Melbourne’s most affordable suburbs had big value growth in 2021

Home value hikes topping $100,000 have blasted affordability in Melbourne’s 10 cheapest suburbs and left just one area with average houses under $500,000.

A CoreLogic review has revealed Melton’s $464,229 median house value is the city’s most wallet-friendly for the second year in a row, despite rising more than $75,000.

But it’s now the city’s only suburb where you can buy a typical house for under $500,000.

Coolaroo and Kurunjang are the next most affordable areas. They are likely to set you back $526,725 and $527,140 for a middle-of-the-road home respectively.

Meanwhile, Campbellfield’s $579,789 median house value has surged more than $95,000, while Melton South houses gained more than $90,000 as they soared to a $547,459 median.

Frankston North and Millgrove were among the city’s 10 most affordable suburbs last year with median house values under $460,000. But both gained more than $100,000 and were squeezed out of the 10 cheapest ‘burbs this year.

They have been replaced by Meadow Heights, $571,216, and Wyndham Vale, $590,605.

AFFORDABLE ‘BURBS BOOM (HOUSES)

Melton: $389,497 (2020) – $464,229 (2021)

Coolaroo: $455,920 (2020) – $526,725 (2021)

Kurunjang: $450,632 (2020) – $527,140 (2021)

Melton South: $455,806 (2020) – $547,459 (2021)

Harkness: $480,633 (2020) – $555,573 (2021)

Brookfield: $489,472 (2020) – $560,099 (2021)

Dallas: $481,842 (2020) – $567,387 (2021)

Campbellfield: $484,657 (2020) – $579,789 (2021)

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