The cheapest place to buy a house near Melbourne’s CBD
Four neighbouring suburbs within 10 kilometres of Melbourne’s central business district currently have a median house price of under $1 million, and one neighbourhood, in particular, is starting to attract attention.
Maidstone, West Footscray, Footscray and Maribyrnong in Melbourne’s inner west are actually the only suburbs within 10 kilometres of the city centre that come in under the $1 million threshold, according to Domain.
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Out of the four, Maidstone is the cheapest, with a median price of $826,500. Though close to the other communities in the quartet, Maidstone arguably represents the best value, with all the other suburbs coming in over the $900,000 mark for an average house.
Due to its location and attractive price point, Maidstone has become something of a “magnet for those seeking an affordable home within easy reach of the city centre”, according to Barry Plant Yarraville partner Michelle Mammoliti.
Just across Rosamond Road from Footscray, houses in the postcode offer an almost $100,000 saving for crossing the street, with Footscray’s median house price coming in at $920,000.
“It’s a hidden gem that offers value for money,” Ms Mammoliti said, noting that a number of the homes are proving popular for reasons beyond their price tag.
The suburb is gaining attention from those with a bit of taste for DIY. Ms Mammoliti said a recent three-bedroom post-war house in original condition had attracted particular interest from buyers looking to put their stamp on something with original charm that was in need of attention.
With a median price of $450,000, apartments in Maidstone are finding buyers eager for a low entry point onto the market.
Not only prized for its proximity to the CBD, but Maidstone is also proving attractive for its close proximity to amenities like groceries and retail at Highpoint Shopping Centre and transit access to trams, buses and trains at Tottenham train station.
“There is a tramline to the CBD, which is rare in the western suburbs,” Ms Mammoliti noted.
Families have been finding plenty to appeal in the inner-city local, with Footscray North Primary School, Caroline Chisholm Catholic College, and Maribyrnong College — noted for its elite sports program — within easy reach.
“Many families from across Melbourne and regional Victoria buy into the area to be in the zone,” Ms Mammoliti commented on the athletic program.
Maribyrnong Aquatic Centre is a further nearby attractor for active families.
