Cheapest suburbs to buy in Melbourne 2024
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Samantha is a Sydney-based real estate and home improvement writer. She is currently Head of Marketing at OpenAgent.
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Looking to buy a home or an investment property in Melbourne?
With a median house price of $944,138, you need to move beyond the core inner city suburbs of Melbourne, or anywhere near the water to get real value for money. Thankfully properties in the outer suburbs of Melbourne tick this box with larger blocks of land and generously proportioned homes.
Here are the cheapest suburbs to buy in Melbourne.
Top 10 cheapest suburbs to buy in Melbourne
These are our picks for the top 10 most affordable suburbs in Melbourne to buy a house.
| Suburbs | Median house price |
|---|---|
| Norlane, 3214 | $460,000 |
| Melton, 3337 | $480,000 |
| Corio, 3214 | $487,000 |
| Melton South, 3338 | $495,000 |
| Whittington, 3219 | $505,000 |
| Kurunjang, 3337 | $520,000 |
| Thomson, 3219 | $525,000 |
| Dallas, 3047 | $530,000 |
| Coronet Bay, 3984 | $535,000 |
| Melton West, 3337 | $540,000 |
These are our picks for the top 10 most affordable suburbs in Melbourne to buy a unit.
| Suburbs | Median house price |
|---|---|
| Albion, 3020 | $280,500 |
| Melton South, 3338 | $359,500 |
| Travancore, 3032 | $371,000 |
| Melton, 3337 | $371,500 |
| Corio, 3214 | $378,750 |
| Whittington, 3219 | $380,000 |
| Essendon North, 3041 | $385,000 |
| Darley, 3340 | $389,000 |
| Wonthaggi, 3995 | $390,000 |
| Kingsville, 3012 | $395,000 |
Top 5 cheapest suburbs to buy a house in Melbourne - a closer look
Let’s now look deeper at our top 5 cheapest suburbs in Melbourne to buy a house.
1. Norlane, 3214
A northern suburb of Geelong, Norlane offers affordable housing close to Geelong City’s employment hub and within commuting distance of the Melbourne CBD. On the doorstep of the spectacular Bellarine Peninsula, the median house price in Norlane is $460,000, which has increased +36.5 per cent over the past five years. It’s also one of Melbourne’s cheapest suburbs to rent a house, with recent CoreLogic data indicating weekly median house rent is $370 while gross rental yield is +4.46 per cent.
2. Melton, 3337
Part of Greater Melbourne, Melton is located 47 kilometres from the CBD on the city’s western urban-rural fringe. Offering a vibrant urban lifestyle in a picturesque setting, Melton is also relatively affordable – the median house price is $480,000, which has risen +24.9 per cent over the past five years. Median weekly rent house rent is $380 and gross rental yield is +4.46 per cent, making Melton an attractive option for both renters and investors.
3. Corio, 3214
One of Geelong’s largest and most diverse suburbs, Corio has plenty of retail, dining and entertainment venues and nearby Corio Bay is a popular weekend playground. For a median house price of $510,000, which has risen +37.70 per cent over the past five years, buyers can find family-sized homes on good-sized blocks around 56 minutes from the Melbourne CBD by train.
4. Melton South, 3338
Located 37 kilometres west of the Melbourne CBD, Melton South has become popular with young homebuyers for its established, family-sized homes close to shops, schools and public transport. With a relatively affordable median house price of $495,000, growing +28.7 per cent over the past five years, it’s likely to continue attracting homebuyers and investors looking for more bang for their buck. Houses in Melton South rent for a median $410 per week – up +2.5 per cent over the past year – with a rental yield of +4.39 per cent.
5. Whittington, 3219
Whittington is a five-minute drive to the Geelong CBD and is supplied with its own shopping centres, schools and employment opportunities. While Whittington has already attracted some attention – with house prices rising +37.9 per cent over the past five years – a relatively affordable median house price of $505,000 could see more homebuyers flocking to this cosy, family-friendly suburb.
Top 5 cheapest suburbs to buy a unit in Melbourne - a closer look
Now let’s take a closer look at our top 5 picks for the cheapest suburbs in Melbourne to buy a unit.
1. Albion, 3020
Albion is one of Melbourne’s hidden gems – a quiet, family-friendly suburb only 14 kilometres west of the CBD. With so much to offer right on the city’s doorstep, units in Albion remain surprisingly affordable, selling for a median price of $280,500. Investors may also want to put Albion on their watchlist – prices have risen +6.1 per cent over the past five years while a low vacancy rate of 1.4 per cent keeps the rental market tight. Albion units rent for a median $350 per week and the gross rental yield is +4.96 per cent.
2. Melton South, 3338
Located 37 kilometres west of the Melbourne CBD, Melton South has a median unit price of $359,500, which has risen +13.3 per cent over the past five years. The Melton South unit market is dominated by villa-style units, offering homebuyers an affordable alternative to apartment living. CoreLogic records median unit rent as $350 with a good gross rental yield of +5.08 per cent.
3. Travancore, 3032
Travancore is a small inner city suburb located 5 kilometres north-west of the Melbourne CBD. Units in Travancore have performed well over the past twelve months, increasing +9.1 per cent to a median unit price of $371,000, suggesting there is still good value to be found only minutes from the city. Investors might also take notice – the gross rental yield for units in Travancore is 6.72 per cent, with a median rent of $500, according to CoreLogic data.
4. Melton, 3337
Backed by strong population growth and ongoing improvements, Melton is emerging as a property hotspot. It's also one of the most affordable suburbs in Melbourne to buy a unit with good investment prospects – the median unit price is $371,500, which has risen +18.5 per cent over the past five years. CoreLogic data indicates rental yield for Melton units is around +4.96 per cent, with a median weekly rent of $360.
5. Corio, 3214
Only 9 kilometres north of the Geelong CBD, Corio offers a relatively affordable entry into the unit market with a median unit price of $378,750. Also ranking as one of Melbourne’s cheapest suburbs to rent a unit at a median $310 per week, rental demand is strong and the vacancy rate across the suburb sits at a tight 0.67 per cent. For investors, Corio’s affordability, population growth and proximity to employment hubs help to keep the suburb primed with potential – unit prices in Corio have increased +43.4 per cent over the past five years and the gross rental yield is +4.68 per cent.
Most affordable suburbs to buy within 10km of Melbourne CBD
For those wanting a house close to the city, these are the cheapest suburbs in Melbourne to buy a house within 10km of the CBD:
| Suburbs | Median house price |
|---|---|
| Braybrook, 3019 | $740,000 |
| Southbank, 3006 | $818,000 |
| Maidstone, 3012 | $867,500 |
| South Kingsville, 3015 | $937,500 |
| West Footscray, 3012 | $950,000 |
Our pick is Braybrook
Braybrook, located in the City of Maribyrnong, is loved by locals for its well-serviced suburban lifestyle only a stone’s throw from the CBD. The median house price is a relatively cheap $740,00, and as prices have increased +16 per cent over the past five years, Braybrook may soon come to the attention of more homebuyers and investors seeking affordable houses in a top location.
Things to remember
When looking to buy a bigger block in the outer suburbs there are a few things to keep in mind. Always consider your public transport options as you don't want to burn out on a rough commute. Suburbs near a train line or well-connected with buses are ideal. Investigate all aspects of the area to ensure there is good infrastructure with plenty of opportunity for jobs, entertainment and economic growth.
Frequently asked questions about the cheapest suburbs to buy in Melbourne
What is the cheapest suburb in Melbourne?
Where are the cheapest houses in Victoria?
Why is Travancore so cheap?
