17 Jul 2025 15 Most Affordable South East Melbourne Suburbs for First Homebuyers in 2025

If you’re a first homebuyer seeking affordable housing or property, you might want to consider putting South East Melbourne at the top of your list.

Melbourne’s property market has been experiencing a steady increase over the last few years, prompting homebuyers and even investors to look towards the suburbs outside the CBD for better value – or cheaper options. One area that has been gaining traction is Melbourne’s southeastern region. 

This particular region is known for its emerging communities, reliable transportation links, infrastructure upgrades, and growing job hubs. With property value prices still below that of the metropolitan median, Melbourne’s south east suburbs offer opportunities not only for affordable homeownership but also for sustainable capital growth and strong rental yields.     

In this guide, we’ll break down the top 15 suburbs in South East Melbourne known for their affordability in housing. We’ll also provide insights per suburb, highlighting what makes them ideal for first-time homebuyers in 2025.

Your dedicated home loan advisor from EverLend. Our Melbourne mortgage brokers will tailor a plan that suits your budget and goals to help you settle down in one of Melbourne’s affordable south east suburbs. Call us 03 7036 3356 or head to www.everlend.com.au to schedule a free chat.

 

15 Affordable South East Melbourne Suburbs

1. Frankston North

Frankston North lies about 4 km north of Frankston’s CBD and offers a leafy, community-focused vibe edged by the Pines Flora and Fauna Reserve and home to the Pines Forest Swimming Centre. Its affordable housing and proximity to Frankston Beach make it a top pick for first-home buyers and investors. 

Amenities such as Monterey Secondary College and steady infrastructure growth enhance the suburb’s family appeal. Regular bus services connect residents to Frankston railway station and the wider metropolitan network.

• Median House Price: $595,000
• Median Weekly Rent: $490
• Key Infrastructures: Pines Forest Swimming Centre
• Public Transportation Options: Multiple bus routes linking to Frankston railway station on the Frankston line

2. Doveton

Doveton, 25 km southeast of the CBD, offers a tight-knit community with easy access to Dandenong’s shopping and services. The suburb features extensive parklands, including Myuna Farm and Doveton Plaza, catering to families and retirees. 

Meanwhile, schools such as Doveton Secondary College and Maranatha Christian School draw young families. Regular bus services to Dandenong Station (Pakenham line) provide a reasonable commute. Recent infrastructure upgrades have boosted its profile among value-seeking buyers.

• Median House Price: $603,164
• Median Weekly Rent: $515
• Key Infrastructures: Myuna Farm community centre
• Public Transportation Options: Bus services to Dandenong railway station (Pakenham line)

3. Cranbourne

Cranbourne is a major growth corridor 43 km southeast of Melbourne. It boasts the Royal Botanic Gardens, the Casey Complex (featuring indoor sports and a library), and the Cranbourne Park Shopping Centre. With a population of 21,281, it offers a true city-fringe lifestyle at suburban prices. 

Cranbourne Station, located on the Cranbourne line, and an extensive bus network ensure solid connectivity. Rapid estate development and affordable lot sizes make it ideal for first-home buyers seeking long-term capital growth.

• Median House Price: $700,124
• Median Weekly Rent: $530
• Key Infrastructures: Royal Botanic Gardens, Casey Complex, Cranbourne Park Shopping Centre
• Public Transportation Options: Cranbourne railway station (Cranbourne line), local bus services

 

Speak with our home loan experts at EverLend. Our Melbourne mortgage brokers will compare hundreds of lenders to find the best deal for your homeownership journey in one of Melbourne’s cheapest south east suburbs. Call 03 7036 3356 or visit www.everlend.com.au.

 

4. Pakenham

Pakenham has emerged as one of Melbourne’s fastest-growing suburbs, 56 km from the CBD. It features Lakeside Shopping Centre, Pakenham Racecourse and a regional hospital. 

Affordable land estates and modern schools, such as Pakenham Secondary College, appeal to families. It’s serviced by V/Line and Metro trains at Pakenham Station, as well as local buses, making commutes manageable. 

• Median House Price: $560,000
• Median Weekly Rent: $450
• Key Infrastructures: Pakenham Lakeside Shopping Centre, Pakenham Regional Hospital
• Public Transportation Options: Pakenham railway station (Pakenham line) and local bus services

5. Officer

Officer, in Cardinia Shire, has seen its population surge 159%, thanks to competitive median house prices around $715,000 and spacious new estates that suit first-home buyers. The suburb is anchored by key amenities, Officer Secondary College, Maranatha Christian School and a bustling retail precinct, so you’ve got schools, shops and cafes on your doorstep. 

Outdoor options abound with nearby parklands, sports fields and the expanding Town Park community hub. Commuters enjoy the Officer Station on the Pakenham line, along with several bus routes to Berwick and Pakenham, making the CBD easily accessible.

