What is the best value for money suburb in Melbourne?

I can't understand how they work out house prices. I live in Keilor Downs, the street behind my house is Taylors Lakes, yet the same house would cost $50,000+ most in Taylors Lakes.... it's crazy.
No, I don't believe higher prices mean better house or location.... just a lot of people giving any price for the house they like & want. What makes the price of the house? It's not what the seller is asking for, but what the buyer offers....and this isn't because they can afford it. Who can afford to borrow 300,000+ house rang approx $400-450,000 & how are you meant to repay the bank.... it is just insane.

That's the squillion dollar question :) Right now, people can get money for nothing so any tom dick and harry are going nuts buying a home because they are scared they will miss out (ie. it will be even more expensive, next month, next year, etc). the rate things are going, fear is driving the market up and up. Supply/demand is the other factor, but emotions are driving this bubble bigger and bigger... and it might not be a bubble (cause supply is less than demand).

i wish i knew your answer. IMO, nothing is best value any more in Melbourne -> we're screwed :(

Oh wow this is SUCH a tough question to answer. It so depends on your perception of value. I mean instantly I thought of all the high price suburbs, and thought you dont really get value for money. But the more I thought about it, people do get value, it just depends on their preferences. For example, people pay a pretty penny in Brighton, Albert Park, Port Melbourne etc because it is close to the beach. some might say that you just don't get value for money in those suburbs BUT the people living there might argue that living so close to the beach is worth it, and therefore they think they are getting value.

Do higher prices mean a better house or location? Well remember that house prices are based on supply and demand. The great the demand (and the shorter the supply) the house price will be higher (hence the massive house prices at the moment). So you might not necessarily have a better house for the higher $$$, it just means that someone else is prepared to pay high as well (and there are not many alternatives).

So to sum up, value is sort of irrelevant, as it comes down to personal choice. I personally don't think you get great value in Canterbury because it's not close to the beach, demographic is generally older and from personal experience, the neighbours can be a little on the 'nosy' side (hence why this site was created). But for the same reasons that I don't like, others will like it because of those factors.

Now if we are talking about an investment? Well that's a different side of the coin altogether :)

AJ

Drouin in Victoria is great value 30 square homes big blocks $430000 and 15 squares average $295000 including the land 95 km from Melbourne 1 hour on the train to the city.....freeway all the way to the city.......+ coles, woolworths + heaps of shops you can still buy a home and have a low mortgage check all houses on real estate .com.au