Property: Affordable suburbs within 20km of Melbourne that you’ll want to live in

If you are looking for an affordable home that you will want to live in, close to Melbourne, these suburbs have become the best places for a good lifestyle at a reasonable price. See the list.

Greensborough, Mulgrave and Briar Hill have become the best places in town for a good lifestyle at a reasonable price.

The suburbs have been praised for their relative affordability compared to the key amenities they offer, as well as their future development plans and low unemployment rate, according to the PRD’s latest report on affordable and livable properties.

And while they may have a median property price of around $1 million, the price is still below the typical median of $1.14 million for a home within 20km of Melbourne’s CBD. .

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The suburb also offers a good rental yield and a low vacancy rate.

Greensborough and Mulgrave have a median of $1 million, while Briar Hill is priced at $1.05 million, according to the report.

The PRD’s chief economist, Dr Diaswati Mardiasmo, said that although not the cheapest places, the suburbs were “capable of meeting all the criteria that make a suburb attractive to people”.

“Greensborough is next to La Trobe University; Mulgrave is next to the hospital and Briar Hill is next to a shopping centre,’ Dr Mardiasmo said.

“These places cost you a bit more, but being close to an amenity will serve you well not only from a day-to-day quality of life perspective, but also if you want to resell.”

The report found that the Melbourne market was becoming an “opportunity market for buyers and especially first-time home buyers, with median property price growth…after falling”.

He highlighted successful but feasible unit markets, including Taylors Lakes, Kensington and Clayton South, which Dr Mardiasmo said were solid choices for buyers looking to get into the real estate game.

“The areas we’ve identified are close to universities, hospitals, shopping malls — whatever you want in terms of amenities,” she said.

“Demand will never fall off the wagon, people will always be looking in those areas.”

Ray White Glen Waverley partner Marc Lum said a suburb like Mulgrave benefits from the resources of neighboring suburbs, while remaining affordable.

“Glen Waverley is the central suburb of Monash, it’s a prime suburb – but Mulgrave is only a few suburbs away,” Mr Lum said.

“It’s not overdeveloped, it’s still very neighborhood (based) and most of the vendors there have been there for 30-40 years.”

The agent said young professionals and families are taking advantage of the area after being barred from areas like Wheelers Hill.

Neil and Keryn Harnwell have lived in Mulgrave for 33 years but recently sold their family home for a radical change.

The couple raised their two daughters in the suburbs and say it’s the perfect place for young families with good schools, a tight-knit community and plenty of parks.

“It’s the kind of place where you walk down the street and say ‘hello,'” Ms Harnwell said.

“There are primary schools, high schools and health centers around the corner – and even a local strip of shops for essentials. And the location is easy to get to anywhere you want from the city to the Dandenongs.”

The Harnwells’ four-bedroom home with a spa sold for $1.1 million last week, slightly above the suburban median.

The Harnwells’ four-bedroom home with a spa sold for $1.1 million last week, slightly above the suburban median.

The PRD report defined suburbs as livable based on factors such as proximity to schools, parks, transportation and shopping, as well as low unemployment and vacancy rates.

Only areas within 20 km of the CBD and with more than 20 sales and positive price growth were taken into account.

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alanah.frost@news.com.au

Originally published as Property: Affordable suburbs within 20km of Melbourne you’ll want to live in

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