Housing in Melbourne certainly ain't cheap – especially if you’re looking to buy. In fact, a recent report from Domain found that Melbourne property prices have recently increased by the biggest margin in the last two years, and they're going to continue to rise – with the median house price currently sitting at $1,047,273. Ouch. If you’re looking for the good news, though, we've got that too. The real estate website has released new data on the cheapest suburbs to buy that are within 10 kilometres of the CBD in its latest house price report, so buyers don't have to trade in inner city living for suburbia. Sold? Read on.
Admittedly, you might not be living the white picket fence dream just yet with these low prices as the cheapest properties are, of course, smaller units instead of houses. But, surprisingly the cheapest suburb of all is one of the most sought after locations in Melbourne. According to Domain's data, you can buy a unit in beloved Carlton for merely $345,000, which is only 2.8km from the CBD. Colour us surprised! Check out the rest of the top ten cheapest suburbs below.
These are the cheapest suburbs to property buy within 10km of the Melbourne CBD:
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Carlton
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Travancore
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West Footscray
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Flemington
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Brunswick West
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Maidstone
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Melbourne
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Maribyrnong
When asked for her advice to property buyers in 2024, Domain’s economist Dr Nicola Powell has recommended maintaining realistic expectations. "If you decide to enter the market this year, you may benefit from being flexible with your area preferences. Expand your search area and explore different suburbs,” she says.
In short – choosing where to buy wisely might mean you can pay less attention to other money-saving measures (and more attention to Melbourne's best restaurants).
Read the full report over here.
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