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 AffordableSuburbSep-12 MedianQuarterly Change
1WERRIBEE$300,0004.30%
2HOPPERS CROSSING$310,000-2.40%
3CRANBOURNE$320,8506.90%
4PAKENHAM$331,500-5.30%
5ST ALBANS$336,5002.60%
6CARRUM DOWNS$340,0003.00%
7FRANKSTON$341,0002.90%
8TARNEIT$342,000-5.10%
9SUNBURY$350,000-4.10%
10CRAIGIEBURN$350,0001.90%

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 AffordableSuburbSep-12 MedianQuarterly Change
1FRANKSTON$263,000-5.70%
2CARLTON$330,00013.80%
3CROYDON$335,000-5.60%
4RESERVOIR$350,000-4.90%
5RINGWOOD$366,500-0.90%
6BORONIA$368,8002.30%
7MORNINGTON$405,0005.10%
8CHELTENHAM$425,000-12.60%
9PRAHRAN$430,000-11.10%
10COBURG$431,2506.50%

Source: REIV

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