Werribee the most affordable suburb in Melbourne for houses: REIV
Cassidy KnowltonOctober 11, 2012
The suburb of Werribee is the cheapest in Melbourne for houses, according to the Real Estate Institute of Victoria.
The median house price in Werribee, about 35 kilometres west of Melbourne, is $300,000, up 4.3% in the September quarter.
Top 10 most affordable suburbs for houses
Most Affordable | Suburb | Sep-12 Median | Quarterly Change |
1 | WERRIBEE | $300,000 | 4.30% |
2 | HOPPERS CROSSING | $310,000 | -2.40% |
3 | CRANBOURNE | $320,850 | 6.90% |
4 | PAKENHAM | $331,500 | -5.30% |
5 | ST ALBANS | $336,500 | 2.60% |
6 | CARRUM DOWNS | $340,000 | 3.00% |
7 | FRANKSTON | $341,000 | 2.90% |
8 | TARNEIT | $342,000 | -5.10% |
9 | SUNBURY | $350,000 | -4.10% |
10 | CRAIGIEBURN | $350,000 | 1.90% |
Source: REIV
The most affordable suburb in Melbourne for units is Frankston, with a median unit price of $263,000. This is down 5.7% over the September quarter.
Top 10 most affordable suburbs for units
Most Affordable | Suburb | Sep-12 Median | Quarterly Change |
1 | FRANKSTON | $263,000 | -5.70% |
2 | CARLTON | $330,000 | 13.80% |
3 | CROYDON | $335,000 | -5.60% |
4 | RESERVOIR | $350,000 | -4.90% |
5 | RINGWOOD | $366,500 | -0.90% |
6 | BORONIA | $368,800 | 2.30% |
7 | MORNINGTON | $405,000 | 5.10% |
8 | CHELTENHAM | $425,000 | -12.60% |
9 | PRAHRAN | $430,000 | -11.10% |
10 | COBURG | $431,250 | 6.50% |
Source: REIV