Most Affordable Suburbs to Live in Melbourne

Melbourne is known for its vibrant culture, excellent public transport, and world-class coffee. However, the cost of living in Melbourne has been rising, making it challenging for residents to find affordable housing. The median house price in Melbourne has continued to increase, and rental prices in the inner suburbs have soared, making affordability a key concern for many. While the city centre and its surrounding areas can be expensive, there are still many affordable suburbs that offer great amenities, transport links, and a high quality of life.

If you’re looking to live in Melbourne without breaking the bank, here are some of the most affordable suburbs to consider in 2024.

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Werribee

Located about 32km southwest of Melbourne’s CBD, Werribee is one of the most affordable suburbs for renters and home buyers alike. The median house price remains lower than the city average, and rental prices are budget-friendly compared to inner-city locations.

Median House Price: $600,000 – $650,000

Median Unit Price: $400,000 – $450,000

Average Rent (2-bedroom unit): $350 – $400 per week

Why live here? Access to Werribee Open Range Zoo, great schools, and good public transport connections to the city.

Werribee is an ideal location for families and professionals looking for affordable housing options while still maintaining easy access to the city via the Werribee train line. It also offers a range of parks, shopping centres, and recreational facilities.

Melton

Melton is another budget-friendly suburb located about 40km west of Melbourne. It’s an excellent option for families and first-home buyers due to its affordability and growing infrastructure.

Median House Price: $500,000 – $550,000

Median Unit Price: $350,000 – $400,000

Average Rent (2-bedroom unit): $300 – $350 per week

Why live here? Large parks, shopping centres, and an increasing number of schools and amenities.

Melton has seen significant development over the years, with new schools, transport links, and shopping precincts being established. The suburb is ideal for those looking for a quieter lifestyle while still having easy access to Melbourne via the Western Freeway.

Frankston

Frankston offers the best of both worlds—affordability and a beachside lifestyle. Located about 55km southeast of the CBD, this suburb has become a hotspot for those looking for cheaper housing with great amenities.

Median House Price: $650,000 – $700,000

Median Unit Price: $450,000 – $500,000

Average Rent (2-bedroom unit): $380 – $450 per week

Why live here? Close to the beach, great cafes, and a strong sense of community.

Frankston has transformed in recent years, shaking off its past reputation and emerging as a desirable and affordable seaside suburb. It offers great schools, parks, and shopping centres, making it a great option for families, professionals, and retirees alike.

Craigieburn

Located about 25km north of Melbourne’s CBD, Craigieburn is a growing suburb with affordable housing options and a family-friendly atmosphere.

Median House Price: $600,000 – $650,000

Median Unit Price: $400,000 – $450,000

Average Rent (2-bedroom unit): $350 – $400 per week

Why live here? New developments, excellent schools, and shopping centres like Craigieburn Central.

Craigieburn is one of the fastest-growing suburbs in Melbourne, with significant government investment in infrastructure. It has plenty of new housing developments, schools, and parks, making it ideal for families looking for affordability and space.

Sunshine

Sunshine is an affordable suburb just 12km from Melbourne’s CBD, offering a convenient location with relatively lower property prices compared to inner-city areas.

Median House Price: $750,000 – $800,000

Median Unit Price: $450,000 – $500,000

Average Rent (2-bedroom unit): $400 – $450 per week

Why live here? Strong transport links, a diverse community, and proximity to the city.

Sunshine is a highly multicultural suburb with a thriving food scene, excellent schools, and close proximity to Melbourne’s CBD. The recent infrastructure projects, including transport upgrades, have made it an attractive location for home buyers and renters.

Pakenham

Pakenham is an outer southeastern suburb offering some of Melbourne’s most affordable housing options. It has been growing rapidly with new housing estates and infrastructure projects.

Median House Price: $550,000 – $600,000

Median Unit Price: $380,000 – $430,000

Average Rent (2-bedroom unit): $320 – $370 per week

Why live here? New developments, shopping centres, and a peaceful suburban environment.

Pakenham has a strong sense of community, with excellent parks, schools, and shopping precincts. It is ideal for families looking for an affordable lifestyle with access to Melbourne’s southeast corridor.

Thomastown

Thomastown is an underrated suburb just 17km north of the CBD. It offers a mix of older homes and modern apartments at reasonable prices.

Median House Price: $650,000 – $700,000

Median Unit Price: $450,000 – $500,000

Average Rent (2-bedroom unit): $370 – $420 per week

Why live here? Well-connected by train, diverse food options, and close to major employment hubs.

Thomastown is well-served by public transport, making it an attractive option for commuters. The suburb also has a great range of shopping centres, local markets, and schools, making it a good choice for families and professionals alike.

Conclusion

Finding an affordable place to live in Melbourne is still possible if you know where to look. Whether you prefer a beachside retreat like Frankston, a growing suburb like Craigieburn, or an established area like Sunshine, there are plenty of options to suit different budgets and lifestyles.

While the cost of living in Melbourne continues to rise, exploring affordable suburbs can help ease financial strain while still allowing residents to enjoy the perks of city life. By researching different locations, considering factors such as transport, schools, and amenities, and weighing the benefits of renting versus buying, you can find a suburb that meets both your budget and lifestyle needs.

If you’re planning to move, consider your priorities—whether it’s proximity to the CBD, access to public transport, or community amenities—to find the best suburb that fits your needs and budget. No matter where you choose to live, Melbourne offers a diverse range of suburbs that cater to all types of residents, from young professionals to families and retirees.