Mickleham
A northern option with newer housing and local shopping at Merrifield City. Its 4.2% gross yield makes it worth comparing for rental income alongside the purchase price.
Best suburbs to invest in Melbourne? Match the area to your goal.
Melbourne offers a range of property investment opportunities across different budgets and locations. Here’s what’s happening in the market, which areas are worth considering, and how to assess them against your goals, timeframe and the cost of holding the property.
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Melbourne right now
What's happening in the Melbourne market?
Melbourne home values fell 7.6% over the year to October 2026, including a 0.8% fall in October. But the citywide figures hide differences between price ranges.
More expensive houses have recorded the largest falls. Cotality's September chart pack shows the most expensive quarter of Melbourne houses down 10.5% from peak, compared with approximately 3.9% for the most affordable quarter.
A headline about prices falling by 10% does not describe every part of Melbourne. Look at the price range, property type and location you are buying in. More affordable homes have held up better, although they have also fallen.
A softer market can give buyers more choice and room to negotiate. The opportunity is to buy well and hold for your planned timeframe, with rent and ongoing costs that fit your budget.
Melbourne house values: falls from peak
Most expensive and most affordable 25% of houses
Sources: Cotality October Home Value Index and September Housing Chart Pack. Checked 4 November 2026.
West, north and south-east
Six Melbourne suburbs to consider.
These areas offer different combinations of purchase price, rental income and local amenities, with median house prices below $800,000. Compare the numbers, then assess the home against your budget and investment plan.
| Suburb | Median house price | 12-month growth | Gross yield | Days on market | Days to lease |
|---|---|---|---|---|---|
| MicklehamNorth | $710,000 | +2.9% | 4.2% | 50 | 29 |
| Clyde NorthSouth-east | $750,000 | +2.0% | 4.4% | 52 | 27 |
| Cranbourne EastSouth-east | $750,000 | +3.5% | 4.2% | 36 | 25 |
| EppingNorth | $730,000 | +3.7% | 4.0% | 30 | 27 |
| MeltonWest | $562,691 | +10.3% | 4.0% | 39 | 33 |
| SunburyNorth-west | $735,000 | +6.5% | 3.9% | 30 | 26 |
PropTrack house figures, November 2025 to October 2026; each suburb name links to its source. Days on market measures selling time; days to lease measures rental advertising time. Both are medians. Gross yield is before costs. Suburb medians cover all houses, not just new homes, and past growth is not a forecast. Figures checked 4 November 2026.
Clyde North
A south-eastern option with newer homes and shopping at Clyde North Lifestyle Centre. Its 4.4% gross yield is the highest of these six, with houses taking a median 27 days to lease.
Cranbourne East
Established recreation facilities include Casey Fields and Casey RACE. A 4.2% gross yield and a median 25 days to lease, the shortest in this group, give it a place in the south-eastern comparison.
Epping
Northern Hospital Epping and nearby Pacific Epping provide health and retail services. Its $730,000 house median offers a northern option with established amenities and a median 27 days to lease.
Melton
The lowest median house price of the six makes Melton an option for a smaller purchase budget. The wider area has existing retail at Woodgrove, while the actual home’s price and rent determine its holding cost.
Sunbury
Metropolitan rail access gives Sunbury a different northwestern option. Houses took a median 26 days to lease, among the shortest in this group, with a gross yield of 3.9%.
Rental demand
How quickly are homes finding tenants?
Houses in these six suburbs took a median 25 to 33 days to lease. Cranbourne East was quickest at 25 days, followed by Sunbury at 26. These figures help compare rental demand, alongside the rent achieved and the number of competing homes.
Vacancy was more mixed. In September 2026 it ranged from 1.1% in postcode 3076 (Epping) and 1.4% in 3977 (Cranbourne East) to 4.0% in 3064 (Mickleham) and 4.1% in 3978 (Clyde North), compared with 1.9% across Melbourne. Postcodes 3337 (Melton) and 3429 (Sunbury) were both 3.4% (SQM Research). A vacancy rate is the share of rental homes advertised for three weeks or more. One postcode can cover more than one suburb: 3064 also includes Craigieburn, Roxburgh Park and Kalkallo. Where vacancy is higher, more similar homes are competing for tenants, so the rent and leasing time you budget for matter more.
For the property you are considering, compare recently leased homes with similar bedrooms, parking and location. Check their rent and time advertised, plus how many similar rentals are still available. New estates and older streets within the same suburb can perform differently.
