Melbourne’s most affordable and liveable suburbs revealed: PRD

Melbourne’s suburbs with the best balance of affordability and liveability have been revealed. See if your area made the wider list.

With a $690,000-$759,000 asking price, 12 Tonelli Cres, Mill Park, is in one of Melbourne’s top suburbs to balance affordability with liveability.

Fewer than 10 Melbourne suburbs remain that balance liveability with a median house price below $1m.

Clayton South, Point Cook and Mill Park head the list of postcodes with an ideal mix of low unemployment and crime rates, varied amenities and affordability.

The trio feature in the latest Affordable and Liveable Property Guide from PRD Real Estate, with a further seven suburbs on the watchlist of the firm’s chief economist Dr Diaswati Mardiasmo.

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Point Cook is the most affordable, with a $750,750 median house price, followed by Mill Park at $789,000.

But the more expensive Clayton South’s $905,000 typical home cost offers the best bang for buck overall, she said.

“These are definitely not the cheapest places, but they are that happy medium in the middle of being under Melbourne’s median price, and are more affordable from that perspective, but also tick all the boxes for crime rates and vacancy rates and the liveability side of it,” Dr Mardiasmo said.

44 Bellavista Cres, Clayton South, goes under the hammer with $700,000-$770,000 expectations at 1pm on November 27.

Suburbs were defined as liveable based on factors including proximity to schools, parks, transport and shops.

Only areas within 20km of the CBD, with more than 20 sales as well as positive price growth were considered. After all these criteria were satisfied, the most affordable suburbs remaining were selected.

Separate PRD figures forecast Melbourne’s median house price will top $2m by 2030 while the city’s median unit will become the priciest of any capital as it soars to about $1.143m.

BEST HOUSE SUBURBS

Clayton South – $905,000

Point Cook – $750,750

Mill Park – $789,000

Keilor Park – $900,000

Gladstone Park – $740,000

Taylors Lakes – $935,000

Mulgrave – $989,500

Keilor – $995,000

BEST UNIT SUBURBS

Mill Park – $510,000

Abbotsford – $532,500

Windsor – $545,000

Kensington – $574,500

Brunswick East – $575,000

Moonee Ponds – $583,250

Southbank – $600,000

St Kilda East – $602,500

Glen Huntly – $610,000

St Kilda West – $620,000

*Suburbs ranked by affordability, liveability and best price growth in past year

Source: PRD Real Estate

Dr Diaswati said the figures included a boost in values expected as a result of the 2026 Commonwealth Games, but noted they should put seemingly high prices today in context.

“If you look at prices 5-10 years ago, people were thinking prices are ridiculous and that they couldn’t afford them — but fast forward to today and prices have pretty much doubled or even tripled,” she said.

7 Kirami Ave, Point Cook, has an $850,000-$870,000 asking price above the suburb’s median, but well below Melbourne’s typical house price.

With families already looking at units around Melbourne, a trend she said would grow in the years ahead, the report named Mill Park, Abbotsford and Windsor as Melbourne’s best bets for blend of affordability and liveability.

Median prices in the three suburbs range from $510,000-$545,000, and include apartments, flats and townhouses.

Ray White Clayton principal Chris Kelepouris said Clayton South appealed to families given Monash University and Monash Health were located nearby, while lifestyle amenities ranged from golf to go-kart racing.

“Health and education are two of the biggest things people look for, and in the years to come I would think it will be far less affordable,” Mr Kelepouris said.

“There are people buying now and talking about building dual occupancy — with the thought their kids will live in the second home.”

In Point Cook, Barry Plant director Tony Skrekovski said they were now starting to see kids buying first homes after their parents were among the first to move into the suburb 20 years ago.

15 Rona Rd, Point Cook, is up for grabs at $665,000-$695,000 — well below the suburb’s typical asking price.

The postcode has appeared in the PRD list multiple times since the pandemic and Mr Skrekovski said with improvements to roads and increasingly strong NAPLAN scores among local schools it more than earned its place on the list.

“It’s in the top end of the better suburbs that are giving you very good value,” he said.

Mill Park was the only suburb to make the top 10 for both houses and units, and Harcourts Rata & Co director Tony Lombardi said it was a “super suburb”.

“It’s not exactly first-home buyer territory, but it’s an area where people want to bring up their kids,” Mr Lombardi said.

He added that the units in the suburbs were more likely to be townhouses or villas with two or four on the block, with few large developments.

For $470,000-$510,000 a two-bedroom unit could be yours at 183A Roycroft Ave, Mill Park.

Dr Mardiasmo said several suburbs, ruled out of the report due to their median price falling in the past year, could be a viable option for those who had watched their borrowing capacity diminish since the rate hikes began in May.

They included Truganina, Deer Park, Bundoora and Bellfield. Typical house prices in the four areas range from $646,000-$895,000.

“Even if they have lost ground in terms of price lately, they do still have quite a high level of project development coming into the area in the next few years,” Dr Mardiasmo said.

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