Real Estate

Near and far: Melbourne’s most affordable suburbs

Near and far: Melbourne’s most affordable suburbs
Written by The ReReport
As seen in the Source link, written by on 2019-05-18 11:00:00

This California bungalow is in Coburg North, the city’s most affordable inner suburb.

Emerging hipster hub Coburg North is inner Melbourne’s bargain property hot spot.

The northern suburb tops the list for affordable houses within 10km of the CBD, new CoreLogic figures show.

The report shows buyers seeking the biggest bang for their buck should look to the north and west of the city, with Maidstone, West Footscray and Footscray also inner suburbs bargains and Hoppers Crossing and Werribee the best buys further afield.

RELATED: Negative gearing and capital gains tax changes explained

Must-watch Melbourne electorate gets the popular vote with buyers

The hidden cost of first-home deposit promises

2 Adler Grove, Coburg North is for sale with an $895,000 price tag.

Barry Plant Coburg director Chris Kavanagh said young couples, families and investors had realised the buying opportunities around Coburg North, which has a $736,000 median house value.

“The suburb is made up of family homes and very well known for having plenty of open and green space,” Mr Kavanagh said.

“Many living in Carlton and Brunswick are looking here to upsize and it’s quite undervalued given the size of land and the great family environment.”

8 Bain Ave, Coburg North is a family-sized find that has a $690,000-$730,000 price guide.

It may need an update inside.

Hocking Stuart Yarraville director Leo Dardha said Maidstone, West Footscray and Footscray — with median house values of $738,000 to $801,000 — had benefited from the increasing popularity of nearby Seddon and Yarraville.

“If you walk around West Footscray you’ll see cafes, restaurants and bars opening up on every corner, it’s changing,” he said.

“It’s also a great time to buy, with houses that once sold for $800,000 now dropping to the low to mid $700,000 range.”

24 Marsh St is in Maidstone, an affordable suburb out west.

Here’s what you can buy in Hoppers Crossing for about $600,000.

Hoppers Crossing and Werribee were the cheapest suburbs beyond 20km of the city, while Coolaroo, Dallas, Campbellfield and Meadow Heights made the list for suburbs within 10-20km. All had median values of about $500,000.

CoreLogic Australian head of research Cameron Kusher said prices dropped dramatically beyond the inner-city ring.

21 Exford St, Coolaroo is for sale with a $490,000-$530,000 price guide.

It’s fully renovated and ready to enjoy inside.

“If you move 10 or 20km out of the city you’ll find it’s substantially more affordable and it’s quite easy to predict how much a house will cost,” Mr Kusher said.

“The north and west of Melbourne have always been the more affordable areas, as the wealthy had always congregated in the south and east.”

Carlton units offered the cheapest median unit value of $333,000. Albion and Dandenong were also hot spots to find affordable units, where medians were about $324,000 and $350,000.


READ MORE: Real Housewives star’s former home goes from reality TV to realty result

World’s luxuries combine at bespoke Toorak mansion

Melbourne set for most auction action on election day since Rudd