A joint study by Aussie Home Loans and CoreLogic has revealed the most affordable suburbs across Melbourne, with the Melton and Yarra Ranges council areas dominating the 10 cheapest suburbs.
Topping the list of the most affordable houses in Melbourne is Melton with a median value of $389,190, followed by Melton South ($404,812), with Millgrove in the Yarra Ranges taking bronze ($419,830).
CEO of Aussie, James Symond said “The most affordable suburbs in Melbourne are spread far and wide and distance from the CBD plays a big part in where both house and unit values are placed. Values within 10km of the city are still providing challenges for buyers, with the most affordable suburb Maidstone holding a median house value of $738,813, while apartments in Carlton represent the lowest value for buyers close to the CBD at $329,228.
“Home buyers prepared to go further afield in a 20km diameter to regions like Hume can secure more for their money, with six suburbs offering a median house value under $500,000, while comparatively more apartments can be secured much closer to the city and probably represent much better value,” he added.
While 18 of the top 20 suburbs have shown price falls over the last year, all have shown substantial value growth of 70 per cent up to 105.9 per cent over the last 10 years.
Mr Symond said “Melbourne values have shown incredible growth since the GFC and the recent falls open the way for first home buyers to get into the market.
“If you’re saving up to buy your first home or investment property, now’s a great time to speak with an Aussie Broker. Our report reveals some quality affordable housing in suburbs across Melbourne and the country. Coupled with our current record low interest rates, buying a property could be more achievable than you know,” he added.
All customers who attend a free appointment with an Aussie Broker before 30 April 2019 will go in the draw to win $15,000*. To view the full Aussie/CoreLogic Most Affordable Suburbs report, visit www.aussie.com.au/mostaffordablesuburbs or contact an Aussie Broker for your free copy.
*T&Cs apply, see aussie.com.au/promotions for details.