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.
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.
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.