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Melbourne is now Australia's largest capital city with over 1,025 suburbs and more than 5,350,000 people living there at the moment.
Whilst totality indicates that the average property in Melbourne is only up 3.3% over the last 12 months, there is some needles in the haystack that have absolutely smashed those numbers. Which is why today we're going to show you where those needles in the haystacks are. Where the suburbs with a median house price below $1.2 $2 million have absolutely smashed the market average over the last 12 months. Let's dive into it.
Now, let's start by working our way back from number 10, which is Melton West, up 9.1% over the last 12 months with a median house price sitting at $569,000. Now, Melton's West is in the northwestern pocket of Melbourne. It's in an area where there is a brand new $900 million hospital being built in this region that's expected to be completed by 2029. This infrastructure development is bringing a lot of new jobs and it's one of the fastest growing regions in all of Melbourne in terms of population growth.
Now you can drive to the city in less than an hour from Melton's west. It's only 45 km as the crow flies from the CBD. And what I love most is you can get out there and buy really affordable properties. So, this is one of the most affordable suburbs that we're going to look at today, which is really nice for those investors that may have a low budget, sitting around that $600 to $650,000 price range. Now, we can see this property number one, Connelly Drive in Melton's West that recently sold on the 23rd of October for just $560,000. Now, this beautiful low-maintenance relatively new 3-bed, two-bath, two-car garage, low-set brick and tile house on a 449 square meter block of land is a great entry-level investment grade property in the Melbourne region. If you're a first-time investor with a long-term strategy, whilst Melton is certainly not the best suburb in the greater Melbourne region, it is a great place to start where you can get into really affordable properties that are going to generate some decent rental returns with these infrastructure projects and the population growth occurring right now. I'm super excited to see where this area can go over the next 10 or even 20 years.
Coming in at number nine was one of my favorite suburbs down in southeast Melbourne on the beaches there, which is Frankston North, up 9.6% over the last 12 months, which brings the median house price to $650,000. Now, what I love about Frankston North is the fact that it's a suburb that is gentrifying. It has this stigma and history of being a very low socioeconomic demographic location, but it is changing. We're starting to see the average household incomes increase. So, we're starting to see that percentage of renters decrease as well. And over time, this area will continue to get better. And no wonder it's such a beautiful suburb located right by the beaches. It's not too far from the city. You're still looking at 45 km to the CBD. Commute time in the car around about an hour, maybe a bit over an hour. Um, the unfortunate reality of this southeastern pocket of Melbourne is the infrastructure, the public transport options aren't great. It's going to take about an hour and 20 to an hour and 30 minutes to get into the city via public transport.
Now, earlier this year, 49 Morton Street in Frankston North sold for $623,000. Now, it's a nice three-bed, one-bathroom, one-car garage, neat and tidy house on a 650 m² block of land. As you can see, the property has been upgraded. It's been maintained relatively well. It's been really well presented, but being on that nice big 650 m² block of land in a really nice quiet family-friendly street, only a couple of kilometers back from the beach makes this a really, really great buy. I know that this property has increased since that sale date. Um, so well done to whoever bought that property back in April. However, it's still telling us that there is significantly affordable properties in the 600,000s around that area right now.
Next up at number eight, we have Meadow Heights in North Melbourne, just 20 kilometers from the CBD. Meadow Heights is up 9.7% over the last 12 months, according to this article, making the median house price $630,500 right now. So, plenty of affordability if you want to get nice and close to the CBD on that northern side, not too far from the airport.
Coming in at number seven is Brunswick West, going up 10.1% over the last 12 months with a median house price of $985,000. This suburb is in North Melbourne, just 10 km from the CBD. It is wild to think that you can still buy less than 10 km from the largest capital city in Australia for less than a million dollars. I think this is a great suburb, a great buy, a great opportunity for investors with that slightly larger budget.
