Cheapest Victorian suburbs within 11km of Melbourne CBD revealed

It may not sound likely, but it is possible to buy a home within 11km of the CBD for less than $800k. See the list of Melbourne’s cheapest suburbs.

Find out the cheapest suburbs in Melbourne’s inner ring.

Affordable homes close to the CBD might seem like a fairytale, but they’re out there — if you know where to look.

The 20 cheapest suburbs for houses and units within 11km of the city have been revealed by PropTrack, with Melbourne’s west proving best for bargain-hunting buyers.

Braybrook was the cheapest inner suburb for houses, with an average house costing $788,000, sitting $103,000 below the city’s $891,000 median house price.

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Braybrook was the cheapest inner ring suburb for houses. 96 Duke St is on the market for $580,000.

Also in Braybrook, a three-bedroom townhouse at 5b Lawton St is for sale with a $660,000-$720,000 price guide.

Travancore proved to be the cheapest inner suburb for units, with a number of apartment complexes found in the area. An apartment at 830/38 Mt Alexander Rd recently sold for $345,000.

Barry Plant Sunshine agent Justin Luciew said Braybrook was increasing in popularity, particularly among families, due to its surrounding amenities and the Braybrook College zone.

“There (are) plenty of primary and secondary schools in the area,” Mr Luciew said.

“And a lot of buyers who are looking in Footscray and Yarraville come to Braybrook as you get bigger blocks of land for a more affordable price.”

PropTrack economist Angus Moore said that although the suburbs in the list were touted the most affordable options for buyers, house prices in these areas were “still very expensive”.

“But they’re obviously close to the city where land has a premium,” he said.

Travancore took the top spot for units with a median unit cost of $342,000.

Pagan Travancore director Ryan Pagan said apartments in Travancore were popular due to an abundance of supply through the multiple apartment complexes found in the suburb.

He added that although apartments were affordable, body corporate rates were typically high, therefore buyers should account for extra outgoing costs.

And in the inner north, Coburg North made the top five with a $998,000 median house price.

But Nelson Alexander Coburg agent Damian Ponte said there was a lack of supply in Coburg North due to the suburb being “tightly held” by a generally older demographic.

Coburg North also ranked highly for houses, with dwellings such as 3/28 Lorensen Ave hitting the market with a $660,000-$710,000 price guide.

Mr Ponte said this supply issue meant properties weren’t on the market for long.

“And as the area has gentrified, there’s more demand,” the agent said.

To score a property in one of these affordable inner suburbs, buyer’s advocate Nicole Jacobs, who regularly appears on The Block, urged buyers to act quickly.

“If the right one comes along, don’t wait for the market to drop … if you find a home you really love and can afford, then why wait?” she said.

“But do make sure you’re getting out there and doing your due diligence, get the contract checked, get your finances approved and speak to agents.”

“If you’re close to parks, cafes and public transport, in the long term you can’t go wrong,” Ms Jacobs added.

PropTrack’s data also revealed the cheapest suburbs for those looking on the city’s fringe, with western suburbs — particularly in the Melton municipality — dominating that list.

Melton took the top spot for houses, with a median house price of $497,000, while Melton South and Melton West ranked No. 2 and No. 3 with median prices of $516,000 and $544,000 respectively.

Maidstone was another affordable option for houses. 184 Ballarat Rd recently sold for $1.065m.

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267 Liberty Pde is located in Heidelberg West, another affordable suburb close to the city. It has bee listed for $699,000.

Melton South was also the top suburb for units, with an average unit costing $345,000.

Mr Moore noted while suburbs in the inner city were down about 3 or 4 per cent, prices in the west and northwest had risen about 4 per cent over the past year.

“But they still offer an affordable starting point,” he said.

“First-home buyers tend to look at more affordable options and tend to be buying at the cheaper end of the market, as (saving for) a 20 per cent deposit is the main constraint to homeownership that pushes you to more affordable houses.”

Suburbs in the northwest are the most viable options for those wanting to score an affordable home in the middle ring of Melbourne.

Coolaroo came out on top for houses, with a $520,000 median house price is, while in the west, Albion was the cheapest option for units ($280,000).

Mr Moore said demand for units across the city had increased amid affordability constraints since lockdowns ended and the city reopened, noting the dominant trend over the past two and a half years had been towards “more space and extra bedrooms to work from home“.

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