Have you been house-hunting and gobsmacked by the property pricing? Do you keep missing out on perfect homes due to fierce competition and budget restraints?

Don’t be disheartened. Investigate Victoria’s most affordable suburbs instead!

The best places to live in Victoria on a budget

According to CoreLogic’s recent ‘Top Affordable Suburbs Report’, Victoria dominates the national list of most affordable areas with 62 out of the top 100 suburbs including four in the top five suburbs.

The new report identifies suburbs where property values are below $500,000 and have strong performing capital growth.

Victoria’s four most affordable suburbs are:

1. Coolaroo

Median value: $475,235 (House)

Located 16.8km north of Melbourne, houses in Coolaroo have a median value of $475,235, growing by 33.4% over the past 12 months and 64.2% over the past three years. As a result, Coolaroo is making its first appearance in the new affordable rankings.

Cool fact: The popular 1997 Australian film, The Castle, was set in Coolaroo, although the house featured was actually located in Strathmore.

Find out more about Coolaroo here

2. Melton

Median value: $397,883 (House)

Melton is an urban area within metropolitan Melbourne, located 35km west from the capital's central business district. Over the past 12 months, the median value of “Melbourne’s best kept secret” has grown by 31.3%.

Cool fact: The suburb was first settled by squatters in the 1830s and saw passing traffic through to the Ballarat goldfields during the Victorian Gold Rush.

Find out more about Melton here

3. Rosebud

Median value: $499,582 (Unit)

Located on the Mornington Peninsula, Rosebud is the strongest suburb for units with growth of 29.3%. It is a large beachside centre and one of the notable features is a lack of commercial development.

Cool fact: Originally known as Banksia Point, Rosebud began life as a fishing community in the early 1850s.

Find out more about Rosebud here

4. Dallas

Median value: $455,560 (House)

Dallas is located 18km north of Melbourne’s central business district. With a median value of $455,560 and capital growth of 26.2% over the past 12 months, Dallas has been referred to as “one of Hume's strongest up and coming suburbs with all the current rebuilds and developments”.

Cool fact: Prior to the construction of the suburb, the Dallas area was primarily used for agriculture.

Find out more about Dallas here

More about the Report

The ‘Top Affordable Suburbs Report’ analyses the house and unit markets across more than 12,000 suburbs throughout Australia.

If you’d like to learn more you can read an extended summary of the report here or purchase the full report here.

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