Build empty weeks into the budget. Allow for the time needed to find a tenant and meet the property’s expenses while it is vacant.
New homes and the cost of holding
Compare the property, the price and the tax treatment.
A new home and an established home at the same price can have different holding costs. Rent, maintenance, depreciation and the timing of tax deductions all affect the amount you fund.
Tax treatment
New and established homes have different rules
New builds can still be negatively geared against wages and other income. For established homes bought after 7:30pm AEST on 12 May 2026, from 1 July 2027 losses can only be offset against residential property income, including capital gains. Unused losses carry forward, and homes held before that time are not affected. Treasury explains the rules.
Your numbers
Compare annual cash costs
Use the purchase price, loan, expected rent, property expenses and depreciation for each home. Have a registered tax agent confirm eligibility and calculate the tax outcome. The tax benefit belongs in the comparison alongside the price you pay.
What makes a property worth holding?
- Demand for that home. Evidence that tenants want its size, layout and location at the rent you expect.
- A fair purchase price. Recent comparable sales, with a clear explanation for any premium on a new home.
- Manageable competing supply. Similar rentals and upcoming completions around the property.
- Services people can use. Check access to jobs, schools, shops and transport today; separate future proposals from delivered services.
- A cash buffer. Allow for empty weeks, repairs, insurance increases and changes to interest rates.
Start with why you are investing
What are you trying to achieve, and by when?
Before choosing a suburb, put a dollar figure and a timeframe behind the goal. How much additional wealth or income are you aiming for? When will you need it? How much can you contribute each week while holding the property?
A property intended to build wealth over 15 years needs a different assessment from one you expect to sell in five. Buying costs, debt, ongoing cash contributions, selling costs and tax all affect what you finish with. A headline capital gain is only one part of that calculation.
Access Wealth assesses properties against its 20 Point Investment Criteria and more than 100 data points. That research starts with the outcome you want and works through to the property, with allowances for vacancies, higher costs and interest rates.
- 01Set the outcomeYour reason for investing, target in dollars, timeframe and affordable cash contribution.
- 02Compare locationsPurchase prices, rental demand, competing supply and the services people use.
- 03Check the homeComparable sales and leases, the street, the layout, and builder or developer checks.
- 04Test the holding costCash flow after tax, empty weeks, higher expenses and the cash buffer you need.
Who does what
Your investment property purchaseEach part is handled by the right licensed professional.
Our roleAccess WealthProperty research, due diligence and selection, purchase coordination and portfolio reviews.
LendingMortgage brokerBorrowing capacity and loan options.
TaxRegistered tax agentDeductions, property tax treatment and tax on sale.
LegalSolicitor or conveyancerContracts, searches and settlement.
See the full process on How We Work.
Common questions
Melbourne property questions,
answered straight.
Is Melbourne a good place to invest in property right now?
That depends on your goals, budget and how long you plan to hold the property. Melbourne home values fell 7.6% over the year to October 2026, including a 0.8% fall in October (Cotality), with larger falls among more expensive houses. Softer conditions can give buyers more choice and room to negotiate. A worthwhile purchase needs a fair price, evidence of rental demand and ongoing costs that fit your budget.
Are property prices falling across all of Melbourne?
Melbourne’s price falls have not been equal across all locations, property types and price ranges. Cotality’s September 2026 research showed larger declines among higher-priced houses, while more affordable houses held up better. Check recent comparable sales for the suburb and type of home you are considering, rather than applying a citywide headline to every property.
Are Melbourne’s outer suburbs good investment locations?
Melbourne’s outer suburbs are worth comparing for their purchase prices, newer housing and access to local services. Look at existing schools, shops, transport and employment, along with rental demand and how many similar homes are being built. Assess the actual estate and property, because homes within the same suburb can have different rents, competition and resale appeal.
Should I buy a new or established investment property in Melbourne?
Compare the purchase price, rent, maintenance, depreciation and after-tax holding cost. New builds can still be negatively geared against wages and other income. For established homes bought after 7:30pm AEST on 12 May 2026, from 1 July 2027 losses can only be offset against residential property income. A registered tax agent should confirm the tax position for each property before you compare the numbers.
How do I choose the right Melbourne suburb for my investment goals?
Start with what you want to achieve, put a dollar figure behind it and set the timeframe. Then work out what you can borrow and comfortably contribute while holding the property. Those numbers shape your property strategy and roadmap. Compare suburbs on price, rent, demand and housing supply, then assess the individual home against that plan.
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