“Over the years the area improved dramatically,” Lyczewska said. “At this moment you have mainly young people with children in the area, and there is a lot of brand-new development.”
The next best-value suburb within 10 kilometres of the CBD as the crow flies is Pascoe Vale South, at $2708 per square metre. Buyers could expect to pay a median house price of $1,129,000 there.
It was followed by Preston ($2779 per square metre, $1.1 million median) and Spotswood ($3042 per square metre, $1.2 million median).
The figures show pockets of value for buyers looking for more space. By contrast, suburbs with the cheapest median house price within 10 kilometres are inner western Maidstone ($850,000), West Footscray ($914,000) and Footscray ($952,000), but each costs more than $3100 per square metre of land.
Domain chief of research and economics Dr Nicola Powell said buyers could still get good value for money closer to the city, if they knew where to look.
“It doesn’t always follow the trend that if you’re closer to the city you pay more,” she said. “It’s all about the different development and housing landscapes in the suburbs.
“For an area that is maxed out in its development, and it is a heritage area and there’s little that can change, that in and of itself can also help drive up price per square metre.”
Powell said the…
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