Melbourne still has multiple suburbs which can be considered as more affordable and in closer proximity to the Central Business District (CBD). Those wishing to live in proximity to the city centre are now considering suburbs like Maidstone, Coburg North and Bellfield as per reports. These are the top affordable suburbs located within 10 kilometres of the CBD in Melbourne. Coburg North tops the affordability index with the median home value touching $799, 261 here and this is almost double of the cheapest suburb in greater Melbourne, namely Millgrove ($410, 421 as the median home price). However, it is located near the CBD and not as far away as the latter and offers greater bang for your buck.
Bellfield has seen average home prices touching $810, 258 while they stand at $819, 415 in Maidstone. Footscray and West Footscray have median home prices touching $863, 933 and $892, 213. Other areas with median home prices lower than $1 million are Flemington, Pascoe Vale South, Kensington, Spotswood and Preston. Carlton offers a median home value of $340, 551 and is the cheapest followed by Flemington and Travancore at $381, 976 and $363, 996 respectively. West Footscray has an average median home price of $434, 286. The inner north and western suburbs in Melbourne offer excellent prospects for homebuyers in comparison to several south-eastern and eastern suburbs.
West Footscray, Coburg North, Footscray, Maidstone and Preston offer several reputed educational institutions and a good public transportation network. Buyers on a budget also consider Kingsville, Brunswick West and also Essendon North. These suburbs have prices lower than the median unit price for homes in Melbourne and supply is lower than the CBD which results in more scope for growth in capital values in the near future according to experts. Fawkner is located a little more than 10 kilometres away from the CBD and is another value for money destination for homebuyers.