Near and far: Melbourne’s most affordable suburbs
Emerging hipster hub Coburg North is inner Melbourne’s bargain property hot spot.
The northern suburb tops the list for affordable houses within 10km of the CBD, new CoreLogic figures show.
The report shows buyers seeking the biggest bang for their buck should look to the north and west of the city, with Maidstone, West Footscray and Footscray also inner suburbs bargains and Hoppers Crossing and Werribee the best buys further afield.
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Barry Plant Coburg director Chris Kavanagh said young couples, families and investors had realised the buying opportunities around Coburg North, which has a $736,000 median house value.
“The suburb is made up of family homes and very well known for having plenty of open and green space,” Mr Kavanagh said.
“Many living in Carlton and Brunswick are looking here to upsize and it’s quite undervalued given the size of land and the great family environment.”
Hocking Stuart Yarraville director Leo Dardha said Maidstone, West Footscray and Footscray — with median house values of $738,000 to $801,000 — had benefited from the increasing popularity of nearby Seddon and Yarraville.
“If you walk around West Footscray you’ll see cafes, restaurants and bars opening up on every corner, it’s changing,” he said.
“It’s also a great time to buy, with houses that once sold for $800,000 now dropping to the low to mid $700,000 range.”
Hoppers Crossing and Werribee were the cheapest suburbs beyond 20km of the city, while Coolaroo, Dallas, Campbellfield and Meadow Heights made the list for suburbs within 10-20km. All had median values of about $500,000.
CoreLogic Australian head of research Cameron Kusher said prices dropped dramatically beyond the inner-city ring.
“If you move 10 or 20km out of the city you’ll find it’s substantially more affordable and it’s quite easy to predict how much a house will cost,” Mr Kusher said.
“The north and west of Melbourne have always been the more affordable areas, as the wealthy had always congregated in the south and east.”
Carlton units offered the cheapest median unit value of $333,000. Albion and Dandenong were also hot spots to find affordable units, where medians were about $324,000 and $350,000.
SUBURB PROFILE: Coburg North
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