5 Best Melbourne Suburbs To Buy A Home
Melbourne isn't just one of the best places to live in Australia, but also the entire world, for a vast number of reasons. Some of those reasons that make Melbourne a great place to live include a sense of belonging, and unmatched foodie culture, safety, lots of natural attractions and access to leisure facilities.
Some of the most reliable factors that contribute to people owning an investment property in Melbourne include low tenant vacancy rates as well as a constant rise of real estate prices.
According to the real estate Institute of Victoria, Melbourne's median house price in the June 2019 quarter was $785,000. Even though it's lower than the highs in 2018, the data from REIV shows that there is a reliable pattern of growth in Melbourne's prices – which is up from $701,000 during the same time in 2016.
Most of the biggest infrastructure projects like a statewide railway level crossing removal project and the Metro Tunnel are just improving public transport links, but are also supporting the city's growing population. According to the Australian Bureau of Statistics, Melbourne is the fastest developing city in Australia and is projected to even surpass Sydney as being the most populous by 2031.
What's more, the citizens have access to some of the best lifestyle facilities in Australia including beaches, mountain ranges, and wine regions. The city also boasts some of the finest sporting events, festivals, and restaurants that you'll ever see.
Even though Melbourne does experience cold seasons, there's nothing too hazardous such as months and seasons, volcanoes, cyclones, tropical storms heavy rain or even snow that can disrupt the city's economy.
Now with that out of the way, let’s have a look at the best suburbs in Melbourne for buying and investing in homes.
Along with the beach being right at its doorstep, offering the shortest commute to Melbourne Central Business District (CBD) – 18 minutes by car or 29 minutes by public transport – it's no wonder St. Kilda West has been ranked one of the best lifestyle suburbs of Melbourne.
The residents of this boisterous suburb have only a minor walking distance to schools and parks, a number of cycling lanes and public transport options. Due to the median house price being at AU$2,177,500, buying a home in St. Kilda West is anything but cheap. Although, apartments are relatively more affordable with their median price being AU$575,000.
Brunswick is regarded by many as one of, if not the best Melbourne suburb to invest in due to it being consistently multicultural and dynamic. It's also teeming with vibrant cafés and art spaces such as the Counihan Gallery.
The houses and narrow streets are mainly Victorian styled but are also greeted by modern-day developments which also serve as an attraction for young adults, which makes this suburb the ideal blend of new and old.
It also happens to be the most renowned suburbs for potential homeowners all year. Occupancy rates typically go up in the summer, followed by several cultural and sporting events that are held during the season.
All in all, one can even argue that Brunswick is also the best suburb in Melbourne to live in.
- 2 rooms: AU$921,000
- 3 rooms: AU$108 million
- 4 rooms: AU$123 million
The occupancy rate for Brunswick is 75%.
Craigieburn was once known for its country, sleepy vibe, but is now one of the most popular and lively suburbs in the north of Melbourne. Some of the suburbs hottest and fastest-rising aspects include housing developments, shopping centers, sporting facilities, and parks.
Units are priced at a median price of AU$385,000 with a weekly rate of AU$340. Houses, on the other hand, are set at a median price of AU$550,000, followed by AU$380 for rent.
For even better rental yields, you're better off investing in an apartment. This particular area has witnessed considerable yearly growth with median house prices moving up by 63.1% from five years ago. Read more on Australia’s extensive growth.
Melton not only offers some of the most affordable houses in Melbourne, but it's also the best suburb in Melbourne for families. It's an ideal location for growth in Melbourne and offers residents the benefit of being only 35 kilometers away from the city with its very own railway station servicing the locality.
The median house price for the suburb has gone up 67.3% from over five years ago, it still manages to be cheap at around AU$410,000. For one unit, the median price is AU$310,000. And because of its limited vacancy rate, there shouldn't be a problem finding a tenant or acquiring a gracious rental yield of about 4%.
Also, that sticks expanding surrounding suburbs and infrastructure, there's no better time to invest in a house in Melton than as of this writing.
Mickleham is one of the fastest suburbs in all of Melbourne, which is located 29 kilometers north of the city's CBD. The median house price in Mickleham is only AU$527,000, which is AU$258,000 below the city's median, making it an ideal spot for growing families and first-time homebuyers.
The suburb houses Satterley Botanical estate in which people can commute to the CBD by taking a nearby Donnybrook railway station or the Tullamarine Freeway.
There's plenty of close-range shopping options in Craigieburn Central which is situated on Craigieburn Road has over 130 stores including Woolworth's, Target, Big W, Aldi, and Coles.