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aerial view of suburb

A new report compiled by Aussie Home Loans and CoreLogic RP Data has identified the Hume and Brimbank councils as being the most affordable for houses and apartments within 20 kilometres of Melbourne’s CBD, with the suburb of Coolaroo coming out on top with a median house price of $296,000.

Maribyrnong council has been listed as the most affordable for houses within 10 kilometres of the CBD, with the suburb of Braybrook topping the list with a median value of $451,000.

Meanwhile the most affordable suburb for apartments within 20 kilometres of the CBD is Albion with a median value of $235,000; the only suburb within 20 kilometres of the city with a median unit value under $250,000.

Many of the most affordable units within 10 kilometres of the city are also located in the Maribyrnong area, however Carlton has emerged as the most affordable suburb with a median price of $315,000; largely a result of the suburb becoming a centre for student accommodation.

Most affordable suburbs within 10 and 20km of the Melbourne CBD, houses

Melbourne affordable suburbs table - houses within 10KM of CBD
Melbourne affordable suburbs table - houses within 10KM of CBD

Most affordable suburbs within 10 and 20km of the Melbourne CBD, units

Melbourne affordable suburbs table - Units within 10KM of CBD
Melbourne affordable suburbs table - Units within 20KM of CBD

Founder and Executive Chairman of Aussie, Mr John Symond, said “A lot of people are worried about affordability in Melbourne, however our Most Affordable Suburbs report shows that there are still desirable pockets of Melbourne close to the city centre that are reasonably priced.

“Many of the most affordable suburbs also have great transport links either in their own or adjacent suburbs, and these types of services are perfect for young professionals and first time buyers who need affordability but with good accessibility to the CBD,” he added.

“There is money available for home lending and interest rates remain low, so these suburbs present a great opportunity for buyers to get into the Melbourne property market despite its significant growth in house values of over 10 per cent in the last 12 months,” he added.

“Owner occupiers can still borrow up to 95 per cent of a property’s value, and the suburbs listed in our report provide a map of where the most affordable property is located. Price growth is also expected to slow to more sustainable levels over the next year, so this is further good news for people trying to get into the market, especially first home buyers or those looking to upgrade to a new home.

Map of Melbourne’s Most Affordable Suburbs within 10 and 20km of the CBD, houses

map of Melbourne

To download the full Aussie/CoreLogic RP Data Most Affordable Suburbs Report, visit www.aussie.com.au/affordable-suburbs.

Aussie’s mobile mortgage brokers and stores offer free home loan advice and pre-approvals for home loans sourced from its panel of up to 19 lenders, including the big banks. To book a free appointment, call 13 13 33 or visit www.aussie.com.au.

Click here to download this press release.