Media releases

Westpac Suburb Snapshot reveals best buys in Melbourne’s major regions

 

1 February 2014

  • Find Melbourne’s most affordable, average and affluent suburbs per region
  • Regions include Melbourne’s Inner City, Inner East, Inner South, North East, North West, Outer East, South East, West and Mornington Peninsula

Westpac has identified the top five most affordable1, the average and the leading affluent suburbs in Melbourne’s major metropolitan regions.

The Westpac Suburb Snapshot, developed in partnership with RP Data, has uncovered useful insights for those looking to buy, sell or who are simply curious about their neighbourhood.

Some of the most affordable houses can be found just eight kilometres from the CBD at Coburg and Pascoe Vale, where the median house value is under $650,000.

Ranked in the mid-range category, the ever popular suburb of St Kilda shows surprisingly good value compared to other suburbs in the Inner City region, with a median house value of $835,524.

The suburb of Carlton, with a median unit value of just $251,210, presents potentially good value for a suburb that is just two kilometres2 from the CBD and has a wide range of transport options and local amenities. Units available at this value will mostly suit investors or first home buyers.

“Westpac understands that the dream of many Australians is to own their home sooner,” said Gai McGrath, General Manager of Retail Banking at Westpac.

“Identifying suburbs such as Carlton and Coburg can represent value for money is vital when considering a purchase in that area. If paying off your home loan as quickly as possible is a top priority, purchasing at the right price is a great start.

“When looking for a home to buy it’s important to be armed with as much information as possible. The Westpac Suburb Snapshot helps buyers identify insights into www.westpac.com.au

affordable and mid-range suburbs in the regions they want to live or invest in, and is similarly useful to those planning to sell their property to identify where their suburb falls.”

Brighton is ranked as the most expensive suburb in Melbourne’s Inner South, even though it is further from the city than the other most expensive suburbs in the region such as Kooyong and Malvern. Buyers are still very willing to pay a premium to live in this exclusive beachside enclave, with a median house value of almost $1.8 million.

Interesting Findings - Westpac Suburb Snapshot:

  • The most affordable houses can be found just eight kilometres from the CBD at Coburg and Pascoe Vale, where the typical median house value is under $650,000.
  • Carlton is ranked as the most affordable unit suburb in the Inner City region, showing a median unit value of just $251,210 and demonstrates high value for a suburb that is just two kilometres from the CBD with a wide range of local amenities. 
  • Ranked in the mid-range category, the ever popular suburb of St Kilda shows surprisingly good value compared to other suburbs in the Inner City region, with the median house value of $835,524.
  • Brighton is ranked as the most expensive suburb in Melbourne’s Inner South, even though it is further from the city than the other most expensive suburbs in the region such as Kooyong and Malvern.

1Most affordable suburbs are classed as those holding the lowest median house and unit value within the region.
2 Average kilometres from the CBD is measured as the crow flies from the geographical centre of the suburb.