15 Best Suburbs to Live in Melbourne for Affordable Homes

Finding the best suburbs to live in Melbourne can be a challenge, especially with the city’s rising property prices. 

Melbourne is a city of vibrant communities, stunning green spaces, and endless entertainment options, making it one of Australia’s most desirable cities to call home. 

If you're thinking about buying a home here, consider working with a mortgage brokerwho can guide you through securing a home loan with a median house price. Let’s dive into the top affordable suburbs in Melbourne for 2024!

Why Melbourne is One of Australia’s Most Liveable Cities

Melbourne has long been celebrated as one of Australia’s most liveable cities, thanks to its rich culture, world-class dining options, access to cafes and unique public spaces, each with a unique and attractive suburb. 

The city offers something for everyone, from bustling inner-city suburbs to peaceful outer suburbs filled with green parks and leafy streets. if you're looking for suburbs with an excellent tree cover, then Melbourne

This guide will help you discover the best suburbs with the best terms of liveability, focusing on affordable options with excellent amenities, a vibrant cafe scene, and a strong sense of place.

What Makes a Suburb “Liveable” in Melbourne?

When evaluating liveable suburbs, factors like public transport options, quality schools, and local amenities are essential. 

A suburb’s liveability score often depends on its decent access to green spaces, zero lack of cafes, and natural beauty. 

Families look for safe, quiet streets with parks and quality schools, while young professionals might prioritise nightlife, public transport access, and proximity to cafes and dining options.

Whatever you value, Melbourne’s attractive suburbs have ample opportunity to cater to your lifestyle.

15 Best Suburbs for Affordable Homes in Melbourne

Looking for a place that won’t break the bank but still offers a great lifestyle? Here are the best affordable suburbs in Melbourne to call home in 2024.

1. Ferntree Gully

• Why It’s Affordable: Property prices in Ferntree Gully are lower compared to popular eastern suburb neighbours like Ringwood East or Bayswater North. Its location on Melbourne’s outskirts helps keep prices reasonable.
• Lifestyle: Surrounded by beautiful parks and the Dandenong Ranges, this suburb is perfect for nature lovers and families.

2. Berwick

• Why It’s Affordable: Berwick is a growing suburb with median house prices that are still accessible compared to more expensive outer suburbs like Brighton East. It’s an attractive option for families seeking value for money.
• Lifestyle: Leafy streets, quality schools, and public transport access make it a standout for family living.

3. Cranbourne

• Why It’s Affordable: Cranbourne’s property market is one of the most affordable in Melbourne’s south-east, especially for first-time buyers. It’s a rapidly growing suburb, offering good value compared to pricier neighbours like Narre Warren.
• Lifestyle: This suburb features growing amenities, green parks, and improved public transport links to the CBD.

4. Richmond

• Why It’s Affordable: While Richmond is an inner-city suburb, its units and apartments are priced lower than houses in neighbouring Fitzroy North or Carlton North. This makes it a great entry point for young professionals wanting to live closer to the city.
• Lifestyle: Victoria Street dining, music venues, and excellent public transport access create a vibrant culture here.

5. Glen Waverley

• Why It’s Affordable: While Glen Waverley is highly sought-after, its homes are still cheaper than exclusive eastern suburbs like Surrey Hills or Doncaster East. Families can find good-sized homes at more reasonable median prices.
• Lifestyle: A family-friendly area with tree-lined streets, excellent schools, and access to major shopping centres.

6. Narre Warren

• Why It’s Affordable: Narre Warren is known for its affordable property prices, which are lower than its neighbour Berwick. This makes it an appealing option for first-time buyers and young families.
• Lifestyle: The area offers great shopping facilities like Fountain Gate and a strong sense of community.

7. Camberwell

• Why It’s Affordable: Camberwell features pockets of more affordable heritage homes, such as Victorian terraces and Edwardian houses. Its median prices are still lower than nearby Hawthorn East or Middle Park.
• Lifestyle: Families love Camberwell for its excellent schools, public transport connections, and leafy streets.

8. Clayton

• Why It’s Affordable: Clayton offers affordable housing options for students and first-time buyers due to its proximity to Monash University. It’s a more budget-friendly option compared to neighbouring suburbs like Mount Waverley.
• Lifestyle: A cultural hub with café culture, great public transport access, and plenty of dining options.

