Australian homebuyers who are looking to break into the housing market by buying units instead of houses should consider looking at Melbourne's most affordable and liveable suburbs, according to a new study by People's Choice Credit Union.
The study listed 20 suburbs in Melbourne that offer affordable units and exhibit a high level of liveability, People's Choice CEO Steve Laidlaw said. The study assessed each suburb's liveability to capture the aspects that determine whether people would actually want to live in a particular place.
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According to the list, the most sought-after suburb in Melbourne is Hawthorn East. It has a median unit price of $610,000. While this suburb is not the cheapest in the list, it ranked high in terms of liveability.
Murrumbeena placed second in the overall list and is amongst the most affordable. Its median price sits at $490,000. In terms of liveability, Murrumbeena ranked 13th.
Third in the overall list is Surrey Hills, which hit the top spot in the liveability index. Units in this suburb have a median unit price of $727,000.
"The thing that brings these suburbs together is liveability. These suburbs are relatively close to the city, close to employment hubs, have low crime rates and reasonable-to-good public transport," Laidlaw said.
The table below lists the most affordable and liveable suburbs in Melbourne for units and their corresponding median unit prices and liveability index ranks:
Most affordable and liveable suburbs in Melbourne for units |
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Overall Rank |
Suburb |
Median Unit Price |
Liveability Rank |
|
1 |
Hawthorn East |
$610,000 |
3 |
|
2 |
Murrumbeena |
$490,500 |
15 |
|
3 |
Surrey Hills |
$727,000 |
1 |
|
4 |
Glen Iris |
$630,000 |
4 |
|
5 |
Hawthorn |
$500,000 |
20 |
|
6 |
Avondale Heights |
$520,000 |
18 |
|
7 |
Mont Albert |
$750,000 |
2 |
|
8 |
Elsternwick |
$602,500 |
10 |
|
9 |
St. Kilda East |
$550,175 |
13 |
|
10 |
Caulfield North |
$620,000 |
9 |
|
11 |
Montmorency |
$629,500 |
7 |
|
12 |
Ormond |
$667,000 |
6 |
|
13 |
Pascoe Vale South |
$519,000 |
33 |
|
14 |
McKinnon |
$690,385 |
5 |
|
15 |
Glen Huntly |
$545,000 |
31 |
|
16 |
Kingsville |
$393,500 |
71 |
|
17 |
Hughesdale |
$658,500 |
11 |
|
18 |
Caulfield South |
$695,000 |
8 |
|
19 |
Brunswick West |
$460,500 |
60 |
|
20 |
Williamstown |
$517,000 |
45 |
|
Source: People’s Choice, CoreLogic |
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