Add CategoryA western suburb often overlooked for its better-known neighbours has been revealed as Melbourne’s cheapest house market within 10km of the CBD.
Property data firm CoreLogic named Maidstone as the best bet for househunters on a budget who are keen to live close to the city, with a $833,514 median house value.
This means the typical house would still set a buyer back more than Melbourne’s citywide average of $774,023.
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The next most affordable inner-city markets for houses were Bellfield ($846,027), Coburg North ($863,310), West Footscray ($895,921) and Footscray ($900,332).
Spotswood, Preston, South Kingsville, Collingwood and Pascoe Vale rounded out the top 10.
Sweeney Footscray agent Lee Marks dubbed Maidstone the “Bermuda Triangle of real estate”, noting the suburb was rarely on buyers’ radars.
“No one knows too much about Maidstone. It’s a small suburb,” he said.
“Affordability is great — for $700,000, you can get a period home with two to three bedrooms and a bit of land. But there’s no train station.”
Mr Marks said prices were rising in neighbouring West Footscray and Footscray, as gentrification took hold.
He instead urged buyers on a budget to search a few kilometres further from the CBD in Sunshine, which he tipped to be “the next boom suburb”.
The former bad-reputation ‘burb still offered “good buying”, and its status had been lifted by the federal government choosing it to connect the CBD and Melbourne Airport on the long-awaited rail link.
“You can buy a house for $650,000-$700,000 or a brand new townhouse for less than $550,000,” Mr Marks said.
“That suits first-home buyers, investors and families.”
CoreLogic found Carlton was Melbourne’s most affordable unit market within 10km of the city, with a $346,918 median value.
It was followed by neighbours Travancore ($367,349) and Flemington ($437,754), then Footscray ($437,754), Kingsville ($468,551) and North Melbourne ($469,885).
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CoreLogic head of research Tim Lawless expected housing affordability to again become an issue in Melbourne next year, as prices continued to grow following a “mush faster than expected” rebound in the second half of 2019.
“We did see affordability improve during the correction (of late 2017 to mid 2019), but that was improving from record highs,” he said.
“Early next year, about February, we’ll see Melbourne dwelling values hit a whole new high.
“That being said, we should be seeing more listings coming on to the market, which should slow down price growth.”
CHEAPEST SUBURBS WITHIN 10KM OF THE CITY
Houses
1. Maidstone: $833,514 median value
2. Bellfield: $846,027
3. Coburg North: $863,310
4. West Footscray: $895,921
5. Footscray: $900,332
6. Spotswood: $958,125
7. Preston: $962,509
8. South Kingsville: $967,602
9. Collingwood: $981,400
10. Pascoe Vale South: $982,263
Units
1. Carlton: $364,918 median value
2. Travancore: $367,349
3. Flemington: $437,754
4. Footscray: $439,632
5. Kingsville: $468,551
6. North Melbourne: $469,885
7. Essendon North: $472,130
8. West Footscray: $476,960
9. Melbourne CBD: $486,450
10. Brunswick West: $497,454
Source: CoreLogic