Top 5 Most Expensive Suburbs | May. ‘18
On the opposite side of the scale, Melbourne’s most affordable growth area suburbs are ranked below.
Growth area land is considered the most affordable housing option; therefore, these suburbs and prices can be considered the benchmark of housing affordability in Melbourne.
Melton South, with five trading projects, takes the cake for most affordable residential land in Melbourne, with a median land price of $269,000. Although being the most affordable,
Melton South has to see a large price increase of 53 percent – higher than any of the most expensive suburbs.
Neighboring suburb Rockbank (4 trading projects) comes in fifth, with a similar price growth of 55 percent.
Wallan and Beveridge in the cities outer northern municipality of Mitchell come in at second and third. It comes as no surprise with these suburbs being the furthest from the CBD of the growth area regions. Wollert in the City of Whittlesea is then fourth in the ranking, with a modest year-on-year growth of 14 percent.