Which Is The Cheapest Suburb In Melbourne?

Eastern Melbourne Suburbs: Budget Real Estate in Melbourne

Family-friendly spots in Melbourne are located in the city's eastern suburbs, in which you'll discover tree-lined streets, Victorian-era architecture, and quick access to the top schools and shops in the area. Wait, there's a catch; the sum amount is so shocking that you need a moment to process it.

Some of Melbourne's most desirable residential areas, however, are located just 30–40 kilometres east of the central business district, against the backdrop of the Dandenong Ranges.

The eastern suburbs, formerly a popular weekend escape, are now home to many young families and retirees.

Connected to the city through the Lilydale line, the suburbs of Lilydale, Croydon, and Mooroolbark may be reached in about an hour. Lilydale, one of these suburbs, with a median house price of $770,000 and a median unit price of $540,000. One might expect to pay $825,000 for a single-family home or $620,000 for an apartment in Croydon.

The Belgrave Line provides service between Boronia and Ferntree Gully as well as Belgrave, Upwey, and Tecoma. There is a $722,000 price tag on the average Belgrave home. You may get a house for $775,000 and an apartment for $600,000 in the nearby suburb of Boronia.

Dandenong's median house price is $645,000, while the median unit price is $390,000. Millgrove, located 63 kilometres outside of Melbourne's central business district, is a great place to get back to nature at a reasonable cost (the median house price there is only $475,000).

Western Suburbs: Melbourne's Most Affordable Real Estate

As a result of its tremendous expansion, the West is the most rapidly expanding region in the United States. Less people are making the trek into the city for work since there are more chances for them to work closer to home. There are a number of future modifications that will make up for the fact that the current services and infrastructure are inadequate.

The City of Melton, while not as lush as the eastern suburbs of Melbourne, is proving to be a popular option because of its low housing costs. A number of expanding communities in the vicinity are offering homebuyers affordable Melbourne real estate that is both close to the airport and about 45 minutes from the centre.

After Melton (median property price $410,000), Melton South ($441,000), Cobblebank ($545,000), and Kurunjang ($441,000), Melton is the most affordable suburb in Melbourne.

Rockbank ($525,000), Diggers Rest ($561,000), and Caroline Springs ($660,000) all have large blocks and new, modern homes, making them appealing to first-time homebuyers and families. The neighbourhood is well-served by both a train line and bus links, and sports clubs and amenities are many.

Truganina ($595,000), Tarneit ($580,000), and Laverton ($572,000) are less expensive alternatives that are closer to the metropolis. The rail ride from Laverton to the city proper takes only 30 minutes and covers the short distance of 17 kilometres. Additionally, Tarneit's proximity to the Werribee shopping centre, excellent local schools, brand-new train station, and extensive local bus network are all contributing factors in the area's rising popularity among homebuyers.

Werribee, Hoppers Crossing, and Manor Lakes are some other nearby localities with cheap median sales prices. The median home price in Wyndham Vale is $510,000, so you can get a nice place there for under $500,000.

Melton has the cheapest apartment prices in greater Melbourne at $305,000, followed by South Albion at $350,000.

Northern Suburbs: Top Melbourne Real Estate Spot

Fitzroy, Brunswick, and Northcote are some of Melbourne's hippest northern suburbs, but they also happen to be some of the most expensive. Some of Melbourne's most affordable neighbourhoods may be found just a few miles north of these parks, where median home prices are currently well below $600,000.

Coolaroo and Dallas, both located near the airport and boasting a variety of high-quality services, are only 18 kilometres from the heart of the city and offer tremendous value in comparison to their hipper neighbours. Prices can be broken down as follows: Coolaroo is the most affordable option, with a median property price of $480,000. The median home price in Dallas is $488,000.

The median home price in Campbellfield has dropped to a more reasonable $580,000, while the median price of an apartment is $436,500, both of which are significant decreases from their previous peaks. Also included are the neighbourhoods of Meadow Heights, Broadmeadows, and Jacana.

Craigieburn is becoming more and more desirable as a place to live because of the high quality of its schools, parks, and commercial centre. A home in this area will set you back a median of $580,000.

