When it comes to finding affordability in capital city markets, Melbourne is emerging as a city with huge potential.
With Victorian property prices diverging from the sharp rises experienced by many other states over the past year, Melbourne has become an attractive proposition for buyers wanting capital convenience without the premium price tag.
Data from realestate.com.au reveals that the city is now the second most affordable capital in the nation.
According to REA Group senior economist Anne Flaherty, who spoke at recent panel hosted by Stockland in the city’s north, buyers have been taking notice.
“I think that there’s a lot of value opportunity in Melbourne at the moment,” she shared.
“I think that’s one of the reasons why not only are we seeing first-home buyer demand pick up, we’re also seeing investor demand pick up.”
Why Melbourne buyers are heading north now
This affordability is encouraging buyers to act, with Melbourne’s north drawing interest for its range of communities that offer built-in amenities, schools, employment hubs, and improving transport links at a more accessible price.
Stockland Development Director, James Hawker said sales in the last quarter are on par with long term averages.
“The northern region of Melbourne is seen as one of the more affordable areas, so that’s where a lot of buyers like investors, first-home buyers, or those looking for second or subsequent homes are starting to flock.”
Stockland is catering to the needs of these value-conscious buyers by creating masterplanned communities that make it easier to secure their first or next home.
Melbourne's north is set to grow even further, with buyers interested in the amenity-rich masterplan communities.
Five north Melbourne communities attracting attention
In Melbourne’s North, buyers can choose from a broad selection of new and established Stockland communities.
Thriving communities like Aurora in Wollert, Katalia in Donnybrook, and Lyra in Beveridge are neighbourhoods that combine leafy streetscapes with the convenience of local schools and shops, all within 50km of Melbourne’s CBD.
These locations are more than plans on paper; they’re established thriving communities shaped by decades of thoughtful design and placemaking.
Communities like Stockland Katalia mean buyers can take advantage of the growth in northern Melbourne.
Highlands is one example of an established community in the north, showcasing how well-planned neighbourhoods are designed and built to endure and continue to grow with residents overtime.
“We have 75 years of experience developing quality communities – and the Highlands community in Craigieburn is testament to that,” said Mr Hawker.
“After 20 years of Highlands, it’s special to see those who grew up there now returning to start families of their own.”
Another standout community in the area is Cloverton in Kalkallo.
“Cloverton is the second largest masterplanned community in Australia and the largest in Victoria, and the opportunity it presents for the future is immense,” said Mr Hawker.
Just 38km from the Melbourne CBD, Cloverton sits within the Victorian Government’s planned Cloverton Metropolitan Activity Centre – a future hub set to deliver jobs, retail, and services.
“Being part of the planned Metropolitan Activity Centre puts Cloverton in a prime position to benefit from new jobs, services and improved connectivity," Mr Hawker said.
"With schools and other amenities already in place, the emerging activity centre, and planned access directly to the Hume Freeway, residents have everything they need."
Neighbourhoods in Cloverton offer buyers a connected community close to a growing metropolitan hub. Artist impression, subject to change.
Why choosing the right neighbourhood is important
With the north shaping up to be one of Melbourne’s most sought-after areas for buyers, taking the time to explore each community and understand how it aligns with your lifestyle has never been more important.
“It’s about doing your due diligence – really looking at what each neighbourhood offers,” says Mr Hawker.
Choosing communities that have been designed from the outset for connectivity, convenience, and long-term liveability is essential, particularly for first-home buyers and their families. Mr Hawker is confident that Stockland’s neighbourhoods are built with exactly that in mind.
“What we try to curate in our Stockland communities are thoughtful, well-placed design, supported by some of the best building partners in the industry,” he said.
“There are some obvious advantages, but for first-time buyers it’s really about protecting value and having the confidence that you can grow a family here,” Mr Hawker says.
“With schools, amenity, and future transport connections, you’ve got the foundations to put down roots and build a life in these areas.”
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