Falling interest rates and the expanded First Home Guarantee Scheme have reignited buyer demand across Australia. Despite the competition, PropTrack data reveals there are still suburbs where freestanding homes cost less than $750,000.
Melbourne’s Next Boom Suburb
If you’re looking to buy close to the city, Tullamarine—just 17 km from Melbourne’s CBD—offers great value. Median house prices rose 4% over the past year, and local agent Pierre Hadchiti calls it “the next boom suburb.” He notes that most of Tullamarine isn’t under a flight path, easing one of buyers’ biggest worries.
Where Else to Look in Victoria
Other metro areas with sub-$750K medians include Caroline Springs, South Morang, and Cranbourne East. In regional Victoria, options like Crib Point, Capel Sound, and Elliminyt provide strong long-term growth potential, with five-year gains as high as 52%.
| Suburb | Median Price | 12-Month Growth | 5-Year Growth |
|---|---|---|---|
| Capel Sound | $748,000 | +4% | +39% |
| Crib Point | $747,500 | +7% | +38% |
| Elliminyt | $735,000 | +3% | +52% |
The Bottom Line
Despite rising demand, opportunities remain for buyers seeking affordable, freestanding homes in strong-growth areas. Whether you’re purchasing your first property or investing, these suburbs could be the smart buys of 2025.
