Melbourne's Most Affordable Suburbs for Home Buyers

Melbourne has become more affordable compared to other Australian capital cities, with improvements in affordability metrics over the past five years. Although the city may not seem cheap, the lack of market movement and steady income growth have made it relatively more affordable
Affordability in Melbourne:
- Melbourne's dwelling-value-to-income ratio has improved.
- Despite rate rises and a cost-of-living crisis, Melbourne remains comparatively affordable.
- The average Victorian full-time worker earns $1,858.10 weekly before tax.

Housing Stress and Affordability:
- Spending 30% or more of income on a mortgage indicates housing stress.
- An average single Victorian worker can afford to borrow up to $306,000, purchasing a property worth up to $362,400 with a 20% deposit.
- For double-income households, a house priced up to $733,800 is affordable.

Cheapest Suburbs in Melbourne:
- Melton: Median house price $473,074
- Melton South: Similar affordability
- Other affordable areas: Brookfield, Deer Park, Hoppers Crossing, Kings Park, Wyndham Vale, Coolaroo, Dallas, and Campbellfield.

Apartment Affordability:
- Increased interest in apartments among first-time buyers.
- Carlton: Cheapest suburb for apartments, median price $349,078.
- Melton and Melton South: Affordable for apartments as well.

Most Expensive Suburbs:
- Deepdene: Median house price $3.6 million.
- Brighton: $3.4 million.
- Portsea: $3.08 million.

Melbourne offers various affordable options, especially in the west and north-west regions, making it a viable market for both single and double-income households. The trend towards apartment living also provides more affordable housing solutions within the city.