The surprising major city in Australia where houses are still affordable trends now
View
comments
Melbourne is still a surprisingly affordable city for average-income borrowers looking to buy a house near the water and be a reasonable commute from the city, new figures show.
Unlike Sydney, Brisbane, Perth and Adelaide, the median house price hasn't been soaring by double-digit figures at some point during the past year.
Intriguingly, Melbourne's median house price has also been growing at a slower pace than wages, despite receiving a large intake of overseas migrants, with Brisbane now on track to overtake it.
In the year to April, its mid-point house price grew by 3 per cent, which was well below the wage price index of 4.2 per cent, CoreLogic data showed.
Melbourne's median house price has also been growing at a slower pace than wages, despite receiving a large intake of overseas migrants, with Brisbane now on track to overtake it
While the median house price of $941,698 is still dear, there are suburbs near Port Phillip Bay where the mid-point price is still under $600,000.
Frankston North, a one-hour train ride located 53km south-east of the city, has a median house price of $597,429, making it affordable for an average, full-time worker on $98,218.
Living by the water is now
