Have you been house-hunting and gobsmacked by the property pricing? Do you keep missing out on perfect homes due to fierce competition and budget restraints?
Don’t be disheartened. Investigate Victoria’s most affordable suburbs instead!
The best places to live in Victoria on a budget
According to CoreLogic’s recent ‘Top Affordable Suburbs Report’, Victoria dominates the national list of most affordable areas with 62 out of the top 100 suburbs including four in the top five suburbs.
The new report identifies suburbs where property values are below $500,000 and have strong performing capital growth.
Victoria’s four most affordable suburbs are:
Median value: $475,235 (House)
Located 16.8km north of Melbourne, houses in Coolaroo have a median value of $475,235, growing by 33.4% over the past 12 months and 64.2% over the past three years. As a result, Coolaroo is making its first appearance in the new affordable rankings.
Median value: $397,883 (House)
Melton is an urban area within metropolitan Melbourne, located 35km west from the capital’s central business district. Over the past 12 months, the median value of “Melbourne’s best kept secret” has grown by 31.3%.
Cool fact: The suburb was first settled by squatters in the 1830s and saw passing traffic through to the Ballarat goldfields during the Victorian Gold Rush.
Median value: $499,582 (Unit)
Located on the Mornington Peninsula, Rosebud is the strongest suburb for units with growth of 29.3%. It is a large beachside centre and one of the notable features is a lack of commercial development.
Cool fact: Originally known as Banksia Point, Rosebud began life as a fishing community in the early 1850s.
Median value: $455,560 (House)
Dallas is located 18km north of Melbourne’s central business district. With a median value of $455,560 and capital growth of 26.2% over the past 12 months, Dallas has been referred to as “one of Hume’s strongest up and coming suburbs with all the current rebuilds and developments”.
Cool fact: Prior to the construction of the suburb, the Dallas area was primarily used for agriculture.
More about the Report
The ‘Top Affordable Suburbs Report’ analyses the house and unit markets across more than 12,000 suburbs throughout Australia.
For further assistance with finding affordable properties that suit your budget, ask your agent to sign you up to Listing Loop today!