Melbourne, often lauded for its vibrant culture, gastronomic delights, and world-class sporting events, also holds a treasure trove of Melbourne real estate investment opportunities.
In 2024, the allure isn’t just in the high-end suburbs but in those undervalued suburbs in Melbourne where properties under $500k offer investors substantial growth prospects.
With the Melbourne CBD as a hub of employment and entertainment, suburbs within proximity have seen significant population growth and rental demand. This article explores some of the best suburbs to invest in Melbourne, focusing on those pocket-friendly opportunities under $500k.
1. Epping
- Median house price: $683,500
- Median unit price: $450,500
- Median rent price: per week: $525 for houses and $450 for units
- Median gross yield: 3.91% for houses and 4.72% for units
Epping is a promising suburb for property investment, located just 20 km north of Melbourne’s CBD. Known for its affordable housing options, Epping has seen significant population growth, making it one of the best suburbs to invest in Melbourne.
The suburb offers a robust rental market with strong rental yields, appealing to investors seeking affordable investment opportunities.
Epping’s infrastructure development has enhanced its attractiveness, with public transport links like the Epping train station on the Mernda line and various bus routes providing easy access to Melbourne’s city centre.
The suburb boasts several educational institutions, including Epping Primary School, Epping Secondary College, and St Monica’s College, making it appealing to families.
The suburb is also home to Pacific Epping Shopping Centre, a major shopping centre offering a range of retail and dining options. With its mix of affordability, amenities, and strong growth prospects, Epping is a top choice for those looking to invest in Melbourne’s property market
Check out more real estate in Epping VIC 3076.
2. Craigieburn
- Median house price: $650,000
- Median unit price: $422,500
- Median rent price: per week: $520 for houses and $450 for units
- Median gross yield: 4.18% for houses and 5.27% for units
Craigieburn, located 25 km north of Melbourne’s CBD, is a suburb renowned for its affordable housing options and strong rental yields. It stands out as one of the best suburbs to invest in Melbourne, thanks to its significant population growth and consistent increase in property prices.
The suburb boasts excellent infrastructure development, with Craigieburn train station providing convenient access to the city centre.
Craigieburn’s educational offerings include Craigieburn South Primary School, Aitken Hill Primary School, and Elevation Secondary College, making it an attractive choice for families.
Craigieburn Central, a major shopping centre, offers a range of shops, restaurants, and leisure activities, contributing to the suburb’s vibrant culture and family-friendly atmosphere.
The ongoing developments in Craigieburn signal promising growth prospects, attracting property investors looking for long-term gains in the Melbourne real estate market.
Check out more real estate in Craigieburn VIC 3064.
3. Werribee
- Median house price: $608,000
- Median unit price: $430,000
- Median rent price: per week: $460 for houses and $400 for units
- Median gross yield: 3.98% for houses and 4.87% for units
Werribee is a standout choice for property investment, offering a blend of affordability and growth potential. Situated 32 km southwest of Melbourne’s CBD, Werribee is known for its vibrant culture and significant population growth.
The suburb features a variety of educational institutions, such as Werribee Secondary College and MacKillop Catholic Regional College, making it attractive to families. The Werribee Open Range Zoo and Werribee Mansion add to its appeal as a vibrant community.
With excellent transport links, including the Werribee train station and major roads, the suburb offers convenient access to Melbourne and Geelong. Its ongoing infrastructure development and strong rental yields make Werribee a promising investment opportunity in Melbourne’s property market
Check out more real estate in Werribee VIC 3030.
4. Melton
- Median house price: $475,000
- Median unit price: $370,500
- Median rent price: per week: $380 for houses and $360 for units
- Median gross yield: 4.46% for houses and 4.96% for units
Melton, located 35 km west of Melbourne’s CBD, is one of the most affordable suburbs for property investment under 500k. Known for its significant population growth, Melton offers affordable housing options and consistent growth in property prices, making it an attractive choice for investors.
