Millennials have been accused of killing everything from marriage and diamonds to department stores and the nine-to-five workday, and home ownership is just another tradition to add to that growing list. According to the ABC, more than 65 per cent of Baby Boomers owned their homes by the time they were aged 25 to 39 compared to just 54.6 per cent of Millennials, despite the Millennial generation being three times as large. But let's set the record straight: it's not because we've been eating platters of smashed avo toast or buying too many coffees, it's because house prices have increased exponentially.
The median house price in Melbourne is around $905,000, according to data collected by Open Agent. That's actually on the lower end compared to data supplied by Victorian Insights ($975,000) and Live in Melbourne ($918,000). So, what are aspiring homeowners of the Millennial or even Gen Z generations to do? Well, finding an affordable property in metro Melbourne is going to be tricky, but according to Arcline and CoreLogic, there are still some suburbs in the greater Melbourne area that are in the realm of affordability.
1. Coolaroo
Just a 35-minute drive from the CBD, this northern suburb has a median house price of $500,000. The suburb's name is believed to be derived from an Indigenous word for the highly venomous brown snake – pretty cool if you ask us. Oh, and did we mention it was also where The Castle was set?
2. Dallas
Dallas is the suburb right before Coolaroo, and the cost for being a bit closer in is an additional $10,000 on the median house price. We'll admit there's not a whole lot going on, but we can at least say there's no shortage of takeaway joints in the area and it's just along the Hume Highway.
3. Melton
This western suburb is a 45-minute drive to the CBD or an hour by train, but you'll be situated closer to fun townships like Daylesford, Ballarat and Kyneton compared to your city-dwelling counterparts. The median house price here is $525,000 and the median unit price is $359,000.
4. Werribee
Werribee has a lot to offer, including the Werribee Open Range Zoo, Werribee Park and its lush mansion, the annual State Rose and Garden Show and top-notch wineries like Shadowfax Wines. It could be your home base for around $614,000 for a house or $420,000 for a unit.
5. Tarneit
Just north of Werribee you'll find the suburb of Tarneit, which has become increasingly popular with first-time home-buyers. You'll be within a short drive of the attractions listed above, and Tarneit itself is home to heaps of green spaces and schools. Homes here average around $645,000, with units going for around $428,000.
6. Hoppers Crossing
To complete the trifecta alongside Werribee and Tarneit is Hoppers Crossing, another westside suburb hawking affordable homes at a median price of $620,000. It's only a few minute's down the road from Tarneit, but even that little distance could save you upwards of $25,000 on your purchase.
7. Craigieburn
Up past Coolaroo and Dallas is Craigieburn, a northside suburb that's a 45-minute drive from the CBD. Median house prices here are $663,000 and median unit prices are $427,000.
8. Pakenham
An hour southeast of the CBD, Pakenham is the most populous city within the Shire of Cardinia. It's experienced major growth in the last decade, and residents are blessed to live just a 20-minute drive from green spaces like the Bunyip State Park and 30 minutes from Kurth Kiln Regional Park. Median house prices here are $658,000 and median unit prices are $470,000.
9. Carlton
If you've been reading this list and feeling disappointed that inner-city suburbs haven't been listed, don't click away just yet. While affordable houses are few and far between, you can snag apartments for a pretty reasonable price. In Carlton, which is basically Melbourne's 'Little Italy', apartments go for a median unit price of $480,000. It's right on the edge of the city, and you'll be in close proximity to the University of Melbourne, Carlton Gardens and some of our city's finest Italian eateries and cafés.
10. Abbotsford
Nestled alongside popular inner-city suburbs Collingwood and Richmond, Abbotsford combines the convenience of city living with the relaxing quiet of suburb life. Local landmarks include the Abbotsford Convent, the Collingwood Children's Farm and easy access to Yarra Bend Park.