Metropolitan Melbourne growth area land prices remained stable at $322,000 with little change over the last 12 months to December 2020. Although most growth area median land prices are in the low to mid $300,000 range, there is some good new for first home buyer and investors looking to purchase their first home or investment.  

There are few suburbs with land prices remaining priced under $300,000 and provide a safe environment for a first home or sound investment opportunities. These outer suburbs of Melbourne are desirable due to their larger lot sizes, more land space and ability to build bigger homes. 

Demand for housing by First Home Buyers was strong in 2020 and will remain the trend in 2021. 

Here is a list of suburbs with median land prices under $300,000.

This is truly the best time to buy, with land affordability at its highest. With adequate stability in jobs and savings, this is an ideal time for first home buyers to stop renting or to make their first purchase with the government grants and stimulus an added bonus.