Market Updates

5 Suburbs in Melbourne’s West to Invest in

November 21, 2019

If you’re looking to invest in Melbourne’s real estate market but are hoping for something more affordable than Melbourne’s east, you might be happy to hear that there are a range of suburbs in Melbourne’s west that are worth looking into.

Of course, you’ll want to consider a range of factors such as median house price, average rents, rental yields and vacancy rates.

Werribee

  • Median house price: $496,500
  • Median unit price: $377,500
  • Average house rent: $351/week
  • Average unit rent: $320/week
  • Rental yield for houses: 3.7%
  • Rental yield for units: 4.4%

Werribee is located about 32km south-west of the Melbourne CBD. With new property developments, lifestyle factors and cheaper property compared to neighbouring suburbs, Werribee is a strong option for both homebuyers and investors.

St Albans

  • Median house price: $580,000
  • Median unit price: $420,000
  • Average house rent: $350/week
  • Average unit rent: $330/week
  • Rental yield for houses: 3.1%
  • Rental yield for units: 4.4%

St Albans, located closer to the city, only 17km away, has lots of growth potential. Both houses and units have had solid growth over the past five years. There have also been infrastructure improvements in the area recently.

Hoppers Crossing

  • Median house price: $530,500
  • Median unit price: $384,500
  • Average house rent: $350/week
  • Average unit rent: $315/week
  • Rental yield for houses: 3.7%
  • Rental yield for units: 4.8%

Hoppers Crossing has a selection of large blocks of land, older houses, townhouses and new developments. Despite being 23km away from the CBD, heading to the city is easy via public transport and car.

Melton

  • Median house price: $386,000
  • Median unit price: $315,000
  • Average house rent: $320/week
  • Average unit rent: $290/week
  • Rental yield for houses: 4.2%
  • Rental yield for units: 5.1%

Melton is quite far out west, located 35km away from the CBD. However, rental yields for both houses and units in the suburb are quite impressive compared to some of the others on this list. The market has also had high median house price growth over the past five years.

Point Cook

  • Median house price: $625,000
  • Median unit price: $468,500
  • Average house rent: $410/week
  • Average unit rent: $380/week
  • Rental yield for houses: 3.6%
  • Rental yield for units: 4.2%

Last but definitely not least is Point Cook, 22km away from the CBD. Not only is it a great investment suburb within Melbourne’s West, but it’s also one of the top growth suburbs in Australia as a whole. It’s a new suburb with modern accommodation, shopping, schools and public transport.

Guest author: Ellen Orton is the Head of Business Operations at OpenAgent.com.au, an online agent comparison website helping Australians to sell, buy and own property.

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