Southern Suburbs: Australia's Melbourne Suburbs That Don't Break The Bank

South of the city, on the brink of the Mornington Peninsula, you'll find some surprisingly affordable Melbourne real estate. The south is a great place to live if you're a nature lover who wants to get away from the hustle and bustle of city life and spend more time outside.

Affordable housing may be found 35 km outside of the CBD in Narre Warren, Hampton Park, Lynbrook, and Hallam. The typical home price in Hampton Park is $570,000, making it the most affordable neighbourhood. Lynbrook is listed at $707,500, while Narre Warren goes for $600,000.

It's 54 kilometres from the city, but it offers excellent schools, a train station, sporting facilities, and parks, making it a good option for developing families. The average price of a home in this area is $603,750. The typical price of a home in neighbouring Pakenham is $565,000.

Additionally, the median home price in Cranbourne, Clyde, and Frankston North is under $600,000. The median price of a home in Frankston North is under $500,000, but in Hastings it's $569,250.

Both Cranbourne ($405,000) and Pakenham ($405,000) offer great value when searching for a one-bedroom apartment. Although the trip to the city from Koo Wee Rup would cost you an additional hour and a half each way, a one-bedroom flat can be had for $387,500.

Where To Find The Most Reasonably Priced Houses And Apartments In The Inner City of Melbourne

An inner-city neighbourhood is not necessarily a "write-off" if you are willing to forego the "Australian ideal" of a big house and yard. Apartments in Melbourne may be found at reasonable prices, and while you might have to make some sacrifices in terms of square footage, the benefits of living closer to work and reducing your commute time more than make up for it.

The typical sale price for an apartment has dropped to $487,500, making Carlton the most affordable option. Both Travancore and Flemington, with median unit prices of $358,500 and $459,500, respectively, offer affordable housing options for those who don't want to spend more than $400,000. The convenience and low cost of living in any of these three suburbs is due to their proximity to the city centre, all within five kilometres.

If you want to live within ten kilometres of the CBD but don't want to spend more than $800,000, areas like Coburg North, Maidstone, and Bellfield offer median selling prices below $800,000 and are worth considering. The median price of a home in Maidstone is $850,000, making it the city with the cheapest housing market. In the neighbourhoods of Footscray and West Footscray, a home with two bedrooms may be purchased for around $900,000.

List of Melbourne's Most Affordable Suburbs to Buy a House

Earlier this year, reports revealed how the property downturn in Australia has suffered in recent months appeared to be moderating, albeit spreading to places.

As the downturn spreads to new locations, first-time buyers and investors in the market for a reliable investment or rental property can benefit greatly from the current climate.

Melbourne's real estate market saw a loss of 0.8% from February to March, according to data from the CoreLogic national home value index. This decline in property values has persisted for 17 months. Prime real estate close to Melbourne's central business district is still selling for record prices despite the market downturn.

Even though property markets are booming in Melbourne's outer suburbs, purchasing or renting an affordable investment, rental unit, or starter house is still well within reach.

This is precisely why many people want to relocate to these more peaceful neighbourhoods. Outlying suburbs provide the best of both worlds: country life close to the city. The Melbourne CBD is still easily accessible, and most towns provide all the services, facilities, and schools a resident may need.

Melton, Melton South, Millgrove, Cobblebank, and Kurunjang were named as Melbourne's five most affordable suburbs by the Aussie and CoreLogic 2019 Most Affordable Suburbs survey.

Melton

Approximately 60,000 people call Melton, which is located 35 km west of Melbourne's CBD, home. Property costs in this portion of Victoria are among the lowest in the country, which may be attracting a large number of new residents.

Melton is a hive of sporting activity, with basketball, harness racing, and hockey all available. In 2015, Milton also established the country's first American gridiron club, also known as an American football team.

The Melton Civic Centre regularly hosts live events, and every November, the area's Djerriwarrh Festival brings in a large number of people to enjoy the area's rich artistic culture.

Melton is home to numerous public parks, fitness centres, and other recreational facilities, as well as numerous shopping centres, private, and secondary educational institutions.

Melton has a median home price of about $390,000. Weir Views, Fraser Rise, and Aintree are located in this region, and all three have had some of the strongest median house price growth in all of Victoria, despite their comparatively low purchase prices.

