RESIDENTIAL PROPERTY

Melbourne’s most affordable suburbs revealed

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MONTMORENCY has earned the title of Melbourne’s most affordable and liveable suburb for homebuyers, while Ormond is the best all-rounder for those looking to purchase a unit.

The latest edition of the People’s Choice of Housing found significant changes over the past six months, as changes in median prices and the introduction of licensed venues and cafes to analysis took a number of suburbs to their first appearance in the rankings.

Montmorency is one of those. Located about 18 kilometres north of the CBD, it ranked 434th for affordability with a median house-price of $839,000, but this was offset by its number one rating for liveability, with excellent public transport, four local schools and childcare centres, and 19 licensed venues among other attributes, according to People’s Choice.

Burnside in the west is now ranked second for homebuyers, with a more affordable median of $618,500 and an attractive liveability ranking of 76, followed by Gowanbrae and Watsonia North, which number one six months ago.

Noble Park North came in at five, providing affordability with a median of $606,000, albeit a little further out from the city at 25 kilometres.

The north and west regions accounted for much of the top 20 locations. Other high ranking northern locations included Oak Park, St Helena, Yallamble, Wattle Glen, Briar Hill and Viewbank.

The west, home to runner up Burnside, has four of the top ten suburbs including Seabrook, Avondale Heights and Sydenham.

“Prices are generally more affordable and suburbs are close to the city and its amenities. With greater investment going into public transport infrastructure to connect the west, there is plenty to interest buyers,” People’s Choice chief executive officer Steve Laidlaw said.

“Seddon as you’d expect also rates highly with the city’s best public transport links and a very high growth rate but is brought back to the field by its very high median house price.”

Ringwood North’s low crime rate and easy access to education ranked the eastern suburb second in liveability and seventh overall. Nearby Croydon and its surrounding suburbs were prominent in the top 30 due to low crime and accessibility.

Chelsea Heights was the only south eastern suburbs partner to Noble Park to feature high up in the rankings.

Ormond, in the south east but closer to the city, topped the units list as the fifth-highest suburb for liveability and a ranking of 142 for affordability.

“With a median sale price which has dropped recently to $525,000, Ormond is the most affordable suburb in our Top 10 but still ticks a lot of boxes with good results for schools, transport, local facilities, and public safety – important factors when it comes to quality of life,” Laidlaw said.

Suburbs in the east and south east dominated the unit rankings. Ormond was followed by

Caufield North, Hawthorn East, Mont Albert and Hughesdale. Laidlaw said these locations have provided owners with an average 3.3% compound annual growth rate over the past 10 years.

For those looking to take advantage of the Federal Government’s First Home Loan Deposit Scheme, Sydenham, Burnside Heights and Delahey have the best mix of affordability and liveability.

Laidlaw said the top three are all in the west and all about 20km from the GPO, but Sydenham stands out for its excellent public transport options and number of licensed venues which reflect its retail and social facets.

Each has a median house price of $600,000 or less.

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