Coming in at number six was Burnside, going up 10.6%, bringing the median house price to $795,000. Located in West Melbourne, near Sunshine West, where Sunshine St. Alburn's is in that nice little pocket over there where you do have a really high average household income, a really high percentage of owner-occupiers and really easy access to the CBD. In fact, Burnside is just 25 km to the CBD. It takes you less than 40 minutes to drive to the city, less than 40 minutes to commute to the city via public transport. It's in a really fast-growing region in terms of population growth right now and super excited about that particular suburb and also some of the surrounding suburbs out there.
Coming in at the halfway mark at number five of the 10 best suburbs in Melbourne over the last 12 months with a median house price below $1.2 million is Melton South. That area out near Melton is really kicking off right now. I think due to the really low affordability and the entry cost associated with it, it's up 11.1% over the last 12 months. The median house price still sits below $550,000, sitting at 544,250 right now. It's 45 km to the CBD. You can buy a property out there like this one. 15 Connell Drive in Melton South. A four-bedroom, three-bed, two-car garage, low-set brick and tile house on a 653 m² block of land that sold for $600,000 on the 31st of October 2025. It just blows my mind that these properties are still available in Melbourne right now. This property, what I love most is it's a perfect low-maintenance tenant-ready property as it stands right now. You could do some renovations to increase the quality of this property. More importantly, you could even build a granny flat in the backyard, subject to council approval, to add additional value and to add additional cash flow to this particular property as well. Super low vacancy rate sitting below 1.5% out there in Melton South right now. It's got the train station. It's nearby that new hospital that's being built out there as well. Just incredible entry-level properties out there in Melton right now. I know there's probably a lot of people that have this stigma, that have this belief that Melton is a really low-quality area, but just go out there and analyze the suburb data. Look at the suburb demographics. There is a lot of owner-occupiers. There is a lot of people that are earning decent money out there as well. The area is gentrifying. There is a lot of new immigrants moving to this area because of the affordability for properties to be purchased and also to be rented with the relative accessibility to the city and employment opportunities. I can't believe that you can still buy these types of properties down there in Melton South right now. I'm excited to see these growth rates continue into the future.
Coming in at number four is Flemington in Melbourne's inner northeast. This is the area that just hosted the Melbourne Cup. We've got the big racecourse there in Flemington. It's gone up 11.3% over the last 12 months. It's currently got a median house price of $1.135 million. It is less than 5 km to the Melbourne CBD. Once again, to get so close to the city in such an affluent area where there's still some relatively affordable property prices for those higher income earners or for those investors that have got a healthy budget and good deposits where they can stomach the lower rental yields for an area like this, but less than 5 km to the city, $1.135 million.
Now, the thing that blows my mind most is the fact that the comparable version of Flemington in Sydney is actually Randwick, where you've got the racecourse as well. In Randwick right now, the median house price is $3.685 million. Yes, it's super close to the city. Yes, it's super close to the water. Yes, it's a really bougie suburb with the racecourse, Centennial Park, and extremely affluent demographics that live there. But why the hell would you go buy a property for $4 million in Randwick when you can buy an incredible one in Flemington for $1.5 million? It is so undervalued in Melbourne right now. It is so affordable in comparison to a market like Sydney. If you're not considering these options, these blue-chip suburbs down in Melbourne right now over Sydney, then you are crazy because the city has incredible population growth right now. It is the only market that's really struggled since co property prices are up less than 20% over the last 5 years according to Kotality. Whereas Sydney property prices are up significantly higher than that. So it's a market that should be on everybody's radar.
Now, next up, coming in at number three, is Carrum down in Southeast Melbourne, right by the beaches. It's up 11.5% over the last 12 months. It's got a median house price of $1,20,000. It's about 50 km to the CBD down near where Frankston North is in a similar type of pocket right now.
