Melbourne - the mecca fondly known as Australia’s garden city, home to sparkling, sunny beaches, bubbling riversides, and acres of leafy wilderness. We know that Melbourne is a great place to invest in, but what’s it like to live here?
Depending on the kind of lifestyle you’re looking for, Melbourne offers plenty of rental solutions at the right price, but also makes for a comfortable locale to call home.
In this handy list, we’ll take a look at a few suburbs offering great value for money as well as the best suburbs for families and young couples.
Most affordable suburbs to live in Melbourne
- Distance to Melbourne CBD: 31kms
- Median Age: 36
- Families with children: 49.7%
- Couples without children: 32.4%
- Median house sale price: $862,000
- Median house rental price: $450 per week
If you’re just starting a family and are trying to make the most of your income, Mooroolbark is one of the best choices out there. It’s got a newly rebuilt railway station, thanks to the Level Crossing Removal Project, as well as a good number of public transport options.
It’s got a good choice of schools including primary, secondary, government, or private; a beautiful community centre, and a bustling library, which makes it pretty perfect for young families.
- Distance to Melbourne CBD: 6kms
- Median Age: 36
- Families with children: 45.7%
- Couples without children: 38.8%
- Median house sale price: $1,777,000
- Median house rental price: $670 per week
What do Victorians really want? Great open spaces, bigger homes, and plenty of things to do without having to travel out of the area! That's probably why Northcote has climbed up the charts as one of the top places to live when staying local.
Cafes, supermarkets, playgrounds - they’re all accessible in this up-and-coming suburb, along with a great selection of schools and sports clubs.
- Distance to Melbourne CBD: 3kms
- Median age: 24
- Families with children: 20.3%
- Couples without children: 51.1%
- Median house sale price: $1,520,000
- Median house rental price: $650 per week
A treat for epicureans everywhere, Carlton is known for its fantastic Italian cuisine! In fact, this lively neighbourhood is known as the epicentre of Italian culture and food. It’s a spacious green suburb with museums, arthouses, and lovely heritage Victorian architecture.
The Inner Circle Rail Trail makes it easy to get around, whether you want to take public transport or simply cycle out and about.
Best suburbs in Melbourne for families
- Distance to Melbourne CBD: 8kms
- Median age: 35
- Families with children: 47.3%
- Couples without children: 36.6%
- Median house sale price: $1,280,000
- Median house rental price: $550 per week
A multicultural hotspot in terms of community, languages spoken, and cuisine: Coburg is a great place to explore and live in. It’s got several shopping arcades, a whole shopping precinct, and a gorgeous pedestrian mall to boot – perfect for spending evenings in.
Transportation options make the area great for accessibility with three tramlines, cycling lanes, and the Upfield rail. In terms of education, there’s a number of primary and secondary schools to pick from, including private religious schools.
2. Mount Waverly
- Distance to Melbourne CBD: 16kms
- Median age: 41
- Families with children: 51.1%
- Couples without children: 33.7%
- Median house sale price: $1,600,000
- Median house rental price: $520 per week
Family-friendly and relaxed, Mount Waverly is perfect for couples and those with children. There’s central railway stations, accessible public transport, and plenty of schools and parks for kids.
There are a couple of wonderful shopping centres, including the Mount Waverly Village Shopping Centre right in the middle of the suburb. It’s also got a diverse and multicultural population, with a focus on pedestrian safety.
- Distance to Melbourne CBD: 14kms
- Median age: 42
- Families with children: 56.4%
- Couples without children: 30.3%
- Median house sale price: $2,420,000
- Median house rental price: $850 per week
Just like Mount Waverly, Hampton is an underrated but popular suburb for families and retirees. You’ve got farmers’ markets with fresh produce brought straight to you by the region’s growers, an active Rotary club, and an engaging and helpful local community.
It’s got a beautiful bay for visits to the sea, and is also a short drive away from its neighbours – Sandringham and Brighton.
Best suburbs to live in Melbourne for young couples
1. Glen Iris
- Distance to Melbourne CBD: 10kms
- Median age: 37
- Families with children: 53.3%
- Couples without children: 34.6%
- Median house sale price: $2,157,000
- Median house rental price: $770 per week
This upscale little cul-de-sac is a lovely place for a couple to start their life together – especially if you plan on having kids at a point. But until then, it’s comfortable, safe, and a picturesque neighbourhood just 10kms away from the city centre.
It also boasts plenty of sporting avenues for active residents, from swimming to bicycle motor crosses.
- Distance to Melbourne CBD: 3km
- Median age: 26
- Families with children: 31.6%
- Couples without children: 54.2%
- Median house sale price: $2,362,500
- Median house rental price: $800 per week
Parkville is a wonderful suburb that is highly sought after for its central location. If you decide to relocate here, you’ll be a hop, skip and a jump away from the Royal Melbourne Hospital, Monash University, the University of Melbourne, Royal Children’s Hospital, and the fantastic Royal Melbourne Zoological Garden.
If you’re not feeling up to a walk, there’s always the tram, bus, or Upfield’s Metro to get around.
3. East Melbourne
- Distance to Melbourne CBD: 2kms
- Median age: 27
- Families with children: 16.0%
- Couples without children: 64.2%
- Median house sale price: $2,900,000
- Median house rental price: $950 per week
Looking to settle down somewhere nice and quiet? East Melbourne caters to everyone. Pick between a sprawling terraced home, or the nifty conveniences of a modern apartment (of which there are quite a few upcoming options!).
A quick ride away from Richmond, Collingwood, and Fitzroy, the area is filled with parkland and vast spaces dedicated to sports, including stadiums and clubs.
Public transport isn’t an issue, with underground stations, trams, and rail, most operated by Metro.
What else can you look out for?
One of the biggest things to consider in relocating is how comfortable you would be living in the suburb of your choice - without having to rely on going to the CBD for your needs.
While great access to public transport services is preferable, what’s even better is to have open spaces, shopping centres, grocery stores, and sports facilities within walking distance.
At the end of the day, you’ll be living in a self-contained and independent area, which is pretty perfect in an era of working from home and remote learning.
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