From Melton to Berwick: The 33 Melbourne suburbs with affordable three-bedroom apartments

There are 33 suburbs in Melbourne – many of them on the outskirts – where first-home buyers can purchase a three-bedroom apartment and pay equal or less than the average estimated first-home buyer mortgage repayment in Victoria of $414 per week.

The suburbs can be found in an interactive heat map showing weekly mortgage repayment price bands across Melbourne suburbs compiled by the Real Estate Institute of Victoria (REIV) as part of its new first-home buyer guide.

The $414 per week median mortgage repayment is based on the average first-home buyer loan size of approximately $286,600, a standard variable interest rate of 6.4%, receipt of the $7,000 first-home owners' grant, a loan term of 30 years, a 10% deposit, and benchmark lenders mortgage insurance (LMI) and conveyance fees.

The list is dominated by suburbs further out of town, but does include the middle Melbourne suburb of St Albans, which has a median three-bedroom unit price of $270,000 and average weekly mortgage repayments of $360 per week.

Also on the list are less fashionable, but well-located Sunshine and Sunshine North, where 'Kath & Kim' obtained numerous TAFE qualifications and where Tracey, daughter of the Kerrigans in The Castle obtained her hairdressing diploma.

The full list starting from the cheapest is:

1. Melton - $277 per week, median price of $210,000
2. Werribee - $312 per week, median price of $235,000
3. Cranbourne - $324 per week, median price of $244,000
4. Hoppers Crossing - $332 per week, median price of $250,000
5. Pakenham - $332 per week, median price of $250,000
6. Tarneit - $346 per week, median price of $260,000
7. Frankston - $346 per week, median price of $260,000
8. Sunshine - $350 per week, median price of $263,000
9. Dandenong - $353 per week, median price of $265,000
10. St Albans - $360 per week, median price of $270,000
11. Noble Park - $366 per week, median price of $275,000
12. Tullamarine - $373 per week, median price of $280,000
13. Narre Warren - $373 per week, median price of $280,000
14. Sunshine North - $377 per week, median price of $283,000
15. Langwarrin- $380 per week, median price of $285,000
16. Hadfield - $380 per week, median price of $285,000
17. Doveton - $382 per week, median price of $286,250
18. Somerville - $382 per week, median price of $286,500
19. Dandenong North - $389 per week, median price of $291,700
20. Mill Park - $392 per week, median price of $293,750
21. Broadmeadows - $392 per week, median price of $293,750
22. Epping - $393 per week, median price of $294,500
23. Thomastown - $399 per week, median price of $299,000
24. Seaford - $400 per week, median price of $299,500
25. Lalor - $401 per week, median of $300,000
26. Deer Park - $401 per week, median of $300,000
27. Hallam - $403 per week, median price of $302,000
28. Springvale - $406 per week, median price of $304,000
29. Craigieburn - $408 per week, median price of $305,000
30. Mernda - $408 per week, median price of $305,000
31. South Morang- $412 per week, median price of $308,000
32. Sydenham - $412 per week, median price of $308,500
33. Berwick - $414 per week, median price of $310,000

Source: REIV first-home buyer guide