If you are a first home buyers or potential investor wanting to get a foot firmly set on the property ladder there are still some pockets in Melbourne that provide affordable and desirable options!
If you’re looking to buy your first home or find the perfect investment opportunity, properties in the outer suburbs of Melbourne can tick the boxes with larger blocks of land and bigger homes. There is strong demand from first home buyers and properties are being snaffled up quickly thanks to more accessible prices than in the inner Melbourne suburbs. A few more stops down the train line, you can get a home for under $600,000.
Let’s take a look at some of the cheapest suburbs for property investing in Melbourne.
Western suburbs: Property Investing in Melbourne
Rapidly developing suburbs in the west of Melbourne means this locale has become one of Australia’s fastest growing region. With increased employment opportunities, fewer people are commuting to the city, and although infrastructure and services are struggling to keep up, this is set to change with multiple planned improvements.
It may not be as verdant as the east, but the City of Melton is proving a popular choice, dominating the list of cheap suburbs in Melbourne. Close to the airport and 45 minutes from the centre, a collection of growing suburbs in the area are providing buyers with affordable Melbourne homes.
Melton is the cheapest suburb in Melbourne with a median house price of $389,190 and this make Melton one of the most affordable suburbs in Melbourne – with a median value less than $400,000, followed by Melton South ($404,812) and Kurunjang ($436,026).
Large blocks and new, modern houses make Rockbank ($500,000), Caroline Springs ($610,000) and Plumpton ($662,0000) attractive to first home buyers and families. The area is spoilt for choice with sport clubs and facilities, and public transport is decent with a train line, new train stations and bus connections servicing the area.
Closer to the city, cheaper options include Truganina ($573,000), Tarneit ($565,000) and Laverton ($545,000). Laverton is only 17 kilometres from the CBD and a thirty minute train ride to the city. Similarly, Tarneit is emerging as a popular choice with buyers due to its extensive local bus network, new railway station, highly rated private and state schools and close proximity to the Werribee shopping centre.
Another area to consider property investing in Melbourne is Wyndham Vale where house and land packages can be purchased for under $500K with a median house price of $477,808.
Northern suburbs: Property Investing in Melbourne
The trendy inner suburbs when property investing in Melbourne are definitely situated in the northbut areas like Fitzroy, Brunswick and Northcote don’t come
cheaply. A suburb or two further north of the trends and you will find some of the most affordable suburbs in Melbourne with median house prices now coming in under $500,000.
Areas near the airport with good amenities, like Coolaroo an Dallas are just 18 kilometres from the city centre and are extremely affordable compared to their trendy neighbours. For a look at what you can expect to pay, Coolaroo is the cheapest and the median house price is $453,602. Dallas is a house-haven and the median price is $481,376.
Having made the transformation from paddocks to parks, Craigieburn is increasing in popularity, ticking all the boxes with schools, parks and its recently completed shopping centre. The median house price here is $540,000.
As always doing your research and due diligence is always advised before making any decisions when property investing in Melbourne.
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