Despite Melbourne’s median house price recently hitting a record high, there are still plenty of opportunities for investors to nab a bargain in the Victorian capital.
New data released by the Real Estate Institute of Victoria (REIV) has uncovered the top 10 most affordable Melbourne suburbs, in the three months to 30 June.
Melton West was named most affordable, with a median house price of $331,000 — less than half the citywide median of $725,000.
This was followed by Werribee with a median house price of $355,000, and Cranbourne with a median of $380,000.
Suburbs with median house prices also under the $400,000 mark were Wyndham Vale ($385,000), Hampton Park ($385,750), Hoppers Crossing ($390,000), and Pakenham ($393,000).
Rounding out the top 10 most affordable suburbs were Carrum Downs, Sunbury and Roxburgh Park, recording median house prices of $405,000, $412,500 and $425,000 respectively.
REIV CEO Geoff White said a strong market and record low interest rates has driven 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 said.
Mr White said buyers who are looking for high-value, affordable homes should 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 said.
“Houses with renovating potential or slightly smaller properties in good suburbs offer great buying in the current market.
“Affordable suburbs had performed well over the past 12 months, with four of the top 10 most affordable suburbs delivering double digit growth.”