Housing prices in Melbourne reveal affordability is still attractive with the median house value tracking approximately $300,000 lower than Sydney
The Melbourne housing market continues to beat Sydney in terms of affordability, despite the city’s dwelling values rising by about 85 per cent since 2009, according to a report by Aussie Home Loans and CoreLogic.
The median house value across Melbourne is $693,886 which is 30 per cent or almost $300,000 lower than Sydney’s median house value.
Chief Executive Officer of Aussie, Mr James Symond said “Despite the strong affordability position of Melbourne relative to Sydney, house values tend to be substantially higher after a sustained period of growth”.
The most affordable suburb within the Melbourne metro region, based on median house values, is Melton, located about 34km from the CBD, with a median value of $284,915.
The report shows there is only one other suburb within the Melbourne metro area showing a median house value under $300,000, with Melton South’s median value of $285,213.
For buyers who are looking for a house within 20km of the CBD, the most affordable options are within the Hume council area, with Coolaroo the most affordable suburb, based on the median house value of $338,598 and a mean home loan value of $133.019.
Two other Melbourne suburbs within 20km of the CBD show a median house value that is under $400,000 - Dallas ($346,688) and Meadow Heights ($379,207).
Research Director of Core Logic, Mr Tim Lawless, said “There are 19 suburbs within 20km of the CBD with a median house value under $500,000, while those less than 10km of the city are substantially higher.
“The lowest median house value for a suburb within 20km of the Melbourne CBD is the Maribyrnong suburb of Braybrook where the median house value is $613,399, while Maidstone ($697,649) is the only other suburb within 10km of the Melbourne CBD with a median house value under $700,000”, he added.
To view the report, please click here.
For further information: Tim Allerton City PR 0412 715 707