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Exploring the different suburbs and their housing prices in Melbourne

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melbourne house price

Melbourne is a beautiful city known for its diverse culture and stunning landscapes. Living in Melbourne means having access to some of Australia’s best art, music, entertainment, and educational institutions. However, finding the right suburb to live in can be a challenging task, especially when taking into account the variation in housing prices across the city.

Finding a suburb in Melbourne that meets your budget and lifestyle can be difficult, as every suburb has its unique features, advantages and disadvantages. While some suburbs provide a trendy and fast-paced lifestyle, others offer a more serene and family-friendly environment. Therefore, it is essential to research and explore the different suburbs to find the perfect location for your lifestyle and budget.

Suburbs in Melbourne and Their Housing Prices

1. City of Melbourne

The City of Melbourne is the inner-suburban area of Melbourne, where most of the high-end apartments, townhouses, and heritage-listed properties are located. The housing prices in the city area are relatively expensive due to the prime location, accessibility to public transport and numerous amusements, shopping districts, restaurants, and cafes. The median house price of the City of Melbourne is around $1.1 million, with average rent being $600 per week.

2. Eastern Suburbs

The Eastern Suburbs of Melbourne are more affluent than the western suburbs, with most people owning their homes or paying high rents. The eastern suburbs, including Glen Waverley, Blackburn, Surrey Hills, Mont Albert, and Balwyn North, are known for their leafy and green landscapes, proximity to quality schools, and accessibility to public transport. The median house price in the Eastern suburbs ranges from $900,000 to $1.5 million, with average rentals of $450-$600 per week.

3. Western Suburbs

The Western Suburbs of Melbourne have traditionally been known as an industrial area, but lately, they have experienced a significant growth in population and infrastructure. The western suburbs, including Footscray, Sunshine, and Laverton, now offer an exciting, multi-cultural lifestyle at an affordable cost. The median house price in the Western suburbs ranges from $550,000 to $700,000, with average rentals of $400-$450 per week.

4. Northern Suburbs

The Northern suburbs of Melbourne are located within close proximity to the city and are known for their extensive parklands, quality schools, and trendy cafes and restaurants. The northern suburbs, including Brunswick, Coburg, Pascoe Vale, and Reservoir, offer a vibrant and diverse lifestyle at an affordable price point. The median house price in the Northern suburbs ranges from $600,000 to $900,000, with average rentals of $400-$500 per week.

5. Southern Suburbs

The Southern suburbs of Melbourne offer a laidback and relaxed lifestyle, with access to stunning beaches, nature reserves, and quality schools. The southern suburbs, including Brighton, Hampton, Sandringham, and Beaumaris, are known for their luxurious properties, lifestyle, and coastal living. The median house price in the Southern suburbs ranges from $1.2 million to $2 million, with average rentals of $550-$700 per week.

Factors that Affect Housing Prices in Melbourne

The housing prices in Melbourne are influenced by many factors, including location, proximity to amenities, and accessibility to public transport. Some other factors that affect housing prices in Melbourne include:

1. Age and Condition of Property

The age and condition of the property are crucial factors that influence housing prices in Melbourne. The newer or recently renovated the property, the more valuable it is perceived to be, hence the higher the price.

2. Proximity to Public Transport

The proximity of a property to public transport is another significant factor that affects its value. Properties located close to tram or train stations are expected to be more expensive than those situated far away from these amenities.

3. Access to Education Institutes

Melbourne has some of the best educational institutions in Australia, including universities, colleges, and schools. Therefore, properties located closer to these institutions are more valuable and expensive in comparison.

4. Proximity to Shopping Districts

The locations close to shopping districts are often in high demand and more expensive. Typically, properties within walking distance or up to a 10-minute drive are more valuable.

Tips for Buying a House in Melbourne

Buying a house in Melbourne can seem like an intimidating task, but with the right tips, it can be a seamless process. Below are some tips that can help you navigate the Melbourne housing market:

1. Determine your Budget

Before starting your house hunt, it is essential to have a clear understanding of your budget. It would be best to have a pre-approval on a home loan or ensure that you have adequate funds to pay in cash.

2. Research Your Suburb Options

Research your suburb options and explore their unique features, advantages, and disadvantages. It would be best if you also considered factors such as accessibility to public transport, quality schools, shopping centres, and recreational spaces.

3. Engage a Professional

Engage a professional real estate agent or property advisor who can offer you their expertise, knowledge and guide you throughout the process.

4. Attend Open Inspections

Attend open inspections to get a feel for the properties and their surroundings. It would be best if you also asked for a copy of the property contract and conducted a property inspection before making an offer.

FAQs

1. What is the median housing price in Melbourne?

As of June 2021, the median housing price in Melbourne is around $800,000.

2. What affects housing prices in Melbourne?

Several factors affect housing prices in Melbourne, including location, accessibility to public transport, proximity to amenities, and the age and condition of the property.

3. Where can I find affordable housing in Melbourne?

Affordable housing options are available across Melbourne, including the Western and Northern suburbs. However, it’s essential to explore different suburbs and their unique features to find the right location for your budget and lifestyle.

For further information on buying a house in Melbourne, you can reference the Guide to Buying a House in Melbourne.

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