• Median House Price: $715,000
• Median Weekly Rent: $600
• Key Infrastructures: Officer Secondary College, Maranatha Christian School
• Public Transportation Options: Officer railway station (Pakenham line)

6. Hampton Park

Hampton Park, located 36 km southeast of the CBD, features spacious family homes set along tree-lined streets and generous block sizes, making it perfect for growing families. The suburb’s hub, Hampton Park Shopping Centre, sits alongside a modern library and community hall, offering everyday convenience and a strong sense of community. 

Local primary and secondary schools cater to all ages, while bus routes connect to Lynbrook and Hallam stations on the Cranbourne and Pakenham lines, providing easy access to the city. With median house prices well below the metropolitan average, Hampton Park delivers value and lifestyle that first-home buyers love.

• Median House Price: $699,710
• Median Weekly Rent: $520
• Key Infrastructures: Hampton Park Shopping Centre, Community Hall & Library
• Public Transportation Options: Lynbrook & Hallam stations (Cranbourne & Pakenham lines), bus routes 891 & 893

 

Let our Melbourne mortgage brokers at EverLend streamline your home loan application and secure competitive rates to live on one of the cheapest suburbs of south east Melbourne. Contact us on 03 7036 3356 or online at www.everlend.com.au to book a free consultation.

 

7. Hastings

A coastal town on Western Port, Hastings blends maritime lifestyle with affordability. It features the Western Port Marina, Warringine Park and a modern aquatic centre. The Stony Point line runs through Hastings Station, and several bus routes connect to Frankston. Its unique mix of bayside living and regional commerce draws buyers and investors alike.

• Median House Price: $670,000
• Median Weekly Rent: $550
• Key Infrastructures: Western Port Marina, Hastings Library & Aquatic Centre
• Public Transportation Options: Hastings railway station (Stony Point line)

8. Carrum Downs

Carrum Downs combines suburban calm with access to major arterials (Western Port Highway, Nepean Highway, EastLink). The Carrum Downs Regional Shopping Centre and Flinders Christian Community College cater to local needs, while the Pines Flora and Fauna Reserve provides green space. 

Four bus routes, plus SmartBus 901, link to Frankston and Dandenong, with train access available just a short drive away. 

• Median House Price: $758,665
• Median Weekly Rent: $580
• Key Infrastructures: Carrum Downs Regional Shopping Centre, Pines Flora & Fauna Reserve
• Public Transportation Options: Bus routes 760, 832, 833, SmartBus 901; nearest trains at Seaford/Kananook

9. Narre Warren

Home to Westfield Fountain Gate (Australia’s 2nd-largest mall), Narre Warren also boasts Bunjil Place civic centre and the Casey ARC aquatic facility. 

A strong bus network centres on Fountain Gate, while Narre Warren Station (on the Pakenham line) provides frequent metro services. A modest 4% population growth and ongoing infrastructure investment make it a favourable destination for investors.

• Median House Price: $798,422
• Median Weekly Rent: $560
• Key Infrastructures: Westfield Fountain Gate, Bunjil Place, Casey ARC
• Public Transportation Options: Narre Warren Station (Pakenham line); major bus interchange at Fountain Gate

10. Dandenong

Dandenong is a central regional hub located approximately 30 km southeast of the CBD, anchored by landmarks such as the Drum Theatre and the bustling Dandenong Market. The suburb boasts seamless connectivity via Dandenong Station (on the Pakenham & Cranbourne lines, plus V/Line to Gippsland) and the intersection of EastLink and the Princes Highway. 

Ongoing urban renewal, including new parks, community spaces and shopping precincts, makes it an appealing choice for first-home buyers seeking value and amenity.

• Median House Price: $771,660
• Median Weekly Rent: $530
• Key Infrastructures: Drum Theatre, Dandenong Market, EastLink/Monash Freeway interchange
• Public Transportation Options: Dandenong Station (Pakenham, Cranbourne & Gippsland lines), major bus interchange

 

Get fast pre-approval from EverLend’s Melbourne mortgage brokers, home loan experts, so you can move quickly when you find the perfect place in the south east of Melbourne. Call us at 03 7036 3356 or visit www.everlend.com.au to chat with us for free.

 

11. Noble Park

Noble Park, about 25 km southeast of the CBD, blends vibrant cultural diversity with everyday convenience along Douglas Street. At its heart sits the Noble Park Aquatic Centre, home to Melbourne’s largest waterslide, right beside Noble Park Station on the Pakenham and Cranbourne lines. 

Fourteen bus routes, including SmartBus and NightBus services, radiate from the station to link residents across the southeast. Noble Park offers an affordable and well-connected option for first-time buyers.

• Median House Price: $765,618
• Median Weekly Rent: $530
• Key Infrastructures: Noble Park Aquatic Centre, Douglas Street shopping strip, Public Hall
• Public Transportation Options: Noble Park & Yarraman stations (Pakenham/Cranbourne lines), multiple bus routes

12. Tyabb

Tyabb, located approximately 65 km southeast of Melbourne’s CBD, retains a charming rural village vibe, anchored by the Tyabb Antique Centre and its scenic proximity to Western Port. Generous residential lots and quiet streets deliver space and tranquillity, making it an affordable option for buyers seeking more land. 

