Where Can You Find a House in Melbourne for Less Than $400,000?
By CoreLogic RP Data on 28 Feb 2014
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Currently, Melbourne’s median house price is $610,000 based on sales in the December quarter.
Naturally, this captures a lot of attention; however, it’s worth remembering that there many houses that sell for more affordable prices.
Over the past year, just under 30 per cent of all houses in Melbourne sold for less than $400,000.
The suburbs that recorded the highest of these affordable sales were in the growth areas: Pakenham, Frankston, Craigieburn, Hoppers Crossing, Werribee, Sunbury and Carrum Downs.
Land is less valuable in these areas due to the distance from the CBD and its availability. These factors allow developers to bring houses onto the market at more affordable prices.
“It would be rare to find a house under $400,000 within a 10km radius of the CBD.”
It is interesting to note that there are a number of suburbs within a 15km radius of the CBD where more than 50 per cent of sales were below $400,000. These are Sunshine West, Sunshine North, Broadmeadows, Ardeer and Tullamarine.
Glenroy, Reservoir, Fawkner and Sunshine also have reasonable proportions of sales for under $400,000.
Surprisingly, around one in ten sales in Pascoe Vale, Box Hill and Footscray are under $400,000. While that may not be the predominate sales price, this result does show that with some dedicated house hunting it is possible to buy a house at an affordable price within 15km of the CBD.
It would be rare to find a house under $400,000 within a 10km radius of the CBD. Footscray has the highest at 10 per cent. Most other suburbs within 10km of the CBD have less than 5 per cent such as Coburg where there were only 12 sales were under $400,000.
This article was originally published on RP Data.
