REALas Australia’s most accurate property price predictions
REALas Australia’s most accurate property price predictions

Melbourne’s most affordable suburbs

Melbourne’s most affordable suburbs
May 16, 2018 Mark O'Neill
Melbourne’s most affordable suburbs

Knowing which suburbs are affordable and compliment your lifestyle is the first step in finding a new home in Melbourne. If you’re the kind of person that likes your space, then you’ll want an area with cheap land and floor area to get the most value for money.

To help you in your search, the team at REALas have analysed sales during the first quarter of the year to bring you the most affordable suburbs in Melbourne.

The results

Not surprisingly, you’re going to have to travel a bit to get the real bargains. The results show the cheapest suburbs are the ones 30+ kilometres from the CBD. Units in Footscray are the exception to these results, being only 7km from the city and still one of the most affordable suburbs in Melbourne.

Most affordable suburbs for houses (price of land)

SuburbPrice per Square MetreDistance from CBD
Source: REALas.com May 2018
FRANKSTON NORTH 3200$ 83052 km
MOOROOLBARK 3138$ 87536 km
WERRIBEE 3030$ 90032 km
WYNDHAM VALE 3024$ 91437 km
HOPPERS CROSSING 3029$ 93031 km
KILSYTH 3137$ 95735 km
BROADMEADOWS 3047$ 95919 km
LILYDALE 3140$ 96340 km
FRANKSTON 3199$ 101256 km
HILLSIDE 3037$ 101831 km

Most affordable suburbs for apartments (price of floor area)

SuburbPrice per Square MetreDistance from CBD
Source: REALas.com May 2018
WERRIBEE 3030$ $3,80232 km
ST ALBANS 3021$ 4,48825 km
DANDENONG 3175$ 4,49336 km
NOBLE PARK 3174$ 5,02835 km
FRANKSTON 3199$ 5,08256 km
SEAFORD 3198$ 5,08952 km
CROYDON 3136$ 5,33233 km
GLENROY 3046$ 5,35616 km
BORONIA 3155$ 5,38836 km
FOOTSCRAY 3011$ 5,3967 km

Why is Price Per Square Metre (PSM) important?

Price per square metre is the amount of money a buyer is paying for each metre of land they are purchasing. It is one of many tools and measures that investors and buyers can use to compare properties and locations.

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    The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of REALas.