Bargain-hunting house hunters have been urged to look at Yarraville, Lalor and Frankston North, with the suburbs revealed as the top spots for property deals their distance from the CBD.
The metro Melbourne postcodes, within 10, 20, and 20-plus kilometres of the city centre respectively, are being hailed for their affordability, attractive amenities and lifestyle.
And with median sale prices as cheap as $580,000 for a house, according to new quarterly data from the Real Estate Institute of Victoria, industry experts are urging buyers to “weigh up” their priorities and reconsider how much they really want to spend.
A typical house in Yarraville sold for $1.118m in the June quarter, just above the citywide median of $1.01m, making it the cheapest suburb within 10km of the CBD.
Preston, where the median sale price reached $1.18m in the past three months, Pascoe Vale South ($1.2075m) and Coburg ($1.3m) also made the inner-suburban list for affordable spots.
Meanwhile, Lalor (695,000), St Albans ($698,000), Gladstone Park ($725,000) and Thomastown ($727,500) were the cheapest areas within 20km of the CBD.
Further out, Frankston North and Hoppers Crossing, which both have a median house sale price of $580,000, Werribee ($585,000) and Pakenham ($604,500) topped the list for the most affordable fringe suburbs.
Lucy and Izzy Mehmet decided to buy in Roxburgh Park for its affordability and family feel. Picture: David Caird
Barry Plant executive director Mike McCarthy said while the suburbs may not be buyers’ traditional first choice, they offered “bigger homes, bigger blocks” and an affordable price point.
“The reality is they offer great access (to the city), a bigger home and, in many cases, a much lower mortgage,” Mr McCarthy said.
“Both Yarraville and Preston have a village-like feel where you have a local centre with shops and amenities — you can walk to schools and cafes, and a real sense of community. I think that’s a real phenomenon these days.
“Werribee, in days gone by, was almost a satellite city to Melbourne, but now it’s an outer suburb. It’s a nice little pocket, it’s got good access to the city, but great access to the Bellarine Peninsula, Geelong and beyond.”
Mr McCarthy said the “prospect of being able to reduce your mortgage very significantly” was “certainly worth considering”.
“That opens up a whole lot of future lifestyle options and disposable income,” he said.
“(I’d suggest) weigh up your options in terms of what you want to spend.”
9 Tallowwood Street, Frankston North, is for sale for $440,000-$480,000.
The home has three bedrooms.
And is close to local shops and the beach.
O’Brien Real Estate Frankston agent Mark Burke said the suburb was attracting everyone from first-home buyers to downsizers looking for a “friendly, safe” community to call home.
He said traditional bayside buyers looking in areas such as Chelsea, Cheltenham and Mentone were now turning to the outer suburb for its affordability, with most properties priced between $530,000 and $640,000.