BARGAIN hunting homebuyers have to look about 40km from the CBD to find Melbourne’s cheapest homes.
Outer north-western Melton Shire is our affordable property heartland, CoreLogic RP Data’s Best of the Best report shows.
The shire contains four of Melbourne’s 10 cheapest suburbs for houses, led by the suburb of Melton with a median house value of $253,827. Melton South, Kurunjang and Rockbank are the other Melton Shire suburbs to make the list.
The shire is also a happy hunting ground for budget buyers looking for units, with Melton and Melton South coming in at third and fourth most affordable.
The most affordable suburb for units is Fingal, on the Mornington Peninsula, with a median unit value of $224,618.
It is followed by the western suburb of Albion, where the median unit value is $225,668.
Second on the list of most affordable suburbs for houses is Millgrove in the Yarra Ranges, at $255,861.
The Yarra Ranges makes another contribution with the suburb of Powelltown, while the municipality of Hume also has two suburbs in the most affordable house ranks with Coolaroo and Dallas.
“It’s always been the way in Melbourne that the most affordable accommodation is on the city’s outskirts, it’s just that the city’s outskirts are further away than the used to be,” CoreLogic RP Data spokesman Robert Larocca said.
Buyers wanting a house closer to the city could start their search in Maidstone, the most affordable suburb within 10km of the CBD, but they will have to stretch their budget to around $547,545.
Units within 10km of the city are a much more affordable option than houses, with Carlton offering the cheapest median value of $304,820.
The City of Maribyrnong has five suburbs in the top 10 for affordable for units and four for affordable houses close to the city.
Mr Larocca said units or apartments were providing a more affordable way for buyers to get a foot on the property ladder.
“The substantial difference between what this generation of first-home buyers face and what their parents faced is the supply of inner-city, high-density dwellings,” he said.
“When you talk affordability you can’t ignore the options that are provided by the apartment market.”
Melbourne’s cheapest houses
Melton, $253,827
Millgrove, $255,861
Frankston North, $261,888
Melton South, $262,458
Powelltown, $274,278
Kurunjang, $287,087
Coolaroo, $289,758
Dallas, $297,207
Lang Lang, $299,719
Rockbank, $300,583
Melbourne’s cheapest units
Fingal, $224,618
Albion, $225,668
Melton South, $230,104
Melton, $241,650
Sunshine, $248,415
Koo Wee Rup, $254,473
Junction Village, $255,421
Garfield, $255,955
Cranbourne, $263,244
Pakenham, $264,636
Cheapest houses within 10km of the city
Maidstone, $547,545
Altona North, $550,942
Bellfield, $551,460
Coburg North, $564,639
West Footscray, $588,871
Pascoe Vale, $599,354
Footscray, $610,090
Flemington, $643,423
Kingsville, $660,652
Preston, $663,106
Cheapest units within 10km of the city
Carlton, $304,820
West Footscray, $306,880
Kingsville, $323,435
Footscray, $343,232
Burnley, $350,764
Brunswick West, $368,863
Seddon, $370,365
Williamstown North, $372,854
Braybrook, $382,237
Thornbury, $390,432
* Source — Best of the Best 2014, CoreLogic RP Data