Melbourne Suburbs Under $700k: Best Value Properties in 2026

Quick Answer

Melbourne remains one of Australia's more affordable capitals for houses relative to Sydney, and $700,000 is still a workable budget across much of the outer city. The outer north, outer west and outer southeast all have suburbs where freestanding houses trade under this threshold. Units extend your options considerably closer to the CBD.

Where Houses Are Still Under $700k in Melbourne

Melbourne's property market is spread across a massive geographic footprint. The CBD corridor has long since passed $700,000 for houses, but the growth corridors that ring the city retain genuine affordability at this price point.

Understanding which direction to focus depends on your work location, lifestyle and long-term priorities. Infrastructure investment, land supply and commute time shape how these areas evolve over time.

Outer North: Epping, Craigieburn and Surrounds

The outer northern corridor has seen significant investment in recent years. The South Morang train extension reaches Mernda, and Craigieburn has direct train access to the city. Epping itself is a growing commercial hub with a hospital, shopping centre and established community infrastructure.

Houses in Epping, Lalor, Thomastown and Bundoora can be found under $700,000, though competition is firm given proximity to Melbourne Airport and employment precincts. Further north, Craigieburn, Roxburgh Park and Greenvale offer larger blocks and newer builds within budget.

Mernda and Doreen are among the faster-growing communities in Victoria. House-and-land packages in some stages still fit under $700,000, though rising construction costs have pushed the upper end of new builds higher.

Outer West: Melton and the Western Growth Corridor

The western corridor is Melbourne's fastest-growing region. Melton is now a large city in its own right, with schools, hospitals, shopping and improving transport connections. The Rail Futures Institute and various advocacy groups have long pushed for better rail access to Melton, and pressure for improved infrastructure is increasing as the population grows.

Melton, Melton South, Melton West and Caroline Springs have houses well under $700,000. Bacchus Marsh, further west, is a separate town with its own identity — houses there regularly trade in the $500,000 to $650,000 range.

Tarneit, Truganina and Point Cook sit closer to the city and command a premium, but houses under $700,000 still appear, particularly for older stock or smaller blocks.

Outer Southeast: Pakenham and Cardinia

The outer southeast corridor via the Gippsland line anchors suburbs like Pakenham, Beaconsfield, Berwick and Officer. These areas attract families seeking space, good schools and a more suburban lifestyle.

Pakenham has median house prices well under $700,000 and genuine community infrastructure. Beaconsfield and Officer are newer estates with mix of established homes and house-and-land options. Officer South and Clyde North push further into the growth area with newer product but longer commutes.

Berwick itself has moved above $700,000 in many pockets but remains accessible for certain properties. Narre Warren and Endeavour Hills offer value close to Berwick's amenity at lower entry points.

Northern Middle Ring: Worth Watching

Some middle-ring northern suburbs are approaching $700,000 but offer better connectivity. Thomastown, Lalor and Epping are on the Mernda line and close enough to Preston and Northland to benefit from gentrification pressure moving outward.

These suburbs offer the best balance of value and accessibility in this price range for buyers who prioritise commute time.

What $700k Buys You in Melbourne

At $700,000 across Melbourne's outer suburbs, buyers can realistically expect:

• Three or four-bedroom brick veneer house on a 400–600 sqm block
• Older established homes from the 1980s–2000s in middle-ring suburbs
• Newer townhouses in master-planned outer growth estates
• House-and-land packages in some outer corridors (depending on lot size and inclusions)

The further from the CBD, the more house and land you typically get for the same budget. A $650,000 budget in Melton may secure a four-bedroom home on a large block. In Thomastown or Epping, the same budget might buy an older three-bedroom on a smaller allotment.

Checklist: Buying Under $700k in Melbourne

• Check if the suburb is on an existing train line or serviced by tram — this affects both commute and long-term value
• Review flood overlays, particularly for western corridor suburbs near waterways
• Confirm school catchment zones if buying for family use
• Research planned infrastructure: rail upgrades, suburban rail loops and employment precincts
• Compare rental yields and vacancy rates if considering as an investment
• Check strata fees and capital works fund if buying a unit
• Get a building and pest inspection — outer growth suburbs have had issues with cracking foundations on reactive clay soils
• Calculate total holding costs including council rates, water, insurance and any owners corporation fees

Key Takeaways

• Freestanding houses under $700,000 are found across Melbourne's outer north, outer west and outer southeast
• Melton, Craigieburn, Pakenham and the Mernda corridor are the main growth areas at this price point
• The western corridor has the most affordable land but the least developed public transport
• Middle-ring northern suburbs like Epping and Thomastown offer better connectivity at a slight premium
• Units and townhouses extend your budget much closer to the CBD for the same $700,000

FAQ

What are the cheapest suburbs in Melbourne to buy a house? Suburbs in the Melton LGA — Melton, Melton South and Bacchus Marsh — and outer growth estates like Pakenham and Craigieburn consistently record Melbourne's lowest median house prices among metro suburbs.

Can I get a house in Melbourne for under $600k? Yes, in outer growth corridors including Melton, Bacchus Marsh and some Pakenham estates. Older stock in northern suburbs like Thomastown and Lalor can also transact below $600,000 in the right conditions.

Is Melbourne's west a good investment? The western corridor has strong population growth and improving infrastructure. Affordability and rental yields are comparatively high. The key risk is the slower development of public transport, which can cap capital growth relative to well-connected areas.

Which Melbourne suburbs have the best train access under $700k? The Mernda line suburbs — South Morang, Mernda, Epping — and the Craigieburn line suburbs offer the best rail connectivity at this price point. Pakenham and Berwick are well-served on the Gippsland line.

How long is the commute from affordable Melbourne suburbs? From Pakenham, expect 60–75 minutes to the CBD by train. From Craigieburn and Mernda, 50–70 minutes. From Melton, around 60 minutes on the Ballarat line. All times are peak-hour estimates on express or semi-express services.

Start Your Search on Marketli

Marketli covers suburb-level data across Greater Melbourne, including median prices, rental yields, days on market and demographic trends. Use the suburb search to compare growth corridors before narrowing your shortlist for inspections.