Melton South ranks top of Melbourne's most affordable 10 suburbs

Melton South ranks top of Melbourne's most affordable 10 suburbs
Melton South ranks top of Melbourne's most affordable 10 suburbs

Melbourne’s median house price has surged over $750,000 for the first time, new data from the REIV shows.

In the three months to December 31, Melbourne’s median house price increased 5.0 per cent to a record high $770,000.

Growth was widespread across Melbourne and the market – from Toorak and Brighton to Moonee Ponds and Macleod. Double-digit growth was experienced in 43 of suburbs with more than 30 sales.

Growth was also recorded in the outer, more affordable suburbs, including Cranbourne in the south-east, and Hoppers Crossing and Wyndham Vale in the west.

Melton offers Melbourne's most affordable homes with a median price of $285,000.

 

Most Affordable Suburbs

Dec-16 Median

Quarterly Change

1

MELTON SOUTH

$285,000

5.6%

2

KURUNJANG

$309,000

0.5%

3

MELTON WEST

$352,000

1.9%

4

PAKENHAM

$410,000

-0.1%

5

SUNBURY

$412,000

-3.5%

6

WERRIBEE

$415,000

6.4%

7

WYNDHAM VALE

$415,000

6.4%

8

HAMPTON PARK

$430,000

0.2%

9

CRANBOURNE

$442,000

13.3%

10

HOPPERS CROSSING

$445,000

6.7%

A three bedroom house at 5 Moss Street, Melton South (above) has been listed for sale for between $289,000 to $309,000, having last traded for $17,900 in 1986.

Similarly a three bedroom house at 453 Jester Drive, Melton South (below) has been listed for sale for $278,500.

Melton South ranks top of Melbourne's most affordable 10 suburbs

A three bedroom house at 1 Lachlan Road, Melton South (below) has been recently sold for $300,000. It sold for previously for $207,500 in 2008.

Melton South ranks top of Melbourne's most affordable 10 suburbs

Another three bedroom house at 2 Henty Street, Melton South (below) was also recently sold for $272,000, having last traded in 1979 when selling for $26,000.

Melton South ranks top of Melbourne's most affordable 10 suburbs

Tags: 
Melbourne Reiv

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