By Gerald Lynch
Suburbs in Melbourne’s north-west, including Albanvale, have placed at the top of the affordable housing list, according to a new report from PRD Real Estate.
PRD’s Affordable and Liveable Property Guide for the second half of 2024 revealed Broadmeadows, Albanvale, and Mill Park as the three most affordable suburbs for housing located within 20 kilometres of the CBD.
Albanvale had a median housing price of $625,000, placing it well below the Melbourne median price of $916,000 according to the latest Real Estate Institute of Victoria data.
PRD chief economist Diaswati Mardiasmo explained that price was only one part of the affordability ranking system, with good liveability, nearby amenities, and future plans for residential and commercial development included in consideration.
“Some people will say there’s cheaper suburbs here, there and everywhere, but we’ve chosen them because they satisfy all our affordability criteria,” she said.
“With this report, we weren’t purposely trying to highlight Melbourne’s north-west, it just so happens that the most affordable suburbs are situated in these particular areas.”
Looking forward to the near to mid future, Ms Mardiasmo said moderate drops in sales across Brimbank, Whittlesea and Hume means it can be expected that these suburbs will remain relatively affordable.
Brimbank has had a 10 per cent decrease in sales across the second half of 2024, Whittlesea had an 11 per cent decrease, and Hume a staggering 23 per cent.
“Of course with less demand, it drags the median price down for an area, making these areas more affordable,” Ms Mardiasmo said.
However, with a cash rate cut rumoured to hit Australia in February, she said demand could increase again, sparking an uptick in sales and driving prices back up.
“The likelihood is that figures would stay stable or start improving … so these areas may still be more affordable, but it is going to trend towards a break even, or maybe even into the beginning of positive growth,” Ms Mardiasmo said.
