4 min readWhen looking for a new home determining where you can afford to buy and finding somewhere that will also suit your lifestyle can be a battle to say the least. You’ll also want peace of mind that the area has good potential for growth and that your biggest asset will appreciate over time.
We thought we’d help point homebuyers in the right direction by summarising Melbourne’s best growth suburbs for under $1M and what they have to offer. Our list was generated using REIV’s Top Growth in Median House Prices data from the September quarter of 2016 – where suburbs have had at least 30 sold properties in the past quarter.
At a glance there’s a high level of geographic diversity in the 10 best growth suburbs in Melbourne for under $1 mil, giving buyers a lot of different lifestyle opportunities to choose from. We have Langwarrin, Seaford, Frankston, Dingley Village and Hampton Park in the south-east, Footscray and Werribee in the west, and Altona North, South Morang and Pascoe Vale to the north.
With Melbourne’s median house price swelling to $740,000 in the September quarter of 2016, it’s pleasing to note that four of our growth suburbs have median house prices under the $550k mark for homebuyers looking for more affordable opportunities.
Read on to discover the top 10 best growth areas in Melbourne for under $1 million and what unique lifestyle features they provide residents.
(Note: The stats are listed as Sep-16 median house price, Jun-16 median house price and quarterly % change in price)
Stats: $560,000, $467,550, 20% growth.
Distance to CBD: 52km
Drawcards: Semi-rural suburb, family-friendly, larger block sizes, childcare, schools, parks, recreation, pub, Peninsula Link freeway access, close to Karingal shopping centre, the beach, wineries and the Mornington Peninsula.
Stats: $605,500, $516,500, 17.2% growth.
Distance to CBD: 47km
Drawcards: Beachside suburb, family-friendly, primary schools, village atmosphere, train station, Eastlink access, large block sizes, shops, restaurants and cafes, surf club, farmers market, local football, Kananook Creek, walking trails, wetlands, fishing and close to the Mornington Peninsula.
Stats: $855,000, $745,000, 14.8% growth.
Distance to CBD: 8km
Drawcards: Close to the CBD, Riverside Golf Course, Highpoint shopping centre and Flemington Racecourse, river frontage, cafes and restaurants, VU University, vibrant markets, shopping centre, gyms, hospitals, trains, trams and buses, pubs, live music, DJs, parks, recreation, dubbed ‘the new fitzroy‘ because of recent gentrification and extensive urban renewal projects.
Stats: $504,000, $440,000, 14.5% growth.
Distance to CBD: 50km
Drawcards: Affordable beachside suburb, family-friendly, schools, TAFE, train station, parks, Bayside shopping centre, golf club, Monash Uni, hospital, Peninsula Aquatic Recreation Centre, yacht club, cinemas, arts centre, foreshore festivals, restaurants and cafes, Peninsula Link and Eastlink access and its close to the Mornington Peninsula.
5. Altona North
Stats: $788,000, $702,500, 12.2% growth
Distance to CBD: 17km
Drawcards: Close to the CBD and beach, local shops, cafes, large blocks, family-friendly, parks, recreation, golf club, walking trail, schools, freeway access, gyms, badminton centre and only 20 minutes from Melbourne Airport.
Stats: $855,000, $763,500, 12% growth.
Distance to CBD: 27km
Drawcards: Semi-rural feel, family-friendly, primary schools, wide streets, big blocks, golf courses, close to the beach, shops, paintball, parks and recreation.
7. South Morang
Stats: $550,750, $495,000, 11.3% growth.
Distance to CBD: 27km
Drawcards: Affordable family-friendly suburb, train station, buses, parks, recreation, schools, shops, Westfield, childcare and the $588 million Mernda rail extension.
Stats: $395,000, $355,000, 11.3% growth
Distance to CBD: 35km.
Drawcards: Affordable semi-rural area with a country town feel, train station, freeway access, shopping plaza, schools, restaurants, cafes, parks, recreation, golf course, nightclubs, markets, twilight cinema, Werribee Mansion, State Rose Garden and the Open Range Zoo, riverside dining, NBN access and its close to the beach.
9. Hampton Park
Stats: $430,000, $392,500, 9.6% growth.
Distance to CBD: 40km
Drawcards: Affordable family-friendly suburb, golf courses, parks, recreation, go karts, drive-in, schools, shopping centre, close to Westfield Fountain Gate, Casey Arc leisure centre and Hallam train station, sky rail project, buses and freeway access.
10. Pascoe Vale
Stats: $802,000, $734,500, 9.2% growth.
Distance to CBD: 16km.
Drawcards: Close to the CBD, family-friendly, freeway access, train station, schools, parks and recreation.
Family-friendliness, proximity to the beach or river, good access to education, shopping, parks, freeways and public transport were all common themes in our list of the best growth suburbs for under $1 million, indicating what is most important to a majority of Melbourne homebuyers.
We hope this list of Melbourne’s best growth suburbs under $1 million and their key features has helped guide your search for a new place to live. For more info on any of these suburbs head to our Suburbs Reviews and Questions pages.
Happy house hunting!