an average 3.3 per cent compound annual growth rate over the past 10 years.”