Victorian suburbs are the most affordable towns across Australia

For property buyers looking for best deals, Victoria is the place to be as it houses the most affordable suburbs across Australia.

According to a recent study by CoreLogic 62 of the 100 most affordable suburbs with prices under $500,000 are located in Victoria, with four towns cracking the top five.

Coolaroo, which sits 16.8 kilometres north of Melbourne, tops the list. Houses in this suburb have a median value of $475,235 and over the past year, the capital growth of properties within the town was 33.4%.

Next on the list is Melton, with a median home value of $397,883, recording a capital growth of 31.3%. Rosebud came in third with 29.9% growth and median home value of $499,582.

Dallas clinched the fifth position with a capital growth of 26.2% and a median value of $455,560. Two Rocks from Western Australia beat this Victorian suburb with its $470,735 median unit price and 29.3% capital growth.

CoreLogic research director Tim Lawless said Victorian suburbs have seen sizeable capital growth over the last year, increasing to 33.4% overall.

“While a lot of the attention has been on the affordability of Tasmania, the Top Affordable Suburbs report shows that when you also take long-term value growth into the equation, then Victoria has performed more strongly," Lawless commented.


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