The real estate data for Melbourne shows that the cost of renting a house is high. The closer you get to the CBD, the more expensive it gets. Facilities tend to be better in the inner suburbs, making the demand for housing to be high thus increase in the price of housing. Generally, the most affordable suburbs in the city which are close to the CBD are mostly found in the west and north. For example Footscray, which is an inner suburb just 5 km from Melbourne’s CBD. Here is a look at the some affordable suburbs in Melbourne’s west.
The lifestyle of a suburb is mostly determined by the people that live there. The highest percentage of people living in Footscray are mostly young adults, followed by the more mature and established and the lowest being the older. It is a multicultural suburb filled with students and loyal locals. Close proximity to the city coupled with great public transport and cheap restaurants makes it very affordable. The lowest median value is a little over $600,000 whereas renting averages $400 per week.
Some of the key advantages of living in Laverton include its close proximity to the city, with just 15 minutes to the CBD, minimal traffic, easy to access the freeways. Note also their easy access to shops, and that landscaping is carefully planned and funded, close to the zone 1 Lavertion station. It is recommended to mostly families with kids, students and professionals among others. Meanwhile, it does not lack cons, the most being traffic during peak hours. The lowest median value for houses is $415,000 and rent being $350 per week. The median is set at an annual capital growth of about 8%.