This article is from the Australian Property Journal archive
THERE are suburbs in Melbourne where homebuyers can still get a foothold into the market for a fraction of the city’s median house price.
According to the REIV, Melton West was the most affordable suburb with a median house price of $331,000, compared to the Melbourne median of $725,000.
Werribee was another affordable suburb with a median house price of $355,000.
Buyers looking to enter the market for less than $400,000 could do so in a number of suburbs including Cranbourne ($380,000), Wyndham Vale ($385,000) and Pakenham ($393,000).
REIV CEO Geoff White said record low interest rates and a strong market was driving price growth in areas further from the city, however these suburbs continue to offer value for money.
White said affordable suburbs had also performed well over the past 12 months, with four of the top 10 most affordable suburbs delivering double digit growth.
Top 10 Most Affordable Suburbs (June Quarter Median Price):
| Most Affordable | Suburb | Jun-16 Median | Annual Change |
| 1 | MELTON WEST | $331,000 | 3.5% |
| 2 | WERRIBEE | $355,000 | 9.4% |
| 3 | CRANBOURNE | $380,000 | 11.4% |
| 4 | WYNDHAM VALE | $385,000 | 5.9% |
| 5 | HAMPTON PARK | $385,750 | 7.2% |
| 6 | HOPPERS CROSSING | $390,000 | 13.8% |
| 7 | PAKENHAM | $393,000 | 5.5% |
| 8 | CARRUM DOWNS | $405,000 | 12.4% |
| 9 | SUNBURY | $412,500 | 10.0% |
| 10 | ROXBURGH PARK | $425,000 | 5.2% |
Melbourne Suburbs Offering Value Buying (the “Top 20 Lowest Quartile Suburbs”) Below $500,000:
| Suburb | Lower Quartile | Jun-16 Median | Annual Change |
| MELTON WEST | $269,125 | $331,000 | 3.5% |
| WERRIBEE | $320,000 | $355,000 | 9.4% |
| WYNDHAM VALE | $328,500 | $385,000 | 5.9% |
| HAMPTON PARK | $351,916 | $385,750 | 7.2% |
| PAKENHAM | $353,000 | $393,000 | 5.5% |
| CRANBOURNE | $357,000 | $380,000 | 11.4% |
| HOPPERS CROSSING | $360,000 | $390,000 | 13.8% |
| SUNBURY | $360,000 | $412,500 | 10.0% |
| ROSEBUD WEST | $375,000 | $449,500 | 16.2% |
| CRAIGIEBURN | $380,000 | $426,000 | 7.1% |
| MERNDA | $385,250 | $430,000 | 8.9% |
| FRANKSTON | $390,000 | $437,500 | 11.4% |
| ROSEBUD | $390,000 | $445,000 | 6.5% |
| CRANBOURNE NORTH | $390,000 | $455,000 | 15.4% |
| TARNEIT | $391,000 | $430,000 | 3.5% |
| ROXBURGH PARK | $392,500 | $425,000 | 5.2% |
| CARRUM DOWNS | $393,000 | $405,000 | 12.4% |
| TRUGANINA | $402,000 | $450,000 | 15.5% |
| DEER PARK | $415,000 | $440,250 | 14.9% |
| CAROLINE SPRINGS | $420,000 | $500,000 | 11.4% |
Australian Property Journal
