Melbourne’s western suburbs have topped the affordability list for homebuyers seeking property bargains around the city. 

REIV quarterly sales data to June 30 shows that a house in Melton South can be purchased for as little as $217,250 followed closely by Melton with $220,000 – both based on lower quartile figures (that is, the lowest 25 per cent of sales). 

The most affordable suburbs across Melbourne, spanning predominantly the west, outer east and south-east of the city, based on lower quartile prices, are shown below:
     Suburb                     Lower Quartile    Jun-14 Median    Upper Quartile    Mar-14 Median
MELTON SOUTH*            $217,250           $231,000            $247,500            $222,500
MELTON*                        $220,000           $226,000            $243,500            $267,500
WARBURTON*                 $225,000          $275,000            $310,000            $301,000
KURUNJANG*                  $246,250          $287,500            $337,500            $304,000
FRANKSTON NORTH*      $261,500          $278,000            $305,000            $249,500
MELTON WEST               $265,750          $270,000            $290,000            $290,000
DOVETON*                      $267,000          $311,000            $330,750            $299,000
WERRIBEE                      $272,500          $306,500           $367,500            $315,000
HASTINGS*                      $276,250          $372,500           $409,375            $380,000
CRANBOURNE                 $292,500          $323,750           $388,250            $317,500
CRANBOURNE WEST*     $298,125          $314,000           $346,250            $336,500

*Denotes less than 30 sales in the quarter 

Real Estate Institute of Victoria CEO Enzo Raimondo said buyers should consider these areas for their land availability, good housing stock, open spaces and transport links – all of which contribute to solid future growth prospects. 

“These suburbs are proving increasingly popular with home buyers who are looking for quality housing in line with their budget,” he said. 

“For many who feel priced out closer to the city, these areas offer a host of lifestyle options. 

“First time buyers and young families are attracted to the green feel of these suburbs, with a number of parks and sporting facilities, in addition to several nearby schools. There is the added benefit of proximity to roads and transport with direct access to the city. 

“Melbourne’s housing market remains solid and buyers are now turning to those suburbs where their dollar goes further. With interest rates currently steady, more buyers may be tempted by the affordable property that is available.”