The top Melbourne suburbs for affordable family homes.
A quarter of all homes sold in more than a dozen Melbourne suburbs in the final three months of last year sold for less than $300,000, data from the Real Estate Institute of Victoria shows. In two of those suburbs – Melton and Hastings – a quarter of all sales were less than $240,000, with the lower quartile price in Melton just $220,000.
Suburbs with a quarter of all homes selling for less than $300,000 in the December quarter of 2014 included Kurunjang with $251,250, Frankston North with $262,500, Melton West with $275,000, Dallas with $280,750, Warburton and Meadow Heights with $282,500, Werribee with $285,000, Brookfield $287,500, Doveton $295,000, Wyndham Vale $298,000 and Cranbourne with $299,000. In four of those suburbs, Kurunjang, Melton, Frankston North and Dallas, the median house price – that is the midpoint of all sales for the three months – was less than $300,000.
REIV CEO Enzo Raimondo said that although the city’s market had shown substantial growth in the past year it was still possible to find an extremely affordable home. “Such properties can offer first home buyers and those on a tight budget the chance to get a foothold on the property ladder,” he said. “There are still extremely affordable homes available in Melbourne, including in suburbs with good transport links and excellent shopping such as Werribee. Some of the suburbs, such as Wyndham Vale with a new railway station on the regional rail link, provide excellent opportunities for capital growth as infrastructure is upgraded.”
Raimondo said realestateVIEW.com.au was currently listing a three-bedroom home in Kuranjang for offers over $229,000 and a Werribee three-bedroom home for offers over $240,000.