Top 5 Affordable Suburbs, Inner Melbourne

With the cost of living in Melbourne continuing to increase, it can be difficult for renters to find an affordable place to call home. Fortunately, there are still some suburbs within Inner Melbourne that offer budget-friendly rental options. In this guide, we'll explore the top five affordable suburbs Inner Melbourne and provide key information to help you make an informed decision. We'll also take a look at some of the most frequently asked questions when it comes to rental affordability in Inner Melbourne.

We'll also take a look at some of the most frequently asked questions when it comes to rental affordability in Inner Melbourne.

Data from this guide come from Homes Victoria’s Rental Report December Quarter 2022.

1. Essendon#

Located just 8 km north-west of the Melbourne CBD, Essendon is a popular suburb among young professionals and families. It's known for its tree-lined streets, parks, and charming cafes. The suburb is also home to the iconic Windy Hill Stadium, which is the training ground for the Essendon Football Club.

Median rent for 2-bedroom flat: $380 per week.

Median rent for 3-bedroom house: $500 per week.

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2. Newport/Spotswood#

Newport-Spotswood is a hidden gem located just 9 km west of the Melbourne CBD. The suburb has a rich industrial history, which is reflected in its unique architecture and vibrant community. Newport Lakes Park is a popular attraction in the area, offering scenic walking trails and picnic areas. The suburb is also home to some of Melbourne's best cafes and restaurants.

Median rent for 2-bedroom flat: $395 per week.

Median rent for 3-bedroom house: $580 per week.

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3. West Brunswick#

West Brunswick is a trendy suburb located just 5 km north of the Melbourne CBD. It's known for its vibrant street art, boutique shops, and multicultural community. The suburb is home to several parks and gardens, including the popular Gilpin Park. It also has a thriving food scene, with a range of cafes and restaurants to choose from.

Median rent for 2-bedroom flat: $395 per week.

Median rent for 3-bedroom house: $590 per week.

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4. Flemington/Kensington#

Flemington-Kensington is a diverse and multicultural suburb located just 4 km north-west of the Melbourne CBD. It's known for its wide range of cuisines, cultural festivals, and community events. The suburb is also home to the iconic Flemington Racecourse, which hosts the famous Melbourne Cup.

Median rent for 2-bedroom flat: $400 per week.

Median rent for 3-bedroom house: $650 per week.

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5. Footscray#

Footscray is a vibrant and multicultural suburb located just 6 km west of the Melbourne CBD. It's known for its bustling markets, street art, and unique cafes and restaurants. The suburb is also home to several parks and gardens, including the popular Maribyrnong River Trail. It has a thriving arts scene, with several galleries and performance spaces in the area.

Median rent for 2-bedroom flat: $400 per week.

Median rent for 3-bedroom house: $520 per week.

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FAQ#

How do rental prices vary by property type in different suburbs?#

Rental prices can vary widely depending on the property type and location. In general, you can expect to pay more for larger properties, such as 3 or 4-bedroom houses, than for smaller properties, such as 1 or 2-bedroom apartments. Similarly, properties located closer to the city center or in more desirable suburbs will usually command higher rental prices than those located further out. Flats/apartments are more common in inner-city regions, with bed

How do rental prices in Victoria compare to other states in Australia?#

According to the Australian Institute of Health and Welfare's report on housing affordability, Victoria has a rental affordability index score of 140 for its greater metropolitan area (where a higher score is better). This means that compared to other states in Australia, Victoria is generally considered to be more affordable in terms of rental prices. Greater Hobart has the highest rental affordability index score of 96, followed by Greater Adelaide at 114, Greater Sydney at 126, Greater Brisbane at 129, Greater Melbourne at 140, and Greater Perth at 145.

However, it's important to note that rental prices can vary widely depending on the specific location and property type within each metropolitan area. Thus, while Victoria may have a higher rental affordability index score compared to other states, there may still be affordable rental options available in certain areas or for certain property types.

What are the most important factors to consider when searching for an affordable rental property in Victoria?#

When searching for an affordable rental property in Victoria, there are several factors to consider. The most important thing to consider is whether the property is congruent with your lifestyle. This includes factors such as proximity to work or school, access to public transport, and the availability of amenities such as supermarkets, cafes, and parks. Other factors to consider include the size and type of property, the condition of the property, and the length of the lease. Less-affordable locations may provide other benefits, such as a shorter commute, cheaper Taxis/Ubers, better access to public transport, and more food and drink options.

What is an affordable dwelling, and how does Victoria score for this?#

An affordable dwelling is one that is considered to be affordable for a household earning a low to moderate income. In Victoria, the government has implemented several initiatives aimed at increasing the supply of affordable housing, such as the Shared Equity Scheme and the National Rental Affordability Scheme (NRAS). While these initiatives have helped to increase the availability of affordable housing in Victoria, there is still a significant shortage of affordable housing, particularly in inner-city areas.

Final thoughts#

In conclusion, finding an affordable rental property in Melbourne can be a challenging task, but it's not impossible. The suburbs we've highlighted in this guide offer a diverse range of rental options that are still within easy reach of the city center. By considering the factors we've discussed and doing your research, you can increase your chances of finding a rental property that is both affordable and meets your needs.

If you're a university student, you may also want to check out our guide to the Top 10 Suburbs in Melbourne for Uni Students. Additionally, if you're looking for a share house, be sure to read our guide on The Best Ways to Find a Share House for some helpful tips and advice.

We hope this guide has been helpful in your search for an affordable rental property in Inner Melbourne.

Table 1: Full list of suburbs#

The table below provides the full set of data uncovered by Victoria’s Rental Report, including four extra suburbs

Figure 1: Moving annual median rents for 2 bedroom flats in metropolitan Melbourne (adapted from DFFH VIC)#

(Click for full size)