The area's strong population expansion is fueling its development, which in turn attracts new residents. Due of this, Melton is a great place to consider if you are in the market for a rental home or investment property.

Melton South

Melton South is part of the City of Melton council area and is roughly a half-hour drive from Melbourne's CBD.

House prices in Melton South have increased to a median price of $410,000 over the previous several years, which is a 74.5% increase but still not as high as they would be in nearby Melbourne. This neighbourhood is popular with families because it contains three primary schools and four secondary schools.

Affordable property alternatives and the promise of a homey, laid-back lifestyle outside the city have likely contributed to the overall growth in the population of the City of Melton, which in turn has pushed up house prices in this suburb.

The local golf club in Melton South is significant enough to be on the national register of historic places. Nature enthusiasts also flock to the area's abundant parks and adjacent woodland.

The average cost of a mortgage payment is $378 per week, whereas the average cost of rent is around $320 per week.

Millgrove

Millgrove, Victoria, is located 63 kilometres from Melbourne's central business district. Millgrove, a hamlet of less than 2,000 people known for its laid-back lifestyle, welcoming community, and breathtaking scenery, is a popular place to raise a family and launch a career.

Millgrove is not too small to make an impression, given its location near to the picturesque Yarra River. Locals love that buying a home here doesn't break the bank. In 2014, Millgrove has the lowest median home price of any suburb in Melbourne at under $295,000.

The average home price in the neighbourhood was $409,000 in February 2019, which is higher than it was in previous months but may still be highly appealing to first-time buyers and investors.

Corelogic Geoff White, the president of real estate in Australia, told the Sunday Herald Sun that the recent spike in home prices in Millgrove shouldn't deter potential purchasers.

For first-time buyers especially, the neighbourhood still sees "very good results," according to Rebecca Doolan of Bell Real Estate. "But you still get a lot of value for money," White said.

"It's a market where folks who are on their own can still buy in," Doolan explained.

Cobblebank

Cobblebank, along with other expanding Melbourne suburbs, is predicted to become a major regional commercial, civic, academic, healthcare, sales, entertainment, and residential hub in the coming decades as the population of the western urban area grows to as many as 60,000 people in the coming years.

Toolern Town Centre, located in the heart of Cobblebank, is slated to become a major regional hub.

When finished towards the end of the year, the Cobblebank train station will play an essential role for the city Center of Melton.

Melton's already thriving basketball community has been bolstered by the recent construction of a state-of-the-art five-court indoor stadium at the intersection of Bridge and Ferris Roads.

Buyers and investors can anticipate many new properties being offered in Cobblebank over the next few years, with plenty of possibilities for investment return due to its ideal proximity to the new railway station, as this is still a developing area and considering the general affordability of property in Melton. Cobblebank could be a good choice if you want to increase the size of your real estate holdings.

Kurunjang

Kurunjang, which is part of the City of Melton's LGA, is another suburb that caters to families who value a quiet, suburban environment.

It is estimated that little over 10,000 people call Kurunjang home, and the newly built Kurunjang Community hub has plans to promote both skill development and recreational opportunities for the local populace.

Described by the mayor of Melton as "An inviting and well-designed facility, with so many elements for the community to enjoy," this cutting-edge location will "encourage hands-on learning for students of all ages and provide a range of exciting activities and programmes for residents," among other benefits.

Students from Kurunjang Primary School, Kurunjang Secondary School, and Heathdale Christian College, all of which are located in Kurunjang, as well as members of the wider Kurunjang community, will benefit from the educational opportunities offered by the Kurunjang Community Hub, which includes a teaching kitchen, edible garden, and classrooms.

Despite a decline in median house prices in the affluent inner suburbs, the property market in the more peripheral outer suburbs has proven resilient, with Kurunjang becoming the top performer for the December 2018 quarter, exhibiting growth of more than 17 percent.

In spite of the fact that the median house price in Kurunjang is currently around $442,000, this is still great news for anyone looking to purchase a home in a well-established suburb.

Conclusion

The  most cheap suburbs in Melbourne, Victoria provide enough chance for purchasers and renters to slow down the pace while doubling up on investment prospects.

