These are the top 10 affordable suburbs in Victoria

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Broadbeach Waters, Qld., Sep. 6, 2021 /Medianet/ --

These are the top 10 affordable suburbs in Victoria


Despite the COVID-19 virus and related impacts on the Australian economy, the Victorian property market is still forging ahead.


House prices have recorded strong growth over the past year, despite some softening over recent weeks due to the extension of lockdown restrictions.


However, there are still pockets of affordable houses that are around 70 per cent of the median price for the capital city, according to Pete Wargent, co-founder of


Mr Wargent said that “with mortgage rates still close to the lowest on record all capital cities offer some opportunities for those with a reasonable buffer and a level of employment security”.


“With first homebuyers still active and now competing with investors for a low level of stock on the market, we expect the more affordable suburbs in Australian property to be sharply in focus” Mr Wargent said.


RiskWise Property Research has undertaken an in-depth analysis into the housing market identifying the top 10 affordable suburbs in Victoria.


The analysis clearly showed that detached houses represented solid buying opportunities for those with long-term strategies.


Mr Wargent of BuyersBuyers said “prices have increased over the past year but there are still areas where bargains can be had, and if you have a long-term strategy you can expect solid capital growth over the next few years”.


“There are opportunities for buyers looking for houses with high land value as a proportion of the property, and a strong component of scarcity, especially if they intended to hold on to the property for several years or longer”.


“In addition, the current ultra-low interest rates have created a unique environment where buying a house in many areas was cheaper than paying rent on one” Mr Wargent said.


The top 10 suburbs for affordable houses in Victoria included a range of suburbs at around 70 per cent of the median capital city house price for the state.


Figure 1 – The top 10 suburbs for affordable houses in Victoria

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Despite strong price growth over the past year a number of suburbs in Mornington and Geelong still made it on to the table, with house prices in these suburbs coming in between $600,000 and $700,000 compared to Greater Melbourne’s median house price of around $900,000.


Mr Wargent of said that the Mornington region has been a huge drawcard to homebuyers seeking lifestyle and as more people can work remotely is gaining even more of a reputation as having good buying potential.


Cranbourne North is located about 40 kilometres to the south-east of Melbourne, and still has a median house price of well under $700,000, despite recording very strong price growth of 57 per cent over the past five years. 


Both the outer western and south-eastern of Melbourne offer relatively more affordable properties with relatively good access to the CBD and this is a key driver for homebuyers.


Mr Wargent said that more affordable areas have been sharply in focus as the number of first homebuyers in the market had recently surged to decade highs.   


However, Mr Wargent stressed while this is the case for houses in these areas, units continued to carry a materially high level of risk, on average, as rental vacancy rates have been elevated.




Please Note: This list is based on suburbs that are around 70% of the median price and suburbs with at least 1,000 houses in the existing stock. It should be noted that the lower end of the market presents different types of risks.






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