The suburb features several educational institutions, such as Melton Secondary College and St. Dominic’s Primary School, appealing to families looking for good schools. Melton’s shopping centres, parks, and recreational facilities provide a family-friendly atmosphere.
With convenient access to the Western Freeway and public transport options, Melton offers easy access to Melbourne’s city centre, enhancing its appeal for property buyers seeking long-term growth prospects
Check out more properties for sale in Melton VIC 3337.
5. Point Cook
- Median house price: $765,000
- Median unit price: $571,000
- Median rent price: per week: $550 for houses and $490 for units
- Median gross yield: 3.65% for houses and 4.48% for units
Point Cook, located southwest of Melbourne’s CBD, offers a balanced mix of urban convenience and suburban tranquillity, making it one of the best suburbs for property investment. With significant population growth and affordable housing options, Point Cook attracts both families and investors.
The suburb is renowned for its excellent schools, including Point Cook College and Alamanda K-9 College, which enhance its appeal to young families. Point Cook Town Centre, a major shopping centre, offers a wide range of retail, dining, and entertainment options.
The suburb’s infrastructure development, including plans for improved public transport, promises further growth and accessibility. With its strong rental market and vibrant community, Point Cook presents promising growth prospects in the Melbourne property market.
Check out more real estate in Craigieburn VIC 3064.
Conclusion
In the rapidly evolving landscape of Melbourne’s property predictions for 2024, the focus isn’t solely on luxury or upscale neighbourhoods. in 2024, the spotlight is increasingly on affordable suburbs that promise not just immediate returns but long-term growth.
Investing under $500k in strategic locations around Melbourne offers a balanced blend of affordability, consistent rental yield, and promising growth prospects. As the city expands and the demand for housing continues, these suburbs stand poised to offer investors both stability and significant returns.
Whether you’re a first-time investor or looking to diversify your portfolio, Melbourne’s under-$500k market is a goldmine waiting to be tapped.
Looking for your dream home?
Soho can help you find it. Set up your profile on Soho to find properties for sale and properties for rent in your favourite suburbs. But don’t just stop there, download our app to get access to more features.
Just remember to shortlist or swipe left on our listings so we can send you others that better match what you’re looking for.
More on best suburbs to invest in Melbourne under $500k
What are the most undervalued suburbs in Melbourne?
The most undervalued suburbs in Melbourne are those that are currently trading below their intrinsic value. This could be due to a number of factors, such as the suburb being located in a less desirable area, or the suburb having a poor reputation.
Some of the most undervalued suburbs in Melbourne include:
- Reservoir
- Sunshine West
- Werribee
- Melton
- Craigieburn
What are the fastest growing suburbs in Melbourne?
The fastest growing suburbs in Melbourne are those that are experiencing the most rapid increase in population and property prices. These suburbs are often located on the outskirts of the city, where there is still land available for development.
Some of the fastest growing suburbs in Melbourne include:
- Dandenong North
- Pakenham
- Frankston North
- Knoxfield
- Berwick
What are the most in demand suburbs in Melbourne?
The most in demand suburbs in Melbourne are those that are experiencing the most competition for property. These suburbs are often located in desirable areas, such as close to the city or with good transport links.
Some of the most in demand suburbs in Melbourne include:
- Brighton
- Toorak
- Malvern
- South Yarra
- Camberwell
What are the most liveable suburbs in Melbourne?
The most liveable suburbs in Melbourne are those that offer a good balance of amenities, convenience, and lifestyle. These suburbs often have good schools, parks, and shops, and are well-connected to public transport.
Some of the most liveable suburbs in Melbourne include:
- Camberwell
- Glen Iris
- Kew
- Armadale
- Hawthorn
It is important to note that these are just a few of the many undervalued, fastest growing, most in demand, and most liveable suburbs in Melbourne. When choosing a suburb to live in, it is important to do your own research and consider factors such as your individual needs and preferences.