9. Box Hill

• Why It’s Affordable: While Box Hill is a bustling suburb, its unit and apartment prices remain more affordable than homes in surrounding suburbs like Mont Albert or Hawthorn East. The diversity in property types keeps it accessible.
• Lifestyle: Known for its cultural diversity, Asian cuisine, and excellent public transport connections.

10. Rowville

• Why It’s Affordable: Homes in Rowville are spacious and affordable, with median prices that are lower than outer suburbs like Donvale or Bayswater North. It’s an appealing choice for families who need space on a budget.
• Lifestyle: Green spaces, quality schools, and a relaxed atmosphere make Rowville ideal for family living.

11. Croydon

• Why It’s Affordable: Croydon’s median house prices are lower than neighbouring suburbs like Ringwood or Lilydale. This makes it a more affordable option for families looking for a quiet suburban lifestyle.
• Lifestyle: Known for its green parks, tree-lined streets, and family-friendly atmosphere.

12. Emerald

• Why It’s Affordable: Emerald’s location near the Dandenong Ranges keeps its property prices lower than suburbs closer to the CBD. Smaller homes in this area offer an affordable option for buyers seeking a peaceful retreat.
• Lifestyle: This leafy suburb is known for fresh produce markets, natural beauty, and a strong sense of community.

13. Chadstone

• Why It’s Affordable: Chadstone offers properties that are more affordable than nearby Glen Iris or Malvern East. While it’s famous for shopping, housing prices here remain accessible.
• Lifestyle: Families enjoy Chadstone for its excellent public transport access and proximity to cafes, green spaces, and schools.

14. Doncaster

• Why It’s Affordable: Doncaster’s homes are still cheaper than neighbouring eastern suburbs like Donvale or Brighton East. Apartments and medium-density housing make it more affordable.
• Lifestyle: The area offers Westfield Doncaster, quality schools, and tree-lined streets for a family-friendly lifestyle.

15. Footscray

• Why It’s Affordable: Footscray offers significantly lower median house prices compared to more established inner-city suburbs like North Melbourne or Fitzroy North. This affordability has made it popular with young professionals and investors.
• Lifestyle: A multicultural hotspot with Italian cuisine, craft breweries, and vibrant café culture.

These suburbs prove you can enjoy Melbourne’s lifestyle without the hefty price tag. Whether you prefer leafy streets, green parks, or a bustling vibe, there’s an affordable suburb for you!

FAQs

What is considered an affordable suburb in Melbourne 2024?

In Melbourne's current market, affordable suburbs typically have median house prices under $750,000 for houses and under $550,000 for units. These areas generally lie 20-30km from the CBD and offer good value for first-home buyers.

Which Melbourne suburbs have the lowest crime rates but affordable housing?

Suburbs like Bundoora, Mill Park, and Reservoir combine affordable housing with relatively low crime rates and good community safety records. These areas benefit from active neighbourhood watch programs and regular police patrols.

How much deposit do I need to buy in Melbourne's affordable suburbs?

For affordable suburbs, you typically need a minimum 5-10% deposit ($40,000-$75,000) plus additional costs for fees and stamp duty. First home buyers may qualify for grants and stamp duty concessions that can significantly reduce the upfront costs.

Will these affordable suburbs increase in value?

Most affordable suburbs in Melbourne's growth corridors are expected to see steady price growth due to infrastructure improvements and increasing demand. Areas with planned transport upgrades and new amenities typically show the strongest potential for capital growth.

Conclusion

Finding the best suburbs to live in Melbourne comes down to your personal priorities, whether it’s green spaces, excellent schools, vibrant communities, or proximity to the city. Melbourne has plenty of affordable options that offer a mix of lifestyle, amenities, and opportunities for families, young professionals, and investors. By exploring these suburbs and considering what fits your needs, you’ll be one step closer to finding your perfect home.

Ready to take the next step? Speak with the experts at LM Connect by calling 0423 713 362. We’re here to help you explore your options, find the right suburb, and make your dream of owning a home in Melbourne a reality!