With the western urban area of Melbourne expected to reach 60,000 people in the next few years, areas like Melton, Melton South, Millgrove, Cobblebank, and Kurunjang present excellent opportunities for first-time and investment buyers to acquire a property with great potential for return on investment in the next few years.

Numerous of these suburbs have already established amenities and facilities, while many are only now beginning to expand their recreational and entertainment offerings for locals.

According to the Aussie and CoreLogic 2019 Most Affordable Suburbs study, the median property price in Melton is $389,190, while it is $404,812 in Melton South, $419,830 in Millgrove, $434,888 in Pebblebank, and $436,026 in Kurunjang.

People interested in real estate will likely be keeping a close eye on this neighbourhood in the coming years because of its cheap housing prices.

It is recommended that first-time homebuyers consult with a real estate agent who has experience in the local housing market. Choose a reliable agent with the help of Perfect Agent's recommendations; our database has contact information for real estate professionals all throughout Australia.

Content Summary:

• At a typical price of $908,239, genuine savings can only be found in Melbourne neighbourhoods away from the central business district and the coast.
• Fortunately, properties in Melbourne's outer suburbs meet this criteria, since they typically have larger blocks of land and spacious, well-maintained residences.
• Properties are being purchased rapidly by first-time buyers as a result of more affordable costs; moving just a few stations down the railway line results in residences selling for less than $600,000.
• Domain's analysis of house price data has uncovered the top five cheapest suburbs to purchase houses and units within a 10-kilometer and 20-kilometer radius of the CBD, though there is a wide range of prices from suburb to suburb (with some areas in the east and south-east reaching upwards of $20 million).
• Buyers can get the most value for their money in the western and northern suburbs of Melbourne, according to the research.
• Maidstone, a green neighbourhood in the west, has the lowest median house price within 10 kilometres of the central business district, at around $723,500.Similar homes can be purchased for a median price of $800,000 in West Footscray, located nine kilometres from the city, and $855,000 in Footscray, located seven kilometres from the city.
• Eastern Melbourne Suburbs: Budget Real Estate in Melbourne
• Family-friendly spots in Melbourne are located in the city's eastern suburbs, in which you'll discover tree-lined streets, Victorian-era architecture, and quick access to the top schools and shops in the area.
• Wait, there's a catch; the sum amount is so shocking that you need a moment to process it.
• Some of Melbourne's most desirable residential areas, however, are located just 30–40 kilometres east of the central business district, against the backdrop of the Dandenong Ranges.
• The eastern suburbs, formerly a popular weekend escape, are now home to many young families and retirees.
• Connected to the city through the Lilydale line, the suburbs of Lilydale, Croydon, and Mooroolbark may be reached in about an hour.
• The Belgrave Line provides service between Boronia and Ferntree Gully as well as Belgrave, Upwey, and Tecoma.
• There is a $722,000 price tag on the average Belgrave home.
• You may get a house for $775,000 and an apartment for $600,000 in the nearby suburb of Boronia.
• Dandenong's median house price is $645,000, while the median unit price is $390,000.
• Millgrove, located 63 kilometres outside of Melbourne's central business district, is a great place to get back to nature at a reasonable cost (the median house price there is only $475,000).Western Suburbs: Melbourne's Most Affordable Real Estate As a result of its tremendous expansion, the West is the most rapidly expanding region in the United States.
• Less people are making the trek into the city for work since there are more chances for them to work closer to home.
• There are a number of future modifications that will make up for the fact that the current services and infrastructure are inadequate.
• The City of Melton, while not as lush as the eastern suburbs of Melbourne, is proving to be a popular option because of its low housing costs.
• A number of expanding communities in the vicinity are offering homebuyers affordable Melbourne real estate that is both close to the airport and about 45 minutes from the centre.
• After Melton (median property price $410,000), Melton South ($441,000), Cobblebank ($545,000), and Kurunjang ($441,000), Melton is the most affordable suburb in Melbourne.
• Rockbank ($525,000), Diggers Rest ($561,000), and Caroline Springs ($660,000) all have large blocks and new, modern homes, making them appealing to first-time homebuyers and families.
• The neighbourhood is well-served by both a train line and bus links, and sports clubs and amenities are many.
