Buying a home doesn't need to be a pipe dream; there's still hope yet – if you know the right places to look. Melbourne's median house price might hover around a hefty $1.1 million these days, but believe it or not, there are still suburbs around that offer the sought-after combo of affordability and liveability.
PRD Real Estate's latest Affordable and Liveable Property Guide is out, using data from the latter half of 2024, and chief economist Diaswati Mardiasmo has flagged Melbourne's ten best areas for affordable homes for young and first-time buyers. What's more, for the first time since the report began in 2015, Melbourne has surpassed Brisbane in affordability.
So, which suburbs are worth a look in now that Melbourne is taking the lead?
1. Broadmeadows
Topping the Affordable and Liveable Property Guide this year, Broadmeadows offers a median house price of $568,000. This northside locale has great access to public transport and a series of planned infrastructure upgrades. With a location 17km from the city, it's a top pick for buyers looking for affordability with solid growth potential.
2. Albanvale
This quiet western suburb has a median house price of $625,000. While it's a bit further out, Albanvale is perfect for those craving a life on the more peaceful side while staying connected to Melbourne's bustling west. It has all the essential amenities, several schools and an active community sports scene. The Kororoit Creek also runs along the western border of Albanvale and has seen a resurgence of native wildlife due to its wetlands and lakes, attracting species like the endangered Growling grass frog.
3. St Albans
A vibrant suburb located approximately 17 km north west of the CBD, St Albans has a median house price of $650,000. Characterised by its multiculturalism, St Albans has a rich local food scene, especially Vietnamese restaurants. The suburb also boasts a bustling shopping precinct, excellent educational facilities and a strong sports culture. It's an attractive choice for families and young professionals wanting proximity to Melbourne but also an escape from the busier suburbs.
4. Lalor
Within 18km of the CBD, Lalor is one of the most budget-friendly options, with a median price of around $700,000. Known for its bustling multicultural community, melting pot of cuisine and Station Street shopping strip, you'll be on the doorstep of Greek bakeries and family-owned Vietnamese restaurants. There are also numerous parks and recreational areas, including Stockdale Park and Lalor Recreation Reserve, which support various community activities and sports clubs.
5. Braybrook
At $721,000, Braybrook might not be as cheap as the other suburbs, but it's punching above its weight in liveability. Known for its diverse community and ongoing urban renewal, Braybrook residents often highlight the strong sense of community and great transport connections for commuters travelling to Melbourne's CBD. It's a wise bet for first-time buyers and investors as an up-and-coming neighbourhood in Melbourne's inner west.
6. Mill Park
Mill Park is a great, family-friendly option for buyers looking to the north. With a median house price of $766,750 and heaps of green space, Mill Park has a range of amenities and shopping centres and schools, making it a consistent favourite among first-home buyers.
7. Heidelberg West
With a median price hovering around $770,000, this north east pocket is becoming increasingly attractive to first-home buyers. Just 12km from the CBD, its proximity to the sprawling Darebin Creek parklands and Austin Hospital precinct make it an ideal spot for nature lovers and healthcare workers.
8. Glenroy
For unit buyers, Glenroy remains one of your best bets. With a median price of $815,000, Glenroy is well below the citywide average, and this suburb offers bike trails, leafy parklands, and a convenient commute to the city. Located approximately 12 km north of Melbourne's CBD, it has excellent transport links, a strong sense of community and big growth potential.
9. Greenvale
Just shy of the $900,000 mark, Greenvale's $873,750 median price might break the budget, but it's hard to ignore its tree-lined streets, spacious living options, and community feel.
10. Reservoir
Another strong choice for those seeking units, Reservoir's relative affordability at $890,000 and proximity to great coffee shops and green spaces make it a smart pick for first-time buyers.
The top ten suburbs were selected based on various factors, including infrastructure investment, access to public transport, schools, and a pipeline of new homes. "Melbourne is a clear winner from the perspective of prices," said Diaswati Mardiasmo. "There are way more chances to score a house in Melbourne for an affordable price than in Brisbane."
You can discover more about Australia's affordable and liveable properties by downloading the PRD guide here.
The most affordable and liveable suburbs in Melbourne for 2024:
- Broadmeadows
- Albanvale
- St Albans
- Lalor
- Braybrook
- Mill Park
- Heidelberg West
- Glenroy
- Greenvale
- Reservoir
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