Melbourne: New research exposes massive $253k suburb price gap

Melbourne buyers looking beyond their preferred postcode could find median house price differences of up to $253,000 in a neighbouring suburb, according to new analysis. Melbourne homebuyers could be getting a near-identical lifestyle for six figures less, with some of the city’s best-value pockets right next door to overpriced hotspots. SuburbData rated St Kilda East’s median home price $253,000 below comparable surrounding suburbs such as Elwood. St Kilda had the second-largest gap from its neighbours at $236,000, followed by Box Hill South at $124,000 and Maidstone at $95,000. Jacana, Carnegie, Niddrie, Yallambie, Ascot Vale and Briar Hill all offered discounts compared to surrounding suburbs ranging from $52,000 to $85,000.RELATED: Melb family swaps traffic lights for home price boomBulldog The Bont’s $2.6m+ move after baby reveal ‘Fall’: Man exposes Italy’s brutal $2 home trap The analysis classified suburbs as undervalued when house prices sat below similar surrounding markets despite no clear geographic disadvantage and local supply-and-demand conditions were showing signs of improvement. But the label did not mean a suburb was cheap, guarantee future growth or suggest every...