*Please note that the data referenced in this article is current as of February 22, 2024.

Areas In Melbourne To Get Into The Property Market Sooner 

Although it might not seem like it, the cost of entry-level properties in Melbourne has been more stable than other capital cities around Australia. But that’s not to say that saving enough for a deposit isn’t still challenging and time-consuming.

According to Domain’s recent First Home Buyer Report, it takes a couple aged 25-34 over five years to save a 20% deposit on an entry-level house that costs roughly $678,000. As for units, it takes close to four years for that same couple to save a big enough deposit for an entry-level unit in Melbourne.  

While it may take a few years to put together enough for a 20% deposit, it’s not impossible to get into the property market. If you’re looking to get your foot in the door sooner rather than later, here are some of the best suburbs in Melbourne for first-home buyers based on data from Domain’s First Home Buyer Report. 

Entry-level houses

If your heart is set on buying a house, you might still be able to secure a house within your price range by looking in the right suburbs. Here are six areas with the shortest time to save for a 20% deposit on an entry-priced house, for a couple aged 25 to 34.

1. Melton-Bacchus Marsh (4 years 6 months)

The outer Melbourne suburbs of Melton and Bacchus Marsh are quickly becoming favourites among young families and first-home buyers. These suburbs have plenty to offer in terms of transport, recreation, sport, and education. Median 4-bedroom house prices range from $575,000 in Melton to $705,000 in Bacchus Marsh, making them a more affordable option compared to more central Melbourne suburbs. 

2. Sunbury (4 years 6 months)

Surrounded by the Macedon Ranges and the Sunbury and Jacksons Creek Reserves, Sunbury in Melbourne’s northwest boasts open spaces and natural landscapes that give the area a distinct country feel. The suburb has plenty of local amenities including a variety of schools, entertainment options and several shopping centres. Plus, you can use the Calder Freeway to make it into the Melbourne CBD in under an hour. The median 4-bedroom house price in Sunbury sits around $713,000.

3. Tullamarine-Broadmeadows (4 years 11 months)

The suburbs of Tullamarine and Broadmeadows border each other in Melbourne’s northwest. These areas offer ample access to shopping facilities and dining options, as well as the nearby Melbourne airport. While you can score a 4-bedroom house in Broadmeadows for around $625,000, Tullamarine will set you back a little extra at $789,000.

4. Cardinia (5 years 1 month)

Cardinia Shire is located roughly 55 km from the CBD on the southeastern edge of the metro Melbourne area. It encompasses several main suburbs, namely Beaconsfield, Bunyip, Cockatoo, Emerald, Gembrook, Officer and Pakenham. According to the Cardinia Shire Council, this area is a great place to live, work and raise a family. With plenty of local activities and amenities to take advantage of, Cardinia Shire is quickly becoming a favourite among young families and first-home buyers. 

5. Moreland-North (5 years 1 month)

Located in Melbourne’s north, the City of Moreland includes several key suburbs: Brunswick, Coburg, Fawkner, Glenroy and Pascoe Vale. This area is well serviced by public transport and has a great range of amenities, including shopping centres and open spaces available to the public. Median house prices in this area differ depending on the suburb. While median 4-bedroom house prices are sitting around $815,000 in Fawkner, they’re slightly higher in Coburg North at $1,085,000.

6. Wyndham (5 years 1 month)

Positioned on the western edge of Melbourne, Wyndham City features 27 km of stunning coastline. Some of Wyndham’s suburbs include Point Cook, Hoppers Crossing and Little River. Wyndham boasts some of the best local attractions, including the Werribee Open Range Zoo and Victoria State Rose Garden. The median price of a 4-bedroom house in Wyndham Vale in the city centre is $625,000.

Entry-level units

If a house isn’t in your price range, setting your sights on a unit instead can be a fair compromise if you’re keen to stay central. Here are some of the best areas to get into the Melbourne property market sooner.

1. Essendon (2 years 9 months)

Located a hop, skip and a jump away from the CBD, Essendon combines affordability with inner-city living. The suburb features shopping precincts, cafes, restaurants, schools and parks. It has a mix of retail and commercial spaces, providing residents with convenient access to daily necessities. While a house in Essendon is likely to set you back over a million, the median 3-bedroom unit price is much more affordable at $850,000.

2. Stonnington-West (2 years 11 months)

Located in Melbourne's inner south-eastern suburbs, the City of Stonnington sprawls between 3 to 13 km from the CBD. Stonnington encompasses a number of sought-after suburbs, including Armadale, Glen Iris, Hawksburn, Kooyong, Malvern, Malvern East, Prahran, South Yarra, Toorak and Windsor. While median prices tend to differ by individual suburb, the median price for 2-bedroom units in Armadale is roughly $685,000.

3. Maribyrnong (3 years)

This inner-city suburb provides residents with a range of amenities, including shopping centres such as Highpoint Shopping Centre, which is one of the largest shopping complexes in Melbourne. The suburb also has local retail precincts, cafes, restaurants, schools and parks. The Maribyrnong River and nearby recreational areas also add to the suburb's appeal. Median 2-bedroom unit prices in Maribyrnong are roughly $497,000.

4. Dandenong (3 years 1 month)

Located south-east of Melbourne, roughly 35 km from the CBD, Dandenong is one of Melbourne’s most multicultural suburbs. While Dandenong was once known for its high crime rates, this suburb is quickly becoming a bustling business and residential hub. The median 3-bedroom unit prices are $550,000.

5. Whittlesea-Wallan (3 years 2 months)

The suburbs of Whittlesea and Wallan lie in Melbourne’s north, roughly 40-45 km from the CBD. These quiet, leafy suburbs have been gaining popularity among first-home buyers as an affordable alternative to inner-city Melbourne. You can pick up a 3-bedroom unit in Wallan for around $450,000.

6. Yarra (3 years 2 months)

The City of Yarra is located in Melbourne's inner north. The City of Yarra includes several notable suburbs, including Abbotsford, Carlton North (part), Collingwood, Cremorne, Fitzroy and Richmond. While a free-standing house in this area can set you back a pretty penny, the median price of 2-bedroom units in Richmond is around the $650,000 mark. 

For more information on the home buying process, we’ve got you covered with our Learn hub. Otherwise, you can sign up for early access to our brand new buy a home offering. Whether you’re looking to calculate your borrowing power, request a free property report or pick the brains of our Property Coaches, we’re here to help every step of the way.  

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This article does not have regard for the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on this, consider the appropriateness to your circumstances.   

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