Melbourne's most affordable suburbs revealed
Anyone planning a residential property purchase in Australia's second-largest city may wish to bear the Real Estate Institute of Victoria (REIV)'s latest figures in mind when making their decision.
New numbers published over the weekend (January 21) by the REIV indicate that that there are five metropolitan suburbs where the median price of a home is less than $400,000 - making them some of the city's most affordable places to purchase a home.
Hume tops the list, with an average median house price of $350,000, while Wyndham and Casey take the number two and three positions with median averages of $360,000 and $361,000, respectively.
Rounding out the top five are Melton, with a median house price of $364,000 and Cardinia, with a median price of $370,000.
The figures were released as part of the REIV's December report, which indicated relative stability over the past six months in terms of both house and unit prices.
A 1.9 per cent growth was recorded in overall house prices across the state between September and December last year, while units witnessed a 1.1 per cent increase.
REIV chief executive Enzo Raimondo noted that the two consecutive cash rate rises at the end of last year, as well as lower house prices compared with 2010, have contributed to housing affordability across the state.