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Affordable property in Melbourne

08 June 2015 by News Desk

OLYMPUS DIGITAL CAMERAThe outer west suburb of Melbourne is one of the city’s most affordable suburbs in which to buy property.

The average house price across Melbourne is $688,000 but in Melton you can still get a three bedroom family home for an average price of $226,000. A combination of population growth, improvements to infrastructure, low interest rates, low vacancy rates and low average house prices have made Melton an attractive area for home-buyers.

Between 2001 and 2014 the residential population of Melton more than doubled and in 2013, the region had the fifth fastest population growth in Victoria (4.3%). Population projections also indicate that Melton’s population will be more than 315,908 by 2036, which is about the size of Canberra.

Darrell Todd, CEO of thinkingaustralia, says: “If Melbourne’s house prices continue to increase as they have dome the first quarter of 2015 (11.1%), then the city’s outer suburbs will become even more attractive. And Melton will continue to offer great value”.

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