Road access via the Frankston–Flinders Road and Peninsula Link connects Tyabb to Hastings Station and the wider metro network. Tyabb offers first-time buyers a stable, semi-rural lifestyle entry point.

• Median House Price: $758,000
• Median Weekly Rent: $550
• Key Infrastructures: Tyabb Antiques Centre, local primary school
• Public Transportation Options: Bus services along Frankston–Flinders Road to Hastings Station

13. Skye

Skye, about 40 km southeast of the CBD, features established estates with generous block sizes and well-maintained parks for a leafy suburban feel. The local hub revolves around Thompson Parkway Shopping Centre and Skye Village, with Skye Primary School and Lighthouse Christian College nearby. 

Bus route 760 connects to Frankston and Dandenong stations, while the Peninsula Link ensures seamless road access, making Skye an ideal location for first-time buyers seeking space and growth potential.

• Median House Price: $870,166
• Median Weekly Rent: $633
• Key Infrastructures: Thompson Parkway Shopping Centre, Skye Primary School
• Public Transportation Options: Bus route 760 to Frankston & Dandenong stations

14. Seaford

Seaford, approximately 35 km southeast of the CBD, offers a unique blend of beachside living on Port Phillip Bay and urban convenience, with its vibrant café strip. The suburb is framed by the Kananook Creek Trail and foreshore reserve, with schools like Patterson River Secondary College adding family-friendly appeal. 

Regular trains at Seaford and Kananook stations, plus bus links, make the beach-to-city commute effortless. Seaford offers a lifestyle and affordability that appeals to first-time buyers.

• Median House Price: $852,029
• Median Weekly Rent: $575
• Key Infrastructures: Keast Park, Seaford Wetlands, Seaford Station strip
• Public Transportation Options: Seaford & Kananook stations (Frankston line), local buses

15. Somerville

Somerville, approximately 60 km southeast of the CBD on the Mornington Peninsula, combines rural charm with suburban conveniences around Somerville Plaza (featuring Coles & Woolworths), the historic Mechanics’ Hall, and Yaringa Marina. It’s served by Somerville Station (Stony Point line) and regular buses to Frankston, ensuring reliable connections for commuters. 

Somerville offers an accessible entry point with solid capital gains potential. Abundant parks, reputable local schools and seaside access complete its family-friendly appeal for first-time buyers.

• Median House Price: $865,998
• Median Weekly Rent: $600
• Key Infrastructures: Somerville Plaza, Mechanics’ Hall, Yaringa Marina
• Public Transportation Options: Somerville railway station (Stony Point line), bus links to Frankston

 

Sources: Domain, Realestate.com.au, CoreLogic. Please note that property values tend to change over time. Hence, it’s always best to consult with your real estate agent for the latest market prices.

If you’re ready to begin your homebuying journey in one of Melbourne’s thriving and affordable south east suburbs, call our trusted Melbourne mortgage brokers at EverLend today. We will walk you through and simplify the home loan process, including getting the best loan rates, so that you can focus more on enjoying being a homeowner! Call us at 03 7036 3356 or head to www.everlend.com.au to learn more.

Frequently Asked Questions (FAQs)

What is the most affordable suburb in Melbourne?

Frankston North tops the affordability charts in Melbourne real estate, with a median property price of $595,000, a median unit price of $450,000 and a median rent of around $490/week. A vacancy rate of under 2% and competitive rental prices highlight strong demand, making it an ideal choice for budget-conscious buyers.

What are the most undervalued suburbs in Melbourne?

Doveton and Hastings rank among Melbourne real estate’s most undervalued suburbs, with price growth below the metro average and vacancy rates under 3%. Competitive rental prices, rising rental demand and new shopping centres and infrastructure underscore their untapped potential.

What suburbs will boom in Melbourne in 2025?

Cranbourne and Officer are forecast to lead price growth in Melbourne real estate, fueled by infrastructure projects, favourable interest rates, new shopping centres and transport upgrades. Early investors in these corridors can capitalise on projected capital gains.

Which Melbourne suburbs have dropped in value?

Some middle-ring suburbs lacking train stations and public transport links saw negative price growth in 2024, resulting in softer rental prices and subdued rental demand. Tracking vacancy rate shifts can help buyers time entry when these areas bottom out.

What types of home loans are available for first-time buyers in Melbourne?

First-time buyers can choose variable-rate, fixed-rate or split loans, with terms shaped by prevailing interest rates. Lenders base loan sizes on factors like median unit price and overall property price, and some packages offer low deposits or government guarantees. 

 

Takeaway

Ready to unlock the door of your first home in Melbourne’s south east? 

Our mortgage broker team at EverLend, based in St Kilda and covering the wider Melbourne area, is here to guide you through every step of your home loan application journey. With access to a wide range of lenders, we’ll compare loan options and help you decide the right financial solution suited to your goals.

Reach out for a free consultation, and let’s match your budget to your dream suburbs. Call us at 03 7036 3356 or visit our website www.everlend.com.au to learn more.