Melton has been ranked one of the top five most affordable suburbs for rental properties in Melbourne.
New figures released by Domain last week put Melton, Melton South and Melton West in the top five places to rent either a house or unit.
Melton and Melton South were equal cheapest suburbs to rent a house with a median weekly asking rent of $260. Melton West had a median weekly asking rent of $280 for a house. Frankston North and Kurunjang were also ranked in the top five for house rental in Melbourne, with median weekly rent at $270 and $275 respectively.
Dr Andrew Wilson, senior economist for Domain Group, said it was no surprise the Melton area was considered affordable.
He said Melbourne’s most affordable house rents were predominantly located in the outer west suburbs of high growth areas.
“Cost of housing is always an issue particularly for those renting. It’s [these figures] good because it offers affordable housing for those who aren’t active owners in the property market.” He said the affordable rental market was a positive for people looking for somewhere to live and the Melton community as a whole.
“Areas that do have affordability do attract people to them and that can only be a positive for the community and a key feature for driving population growth.”
Melton South, Melton and Melton West were also ranked in the top five suburbs for affordable unit rentals.
Albion and Sunshine were considered the most affordable for unit rental in Melbourne.
Russell Parker from PRD Nationwide real estate in Melton said the suburb had a lot to offer apart from affordability.
“It’s like a big country town,” Mr Parker said. “And in 40 minutes, by road or rail, you could be in the city.”
Toorak was ranked the most expensive suburb to rent a house in Melbourne with a median weekly asking rent of $900.
Brighton was the most expensive suburb to rent a unit with a median weekly asking rent of $550.
