Cost Effective Suburbs Melbourne

[MelbEngineer]

I have been looking at property values in some of the cheaper areas in Melbourne and am wanting opinions on the value of each of these suburbs. I used Domain.com.au property reports, but the figures seem to be a few months old to me. I think they are still of relevance though. One example is - the site says Frankston north has an average house price of 180K which I think is more like 210K now. Also living and working in the South Eastern Suburbs I here negative things about places like Noble Park etc., but there seem to be a lot of cheaper suburbs.

Melton South: 173K
Frankston North: 180K
Melton: 180K
Doveton: 183K
Coolaroo: 196K
Dallas: 200K
Cranbourne: 217K
St Albans: 218K
Eumemmerring: 220K
Meadow Heights: 225K
Dandenong: 240K
Delahey: 243K
Pakenham: 245K
Noble Park: 250K
Lalor: 250K
Craigieburn: 250K
Dandenong North: 255K
Noble Park North: 265K

 

[suburbangirl]

Some others you might also want to add to the list:

Deer Park
Albion (Zone 1)
Ardeer
Laverton

All still have homes in the low 200's, and places like Albion/Ardeer sit just outside the 10km city zone with great access to the Ringroad (as stated, Albion train station is actually Zone 1!!).

Cheers!

 

[APerry]

The people who live/own property in these suburbs are generally the ones who are most effected by things like rising interest rates and petrol prices. There is probably plenty of upside, given the price, but also plenty of risk.

Regards
Alistair

 

[our obsession]

Historical Growth Patterns..

MelbE I have gone through and added the growth patterns for the suburbs you listed...it is the decade 1994-2005; (figures from Vic Valuer-General)

MelbEngineer:

I have been looking at property values in some of the cheaper areas in Melbourne and am wanting opinions on the value of each of these suburbs. I used Domain.com.au property reports, but the figures seem to be a few months old to me. I think they are still of relevance though. One example is - the site says Frankston north has an average house price of 180K which I think is more like 210K now. Also living and working in the South Eastern Suburbs I here negative things about places like Noble Park etc., but there seem to be a lot of cheaper suburbs.

Melton South: 173K......1994 Median House Price: $80,000......2004 MHP: $175,500......Change of: 119%

Frankston North: 180K ....1994: $68,750........2004: $170,000...147%

Melton: 180K... NB: Only other figure is for:

Melton West: 1994: $90,000....2004: $207,000......130%

Doveton: 183K...1994: $68,000........2004: $175,000.....157%

Coolaroo: 196K......1994: $100,000....2004: $200,000.....100%

Dallas: 200K..........1994: $No figures available

Cranbourne: 217K.....1994: $92,500...2004: $203,000.......119%

St Albans: 218K........1994: $97,514...2004: $218,000......124%

Eumemmerring: 220K....1994: $82,500....2004: (Less than 10 sales) $208,000...........153%

Meadow Heights: 225K....No figures available...I could do closest suburb, but that wouldn't be precise.

Dandenong: 240K......1994: $87,500......2004: $225,000....157%

Delahey: 243K.......(Less than 10 sales) 1994: $109,000........2004: $241,000...........121%

Pakenham: 245K..........1994: $96,000........2004: $222,825....132%

Noble Park: 250K.........1994: $93,000.........2004: $237,250...155%

Lalor: 250K............1994: $105,000..........2004: $240,050.....129%

Craigieburn: 250K.....1994: $103,500......2004: $238,000....130%/B]

Dandenong North: 255K....No specific figure...see Dandenong

Noble Park North: 265K..............No specific figure...see Noble Park

Plus Subg's....

Suburbangirl:

Some others you might also want to add to the list:

Deer Park:.....1994: $100,000.........2004: $220,000........120%

Albion (Zone 1)...No figures

Ardeer:.........1994: $94,500...........2004: $214,000.........126%

Laverton:......1994: $78,000............2004: $215,000........176%

All still have homes in the low 200's, and places like Albion/Ardeer sit just outside the 10km city zone with great access to the Ringroad (as stated, Albion train station is actually Zone 1!!).

 

[Peter 14.7]

For more on Melton search the name. There is a specific Melton thread.

Peter

 

[MelbEngineer]

The people who live/own property in these suburbs are generally the ones who are most effected by things like rising interest rates and petrol prices. There is probably plenty of upside, given the price, but also plenty of risk.

Regards
Alistair

Yes, well the only suburb I was thinking of buying in was Frankston North, because of it's location to the beach and it's proximity to Mt. Eliza with an average price of 500K or so.

Updated List:

Melton South 173K
Frankston North: 180K
Melton: 180K
Doveton: 183K
Laverton 195K
Coolaroo: 196K
Dallas: 200K
Ardeer 210K
Deer Park 216K
Cranbourne: 217K
St Albans: 218K
Eumemmerring: 220K
Meadow Heights: 225K
Albion 230K
Dandenong: 240K
Delahey: 243K
Pakenham: 245K
Noble Park: 250K
Lalor: 250K
Craigieburn: 250K
Dandenong North: 255K
Noble Park North: 265K