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%.
With its great population being young adults and the more established and mature adults, its pros are mostly plenty of schools, great public transport services and modern houses. With the Ascot Vale Public Housing Estate and Public Self Storage, it is also available to low income earners. Its cons being traffic during peak hours, not being close to the beach and an increase in crime rate due to social housing units. The lowest median price for houses averages $870,000 and rent being $530 a week. Here, about 36% of its residents stay in rented houses, with an average income of about $900. The annual capital growth averages at 8%.
For home buyers, Flemington offers value for money. This is because of its wide streets in which there are single-fronted houses. These are way better than double fronted houses. Their median prices for houses average between $600,000 and $800,000, whereas those of units average $415,000. The rented houses are normally $415 on average. With this home buyers can get a big apartment or little period homes. With over 7500 residents with an income of average $850, the annual unit prices growth has been 8% for the past 3 years and is expected to rise in the subsequent years. The average time taken to sell a house in Flemington is about 56 days as compared to 28 days for a unit. For more information about footscray, you can visit the website at https://www.publicselfstorage.com.au/footscray-self-storage.htm/.