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Despite recently being named one of the most affordable capital cities in Australia to buy a home, Melbourne – and, more widely, Victoria – is still an expensive place to live. And the state's housing market shows no signs of slowing down, with property prices rising up to 30 per cent more than a year ago. However, a small handful of affordable pockets still exist where you can score a property bargain (by today’s standards, at least).
Fresh data from realestate.com.au has revealed the country’s most undervalued suburbs that offer a much cheaper entry point than their pricey neighbours – and two of them are in Victoria.
Buyers looking east can find seriously good value in Bayswater. While median house prices in neighbouring Ringwood and Wantirna have already cracked the $1 million mark, Bayswater remains more affordable, with houses selling for 20 to 30 per cent less. Around 40 minutes from the CBD, it's a well-serviced, family-friend neighbourhood with easy access to the picturesque Dandenong Ranges.
If you’re willing to head out of the city, another undervalued gem is Wodonga on the NSW-Victorian border. It boasts a median house price of $620,000, which is about 36 per cent cheaper than in its NSW counterpart, Albury. A vibrant regional hub, it boasts museums, galleries and historical buildings, and is close to the mighty Murray River where you can go camping, fishing, boating and swimming.
Across the country, the absolute cheapest entry point on realestate.com.au’s list of undervalued suburbs is Ulverstone on Tasmania’s gorgeous north coast. It offers a similar lifestyle and coastal access to nearby towns, but with a highly affordable median house price of $550,000. Over in Australia’s most expensive state, Sydney’s median inner city prices are close to $2 million, making Goulburn a great regional alternative.
Rounding out the nation's top undervalued pockets are three brilliant interstate options: Beenleigh, a perfect halfway point between Brisbane and the Gold Coast; Rockingham, a thriving hub in Perth; and Hallett Cove, an underrated beachside suburb in Adelaide.
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