There are so many wonderful things about living in Melbourne – but affordable property is definitely not one of them. In fact, our city recently ranked seventh on a worldwide list of the most expensive cities to buy a home in. So if you're a hopeful home buyer despairing about your chances of snagging a decent property, here's some good news: there are still a few hidden gems across the city where you can buy a home at a (more) reasonable price and also see it quickly appreciate in value, you just need to know where to find them. Real estate expert John McGrath recently released his annual list of suburbs to keep an eye on, so you can get insider tips on the spots with the best potential.
Melbourne's west is fast becoming a super popular area for people cracking into the property market, and one suburb in particular is shaping up to be the next hotspot. Due to its proximity to the West Gate Tunnel (slated to open in 2025), Altona North will soon have a direct connection to the CBD and broader Melbourne, which will add value to properties in the neighbourhood in the future. While it's considered more of an up-and-comer right now, it's very close to some beloved parts of the western 'burbs like Yarraville and Williamstown, but its properties aren't as expensive.
Further north, another suburb that's ripe with potential is Keilor East. This area is also set to gain transport connections, with a new train station slated as part of the future Melbourne Airport rail link (although, the timeline of this project is rather dubious). It's also close to bustling Essendon, but has a much cheaper price tag, and it's easy to drive into the inner 'burbs or the CBD as it sits right next to the M80 Ring Road.
On the other side of the city, St Kilda East has been flagged as another area with plenty of buying promise. While St Kilda usually gets all the hype, its eastern counterpart has more affordable properties while still being close to the seaside action. Glen Waverley is also shaping up as the next big suburb for buyers in Melbourne's outer east, as it's very close to major universities and has a train station that will become part of the future Suburban Rail Loop.
Want the full list of 22 suburbs that are prime for the picking across Australia? Check them all out here.
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