• Truganina ($595,000), Tarneit ($580,000), and Laverton ($572,000) are less expensive alternatives that are closer to the metropolis.
• Melton has the cheapest apartment prices in greater Melbourne at $305,000, followed by South Albion at $350,000.
• Northern Suburbs: Top Melbourne Real Estate Spot
• Fitzroy, Brunswick, and Northcote are some of Melbourne's hippest northern suburbs, but they also happen to be some of the most expensive.
• Some of Melbourne's most affordable neighbourhoods may be found just a few miles north of these parks, where median home prices are currently well below $600,000.Coolaroo and Dallas, both located near the airport and boasting a variety of high-quality services, are only 18 kilometres from the heart of the city and offer tremendous value in comparison to their hipper neighbours.
• Prices can be broken down as follows: Coolaroo is the most affordable option, with a median property price of $480,000.
• The median home price in Dallas is $488,000.The median home price in Campbellfield has dropped to a more reasonable $580,000, while the median price of an apartment is $436,500, both of which are significant decreases from their previous peaks.
• Also included are the neighbourhoods of Meadow Heights, Broadmeadows, and Jacana.
• Craigieburn is becoming more and more desirable as a place to live because of the high quality of its schools, parks, and commercial centre.
• The south is a great place to live if you're a nature lover who wants to get away from the hustle and bustle of city life and spend more time outside.
• Affordable housing may be found 35 km outside of the CBD in Narre Warren, Hampton Park, Lynbrook, and Hallam.
• The typical home price in Hampton Park is $570,000, making it the most affordable neighbourhood.
• Lynbrook is listed at $707,500, while Narre Warren goes for $600,000.
• It's 54 kilometres from the city, but it offers excellent schools, a train station, sporting facilities, and parks, making it a good option for developing families.
• Both Cranbourne ($405,000) and Pakenham ($405,000) offer great value when searching for a one-bedroom apartment.
• Although the trip to the city from Koo Wee Rup would cost you an additional hour and a half each way, a one-bedroom flat can be had for $387,500.Where To Find The Most Reasonably Priced Houses And Apartments In The Inner City of Melbourne  An inner-city neighbourhood is not necessarily a "write-off" if you are willing to forego the "Australian ideal" of a big house and yard.
• Apartments in Melbourne may be found at reasonable prices, and while you might have to make some sacrifices in terms of square footage, the benefits of living closer to work and reducing your commute time more than make up for it.
• The typical sale price for an apartment has dropped to $487,500, making Carlton the most affordable option.
• Both Travancore and Flemington, with median unit prices of $358,500 and $459,500, respectively, offer affordable housing options for those who don't want to spend more than $400,000.
• The convenience and low cost of living in any of these three suburbs is due to their proximity to the city centre, all within five kilometres.
• If you want to live within ten kilometres of the CBD but don't want to spend more than $800,000, areas like Coburg North, Maidstone, and Bellfield offer median selling prices below $800,000 and are worth considering.
• The median price of a home in Maidstone is $850,000, making it the city with the cheapest housing market.
• In the neighbourhoods of Footscray and West Footscray, a home with two bedrooms may be purchased for around $900,000.
• Earlier this year, reports revealed how the property downturn in Australia has suffered in recent months appeared to be moderating, albeit spreading to places.
• As the downturn spreads to new locations, first-time buyers and investors in the market for a reliable investment or rental property can benefit greatly from the current climate.
• Melbourne's real estate market saw a loss of 0.8% from February to March, according to data from the CoreLogic national home value index.
• Even though property markets are booming in Melbourne's outer suburbs, purchasing or renting an affordable investment, rental unit, or starter house is still well within reach.
• This is precisely why many people want to relocate to these more peaceful neighbourhoods.
• Outlying suburbs provide the best of both worlds: country life close to the city.
• The Melbourne CBD is still easily accessible, and most towns provide all the services, facilities, and schools a resident may need.
• Melton, Melton South, Millgrove, Cobblebank, and Kurunjang were named as Melbourne's five most affordable suburbs by the Aussie and CoreLogic 2019 Most Affordable Suburbs survey.
• Melton Approximately 60,000 people call Melton, which is located 35 km west of Melbourne's CBD, home.
• Property costs in this portion of Victoria are among the lowest in the country, which may be attracting a large number of new residents.
• Melton is a hive of sporting activity, with basketball, harness racing, and hockey all available.