Now, if we take a look at a property that's recently sold in Carrum, we've got this half of a duplex, 1/15 Rigby Street in Carrum. It's a beautiful, relatively new 4-bed, one-bath, three-car garage house on a 455 square meter block of land that sold for 1.2 million on the 20th of September. Located in a really nice, quiet, family-friendly street, not too far away from the canals, not too far away from the beach, not too far away from the train station, in a very well-loved area. These southeast beaches right now are absolutely popping off, seeing insane capital growth rates. And I know you need a slightly higher budget to be able to afford to get into these locations, but I know there's so many investors with a budget range of $1 million to $1.5 million that are looking to Melbourne right now. And if you want to find some of these top-performing suburbs down in those southeast beaches down in that Frankston region is a great opportunity. So get your head around it.
Coming in at number two is another suburb down in the southeast of Melbourne called Lynbrook. This suburb is up 12.3% over the last 12 months, bringing the median house price to $851,000. It's right near Dandenong as well, so there is some great infrastructure down there about 45 km to the CBD. Once again, a more affordable area, a little bit removed from the beaches. So for those that do want to invest in the southeast but can't afford to invest in an area like Carrum, then this could be a great alternative where you're just sacrificing a little bit of proximity to the water, but you are gaining that proximity to the CBD and incredible public transport options as well.
Coming in at number one, the top-performing suburb in the entire Greater Melbourne region over the last 12 months is Oak Park in northwest Melbourne, right near the Tullamarine airport. It's seen an 18.2% 2% increase in property prices over the last 12 months. The median house price currently sits at $910,000. Oak Park has been one of Australia's top-performing suburbs over the last 12 months, according to this data. Well done to anybody who identified this opportunity, this needle in the haystack out of over 1,000 suburbs that make up the Greater Melbourne region. It is just insane to see that the average property in Melbourne has only gone up by just a little over 3%. But there is suburbs like Oak Park that have almost generated a 20% increase in their house prices over the last 12 months.
Oak Park is a beautiful suburb, really elevated. There's many streets where you get panoramic views of the entire Melbourne city. Even though you're about 14 km from the CBD as the crow flies, it is still got that relative proximity. It is a short commute into the CBD. Being in an elevated position means that you can get beautiful properties with beautiful views like this one. 42 Deo Street in Oak Park. It's an old 4-bedroom, one-bath house, but it's on a massive 698 m² block of land. Now, it sold in July for $985,000. Um, looking at some of the photos there, you can see from the front balcony, you get incredible outlook over the city, nice elevated views, uh, which is beautiful. But this property itself clearly has some renovation potential. You can upgrade the quality of this property quite easily. And subject to council approval, you'd obviously have to talk to a local town planner in the area. You may have the capacity to build a granny flat in the backyard or even better do a duplex or maybe even subdivide. Lots of potential in a property like this um and selling below that $1 million price range.
So, for those that have got healthy budgets, there is some great opportunities like this one in North Melbourne or down in southwest Melbourne. And for those investors with a budget between about 600 to $800,000, we've got some great options in West Melbourne, out towards Melton, or a little bit closer in those suburbs that we looked at a little bit earlier on as well, like Burnside, um, or even down towards the southwest towards Werribee Way as well.
Naturally, being such a huge property market that Melbourne is, there's going to be a lot of diversity and a lot of differences in the median house prices. And you just got to remember that not all markets are considered equal. There is particular suburbs, particular properties that perform well, and then the opposite is true as well. The areas that just do not perform very well. So you need to be able to analyze the data, analyze the opportunity, have a deep understanding as to how these areas have performed in the past and look as to where they could potentially head moving forward into the future.
Good day guys. My name is Ben and I'm the director here at Pumped on Property and I just want to say a massive thank you for watching our content today. Now, if you're thinking about buying an investment property in the next 3 to 12 months, then the team and I would love to offer you a one-on-one strategy session. In that session, we can talk about exactly where you are right now, where you'd like to be longer term, and we can deeply educate you on the Australian market. And then you can take that information and go and absolutely smash it on your own or potentially become one of the small number of clients that we work with each week. To book your session, all you have to do is go to www.pumpedonpropy.com and click that book your free strategy session button. But either way, we wish you all the best on your journey as an investor to financial freedom.