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10 Melbourne suburbs where you can still buy for under $500,000

April 18, 2018 10:00 am by Upside

With the median house price being $900,000, you could easily assume that most first-home buyers are out of the running to buy property in Melbourne – but here’s the good news: there are still multiple suburbs in Melbourne where you can secure property (and even a house) for half that price.

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We reveal the most affordable suburbs in Melbourne:

Melton

It’s 35 km from the city centre, surrounded by parkland and bush with convenient train access to the CBD. Melton is a major growth area for Melbourne, with 11 new suburbs planned in the region. Not only can you find property for under $500,000, but the median house price, according to realestate.com.au, is just $375,000.

Werribee

Young professionals who want affordable housing and proximity to both the city and the country are looking to Werribee to get the balance just right. Residents get to enjoy the Werribee River and can get into the CBD in under 45 minutes on the express train. Geelong and the Bellarine Peninsula are also close by, and all for a median house price of $480,000.

Dallas

As one of the cheapest suburbs in Melbourne, Dallas is an attractive area for young families and a hotspot for those looking for their first home. The median house price comes in at $435,500, and residents benefit from proximity to both Coolaroo and Upfield train stations. It’s also close to the Hume Highway and Pascoe Vale Road, making it handy for commuters.

Pakenham

On the south-eastern outskirts, the median house price in Pakenham is $475,350, and you will typically get a modern home built on an estate in this fast-growing suburb. With infrastructure set to boom to keep up with demand, you’ll find a train station and the Princes Freeway to connect you to the city and airport.

Frankston North

There aren’t too many places where you can nab a beachside bungalow – that’s also near the city – for under $500,000, but Frankston North is one of them. Young professionals are heading south to enjoy a quiet beach lifestyle and a median house price of $483,750.

Craigieburn

People go to Craigieburn for the schools, parklands, sports facilities and big houses – in short, it’s the perfect place to raise a family. It’s 25km north of the city, straight up Sydney Road and the Hume. A three-bedroom house in Craigieburn has a median of $496, 750 – just a shade under half a million dollars.

Carlton

Yes, we know that ‘Carlton’ and ‘affordable Melbourne suburbs’ don’t typically appear in the same sentence, but here’s the thing: the median unit price here is $451,600 – not bad for a trendy inner-city suburb close to Lygon Street and the CBD. And, if your priorities are to be close to the action, buying here will get you the lifestyle you’re after.

Coolaroo

In Coolaroo in Melbourne’s north, $465,000 will buy you a home close to public transport with easy access to the airport. It’s also close to the bush, with Broadmeadow Valley Parks and Greenvale Reservoir nearby.

Wyndham Vale

Being both close to the coast and the bush, Wyndham Vale is a popular choice for those with families – especially when you factor in the parks, wetlands and Werribee Zoo. On top of that, it’s easy to travel from Wyndham Vale to the city via the Princes Freeway or the Hoppers Crossing train station. The median house price here is $465,000.

Thomastown

Nestled between the Metropolitan Ring Road and High Street, Thomastown is well connected to the trendy inner north by road and to the city via train. It ticks all the boxes for families, with green spaces, a shopping centre, schools, and hospital all nearby. The median unit price is $425,300.

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Are you looking to sell or invest in an up-and-coming Melbourne suburb? A free property appraisal can give you insights on how much your property is worth. One of our expert Melbourne real estate agents can also give you the inside track on the best places to buy real estate in Melbourne.

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