• In 2015, Milton also established the country's first American gridiron club, also known as an American football team.
• The Melton Civic Centre regularly hosts live events, and every November, the area's Djerriwarrh Festival brings in a large number of people to enjoy the area's rich artistic culture.
• Melton is home to numerous public parks, fitness centres, and other recreational facilities, as well as numerous shopping centres, private, and secondary educational institutions.
• Melton has a median home price of about $390,000.
• Weir Views, Fraser Rise, and Aintree are located in this region, and all three have had some of the strongest median house price growth in all of Victoria, despite their comparatively low purchase prices.
• The area's strong population expansion is fueling its development, which in turn attracts new residents.
• Due of this, Melton is a great place to consider if you are in the market for a rental home or investment property.
• Melton SouthMelton South is part of the City of Melton council area and is roughly a half-hour drive from Melbourne's CBD.House prices in Melton South have increased to a median price of $410,000 over the previous several years, which is a 74.5% increase but still not as high as they would be in nearby Melbourne.
• Affordable property alternatives and the promise of a homey, laid-back lifestyle outside the city have likely contributed to the overall growth in the population of the City of Melton, which in turn has pushed up house prices in this suburb.
• The local golf club in Melton South is significant enough to be on the national register of historic places.
• Nature enthusiasts also flock to the area's abundant parks and adjacent woodland.
• The average cost of a mortgage payment is $378 per week, whereas the average cost of rent is around $320 per week.
• Millgrove Millgrove, Victoria, is located 63 kilometres from Melbourne's central business district.
• Millgrove, a hamlet of less than 2,000 people known for its laid-back lifestyle, welcoming community, and breathtaking scenery, is a popular place to raise a family and launch a career.
• Millgrove is not too small to make an impression, given its location near to the picturesque Yarra River.
• Locals love that buying a home here doesn't break the bank.
• In 2014, Millgrove has the lowest median home price of any suburb in Melbourne at under $295,000.The average home price in the neighbourhood was $409,000 in February 2019, which is higher than it was in previous months but may still be highly appealing to first-time buyers and investors.
• Corelogic Geoff White, the president of real estate in Australia, told the Sunday Herald Sun that the recent spike in home prices in Millgrove shouldn't deter potential purchasers.
• "It's a market where folks who are on their own can still buy in," Doolan explained.
• Cobblebank, along with other expanding Melbourne suburbs, is predicted to become a major regional commercial, civic, academic, healthcare, sales, entertainment, and residential hub in the coming decades as the population of the western urban area grows to as many as 60,000 people in the coming years.
• Toolern Town Centre, located in the heart of Cobblebank, is slated to become a major regional hub.
• Buyers and investors can anticipate many new properties being offered in Cobblebank over the next few years, with plenty of possibilities for investment return due to its ideal proximity to the new railway station, as this is still a developing area and considering the general affordability of property in Melton.
• Cobblebank could be a good choice if you want to increase the size of your real estate holdings.
• Kurunjang, which is part of the City of Melton's LGA, is another suburb that caters to families who value a quiet, suburban environment.
• It is estimated that little over 10,000 people call Kurunjang home, and the newly built Kurunjang Community hub has plans to promote both skill development and recreational opportunities for the local populace.
• Described by the mayor of Melton as "An inviting and well-designed facility, with so many elements for the community to enjoy," this cutting-edge location will "encourage hands-on learning for students of all ages and provide a range of exciting activities and programmes for residents," among other benefits.
• Students from Kurunjang Primary School, Kurunjang Secondary School, and Heathdale Christian College, all of which are located in Kurunjang, as well as members of the wider Kurunjang community, will benefit from the educational opportunities offered by the Kurunjang Community Hub, which includes a teaching kitchen, edible garden, and classrooms.
• Despite a decline in median house prices in the affluent inner suburbs, the property market in the more peripheral outer suburbs has proven resilient, with Kurunjang becoming the top performer for the December 2018 quarter, exhibiting growth of more than 17 percent.
• In spite of the fact that the median house price in Kurunjang is currently around $442,000, this is still great news for anyone looking to purchase a home in a well-established suburb.