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48 Academy Drive, Broadmeadows, shows the affordable entry on offer for Melbourne with a $640,000-$704,000 asking price despite a four-bedroom floorplan.
Affordable Melbourne suburbs including Broadmeadows and Heidelberg West have been tipped for surge in demand as buyers flee more expensive capitals interstate.
PRD’s latest Affordable and Liveable Property Guide has also named St Albans, Albanvale, Lalor and Mill Park as suburbs to watch.
Chief economist Diaswati Mardiasmo has flagged the city’s 10 best areas for an affordable home that also has good access to amenities will increasingly be on the radar for young buyers interstate after Melbourne surpassed Brisbane on another key affordability measure.
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PRD’s data shows that 34.5 per cent of all Melbourne suburbs now have typical house prices below the city’s wider $1.1m median, drawn from all home sales within 20km of the CBD.
Within the same band, Brisbane has just 29.7 per cent of its suburbs with a lower median house price, while in Sydney it is just 12.1 per cent.
It’s the first time Melbourne has slipped below Brisbane on the metric since the firm began the report in 2015.
It also follows separate figures from PropTrack and CoreLogic earlier in the year showing that Melbourne’s wider median house price, including for homes beyond 20km from the CBD, is now lower than the Queensland capital’s.
MELBOURNE’S MOST AFFORDABLE AND LIVEABLE SUBURBS
Broadmeadows — $568,000
Albanvale — $625,000
St Albans — $650,000
Lalor — $700,000
Braybrook — $721,000
Mill Park — $766,750
23 South Crescent, Heidelberg West, is for sale with an $800,000-$880,000 asking price.
Heidelberg West — $770,000
Glenroy —$815,000
Greenvale — $873,750
Reservoir — $890,000
Features median house prices
Source: PRD Affordable and Liveable Property Guide
“So I would say Melbourne will be a target for homebuyers from interstate,” Dr Mardiasmo said.
“Brisbane is neck and neck with Melbourne, but there are way more chances to score a house in Melbourne for an affordable price than in Brisbane.
“Melbourne is a clear winner from the perspective of prices.”
With a $670,000-$710,000 asking price, it’s easy to see how 5 Gardner Court, Albanvale, ticks the box for affordability.
The researcher added that with a stronger pipeline of new homes being built, Melbourne was also less likely to see prices surge rapidly, and offered diverse employment opportunities that could help convince people to relocate interstate.
The report assesses suburbs as affordable if they are below the wider city’s median house price, and liveable if they meet a range of criteria — including recent investment in local community infrastructure, as well as good access to transport and schools and with consideration of local unemployment rates.
The report noted that Broadmeadows’ 14.9 per cent unemployment rate was higher than most of those typically considered, with Mill Park recording a more modest 4.7 per cent figure.
Our Agent Real Estate David Taylor said Broadmeadows was winning a growing number of white-collar workers over with its location 17km from the city, with almost no options in the same price bracket without going half an hour further up the road.
Cute and coming complete with a four-bedroom floorplan, 2 Lyall St, St Albans, has a just $640,000-$680,000 asking price.
“The suburb’s colour is still there, but it is changing,” Mr Taylor said.
While most younger buyers were looking at affordable townhouses, he said there was interest coming from Sydney — though that was currently stronger in nearby Dallas.
“And we do see people coming back in from Craigieburn for a better commute,” he said.
Ray White’s Vince Carnevale said while Broadmeadows houses had attracted significant interest from developers interstate in the past year or so, that demand had largely dried up.
However, Mr Carnevale said it was only a matter of time, and a boost in confidence for the Victorian housing market, until it resumed.
In Mill Park, Barry Plant’s Jay Moxon said the suburb absolutely deserved its position on the list of suburbs offering the best blend of affordability and liveability.
A double-storey home like 4 Pulford Cres, Mill Park, could be yours for as little as $795,000-$845,000.
Noting that it offered exceptional bank for your buck compared to eastern suburbs a similar distance from Melbourne’s CBD, Mr Moxon said it was becoming increasingly popular with buyers who saw it as an extension of the lifestyle on offer in neighbouring Bundoora.
“It’s very family driven and there’s a lot of diversity in the size of home,” he said.
“And we are getting quite a few phone calls from Sydney buyers at the moment.
“And I think that has picked up in the last couple of months. There are a lot of virtual inspections.”
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