Watsonia North has been identified as Melbourne’s most affordable and liveable suburb at October 2019 in the first Victorian edition of the People’s Choice of Housing.
Melbourne’s northern suburbs dominate the report’s Top 50 suburbs, boasting five of the top six areas: Watsonia North, Yallambie, Gowanbrae, Wattle Glen and Kalkallo. Burnside, in Melbourne’s west, breaks up the top six.
For the first time, Melbourne’s suburbs have been analysed for liveability as well as cost. The People’s Choice of Housing first identifies suburbs where a couple on average incomes is likely to be able to get finance for a median-priced home. Those suburbs are then ranked for their affordability – how much is left after paying the mortgage – and their liveability.
It provides a unique perspective on Melbourne’s complex housing market for those seeking their first home, People’s Choice Chief Executive Officer Steve Laidlaw says.
“Liveability can mean very different things depending on who you are talking to, so we look at a broad range of factors buyers might consider besides the cost of buying a home,” he said. “They are the things that really matter when you’re living there – things like safety, local schools, public transport links, economic prospects and how close you are to areas of employment.”
The top four suburbs in Melbourne’s inaugural Top 50 all had a median house price of almost exactly $700,000 which is at the higher end of affordability, with loan repayments of about $830 a week. However, each suburb boasted extremely high liveability, making them worthy of consideration.
But the report also reveals suburbs offering high liveability without the high price tag, Mr Laidlaw said.
“Dallas ranks 13th overall and its median price of $450,000 is considerably more affordable than the top four. It is relatively close to the city, has two schools and reasonable public transport coverage including ready access to Upfield station. Although it may be out-shadowed by other liveable suburbs, its affordability may open the door for many people,” he said.
The People’s Choice of Housing first launched in Adelaide in April and has now been produced for Melbourne, looking at almost 600 suburbs and towns.
The October issue will be available at here from Saturday 19 October, 2019. The next edition will be released in April 2020.