Melbourne’s most liveable affordable suburbs revealed
Melbourne markets that won’t break the bank but have lifestyle perks including dining and drinking options, PT, schools and low crime rates have been identified. SEE THE TOP SUBURBS.
The Melbourne suburbs where buyers can enjoy lifestyle perks without breaking the bank have been revealed.
Montmorency, Burnside and Gowanbrae have been named as the top spots where liveability and affordability collide in People’s Choice Credit Union’s latest report, which describes the coronavirus climate as “a good time for first-home buyers” who remain financially secure.
The trio headed a list of 100 Melbourne postcodes the financial institution identified as being ideal targets for homebuyers and investors who didn’t have huge budgets.
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To make the cut, markets had to have median house prices a couple with a weekly after-tax income of $3403 and weekly expenses of $906 could get a loan for. This meant all 100 came in below $1 million, with Aspendale the priciest at $969,250.
The postcodes were then ranked based on the lifestyle perks they offered.
The report also singled out the best suburbs for desirable amenities, with Seddon having the most comprehensive public transport coverage in the top 100, Kalkallo, the lowest crime rate, and Mooroolbark, the most schools and education facilities.
Point Cook was named the top spot for food and drink options, while Viewbank had the best access to employment hubs.
Kurunjang offered the cheapest house median, $424,000, while Macleod recorded the highest growth rate of 7.3 per cent per year over the past decade.
People’s Choice spokesman Stuart Symons said it was clear why homebuyers should consider a suburb’s liveability as well as its price point, as “where you live is more than just a mortgage repayment”.
But investors should also keep this in mind, as access to amenities was key to accruing capital growth and attracting tenants.
Mr Symons added the coronavirus-impacted market presented “a real opportunity for buyers”, generating record-low interest rates and property price falls.
Jellis Craig Eltham director Scott Nugent said he was finding people were “still actively looking to buy” in No. 1 lifestyle spot Montmorency, with sub-$1 million properties particularly popular.
He said buyers were drawn to the northeastern suburb’s “community atmosphere”, four schools, train station, “great set of local shops on Were St”, good-value housing and the fact no main roads ran through it.
Molly and Ben Robb have lived in “Monty” their whole lives, having grown up “a street apart” in the suburb, bought their first home there in 2010, and recently upgraded to a four-bedroom house on the same stretch where Mr Robb was raised.
“We love the people who live here, the fact it’s close to the city but far enough away to feel like you’re not in the hustle and bustle, and that there are lots of trees,” Mr Robb said.
His wife added: “It’s a nice little tucked away area where you always feel safe enough to go for a walk.”
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TOP LIVEABLE AND AFFORDABLE MARKETS
People’s Choice Credit Union compiled a list of the top 100 Melbourne suburbs where housing affordability and liveability collide. Within that list, it singled out:
-Montmorency ($839,000 median house price): most liveable overall
-Kurunjang ($424,000): most affordable
-Seddon ($950,000): closest to the city at 6.46km, and best public transport coverage
-Kalkallo ($547,500): lowest crime rate, with 2.78 crimes reported per 1000 population
-Mooroolbark ($727,500): most education facilities with 10
-Point Cook ($650,000): most registered liquor licenses, covering cafes, restaurants, liquor retailers, function centres and community clubs, with 64
-Viewbank ($955,000): best employment access, being close to four main employment hubs
-Wattle Glen ($805,000): best community stability, with 2.7% annual turnover in residents
-Macleod ($965,000): highest annual growth rate of 7.3% per year over the decade
Five top suburbs for liveability and affordability overall
1. Montmorency ($839,000 median house price)
2. Burnside ($618,500)
3. Gowanbrae ($699,000)
4. Watsonia North ($741,500)
5. Noble Park North ($606,000)
Source: People’s Choice Credit Union analysis of CoreLogic, Victoria Police and Department of Education data
Originally published as Melbourne’s most liveable affordable suburbs revealed