Thinking of relocating to the Melbourne? You may want to consider postcode 3337.
The Real Estate Institute of Victoria’s March quarter evaluation places Melton West at the top of the list of Melbourne’s “20 Most Affordable Suburbs.” According to the report, describes as consisting largely of families and couples—clocked in with a median house price of $346,000 and a lower quartile price of $301,000—a 6.2% bump over last year.
In a recent SCHWARTZWILLIAMS interview, REIV president, Joseph Walton, explained Melton West’s rise in terms of the broader context of Melbourne’s continued real estate boom. “Melbourne’s outer suburbs continue to offer value for money,” he said, citing population increase, infrastructure spending and reasonable interest rates as reasons for the thriving market. He also touted Melbourne as providing immense opportunity and accessibility for house hunters, declaring that over 70 Melbourne suburbs fall well below the $600,000 median price mark. Other affordable districts that made the REIV cut included:
- Wyndham Vale
As always, potential buyers are advised to remain cautious. Interest rates may be low at the moment, but RBA forecasts indicate they may not stay that way for long. In addition, though suburbs like Melton West offer cheaper alternatives to commensurate properties in Melbourne CBD, the distance to city center may not be the only thing keeping prices down. Domain lists Melton West as an area with possible hidden “costs and risks” that could place homeowners in sticky situations where mortgages are concerned, while RACV put Melton West in the 12 spot on a list of Victoria’s most burgled suburbs of 2015-2016.