‘We didn’t know this existed’: Melbourne’s most affordable liveable suburb

Flemington has been ranked as one of the most liveable suburbs in Melbourne, yet its property prices are hundreds of thousands of dollars lower than those of its counterparts.

Experts say a combination of smaller housing and historical price differences compared with Melbourne’s east have contributed to its relative affordability.

Flemington is more affordable for home buyers than some of Melbourne’s other highly liveable suburbs.Credit: Joe Armao

Flemington was ranked third in a list of Melbourne’s 10 most liveable suburbs in the PwC CityPulse 2025 report, which assesses suburbs based on access to services, schools, community, healthcare and other key indicators.

The median house price in Flemington is $1.06 million based on Domain data, making it the cheapest suburb in the rankings. Its median unit price, at $401,500, is also the lowest in the rankings.

In comparison, Fitzroy North, the highest-ranked suburb for liveability, has a median house price of $1.4 million, followed by the western part of Surrey Hills and Canterbury, where prices reach $2.15 million and $2.935 million respectively.

But only one-fifth of a point – in a score out of 10 – separates Flemington from the most liveable neighbourhood.

Angie Zigomanis, head of data and insights at Quantify Strategic Insights, attributes Flemington’s affordability to the prevalence of smaller blocks.

“Flemington is more affordable because it has smaller terrace and townhouse-type dwellings, rather than some other surrounding suburbs, which might have larger dwellings, where the price side of the equation is higher,” he said.

He said the price gap could be linked to a historical trend in Melbourne, in which houses in the western suburbs had consistently been priced lower than other areas.

“Traditionally, Flemington and the western suburbs have not commanded the same premium as a similar-distance suburb from the CBD in the east does,” he said.

He said ultimately a suburb’s liveability was subjective and depended on an individual’s preference.

“Beauty is in the eye of the beholder,” he said. “Someone else might prefer more internal open space where you’re more likely to have a backyard. That’s where the outer suburbs would rank high if you put that as a factor of liveability.”

Zigomanis said while Flemington’s proximity to the CBD was an advantage, more affordable suburbs further from the city could improve their liveability by bringing schools closer, enhancing access to quality, high-paying jobs, and investing in retail hubs and parks.

Ryan Currie, director at Nelson Alexander Flemington, was not surprised Flemington had made the list because the suburb had transformed over the years.

Ryan Currie says first-home buyers and empty nesters are drawn to Flemington.Credit: Photograph by Chris Hopkins

“When I first got into the market in 1999, there were a lot of vacant shops. It just didn’t have an inner-city vibe about it. But that’s really, really changed,” Currie said.

He has three categories of buyers: first-home buyers looking for an affordable entry point close to the CBD, young professional couples drawn to the inner-city lifestyle and empty-nesters downsizing from nearby suburbs such as Essendon and Moonee Ponds.

Single-fronted terraces on a small block of 150 square metres with renovation potential start about $1 million to $1.1 million. At the top end, larger turnkey family homes can fetch up to $4 million. Currie says prices are starting to increase as more buyers discover the area.

“Flemington has always been that little bit more affordable, but we are noticing that’s changing,” he said. ”[A lot of people] come to open homes in some of the beautiful streets of Flemington, and they’re like, ‘Wow, we didn’t even know this existed’.”

Retired kindergarten teacher Meredith Allan, 61, moved into Flemington in 1992 from the eastern suburbs.

Meredith Allan loves living in Flemington.Credit: Joe Armao

“It was the only place we could afford. It was the cheapest at the time,” she said.

She has moved house since, but stayed in the suburb. She and her husband have lived in two homes in Flemington. She loves the suburb’s sense of community, as well as amenities such as cafes, the easy access to public transport and the walkable nature of the area.

“Everybody seems to know everybody,” she said. “I know probably 20 people within a three-minute walk of where I sit.”

Allan likes knowing her neighbours.Credit: Joe Armao

She swaps books with one neighbour, another has given her craft equipment, and she discusses local politics with another.

“It’s really those opportunities to engage with neighbours and to know them,” she said.

Flemington was rapidly becoming a hotspot for young buyers, said Lou Rendina, director of Rendina Real Estate. He attributes this growth to the suburb’s closeness to the city, train station and nearby attractions.

“The population is growing and there are a lot of apartments,” he said. “What’s appealing is you’ve got retail strips, cafes, Laksa King, those iconic restaurants … You’ve got supermarkets, the Melbourne Showgrounds.”

Younger buyers are drawn to its affordability. Flemington is more affordable than nearby Moonee Ponds ($1.4 million median house price), Ascot Vale ($1.25 million) and Brunswick ($1.24 million).

“[Flemington is cheaper] purely because the houses are smaller – traditionally there are a lot of single-fronts … Buyers that have been going through [open homes] are saying it’s three bedrooms, it’s so close to the city, we can get a flatmate,” Rendina said.