GRAY Street in Murrayville has been identified as the most affordable street to buy a house in Victoria.
Data collated by Ray White listed Gray Street as having the most affordable median value in Victoria at $45,000.
Gray Street’s median value was $16.205 million less than the median property price of the most expensive street in Victoria, Leafy Linlithgow Road in Toorak, which had a median house price of $16.25 million in a part of Melbourne where single car parks can sell for more than $40,000.
Behind Gray Street on the most affordable list was Sydenham Inlet, Bemm River ($52,257), Bow St, Rainbow ($65,000), Pioneer St, Manangatang ($70,000), Vernon St, Korong Vale ($75,000) and Taverner St, Rainbow ($75,000).
Eight of the 10 most affordable streets were located in Victoria’s North West, with the remaining two in the Gippsland area and Bendigo.
Eight out of the 10 most expensive streets were located in the Melbourne suburb of Toorak, and two were in Brighton.
Gray Street not only appeared on Victoria’s most affordable list, but on Australia’s as well, as the 10th most affordable street in the country.
Gray Street was just behind WA’s Mildura Street in Norseman ($42,500), Angove Street in Norseman ($41,500) and Darlot Street in Meekatharra ($40,000).
The most affordable street in Australia was listed as Downing Street in Norseman, which had a median price of $35,500.
Ray White data analyst William Clark said affordability demonstrated an undercapitalised array of suburbs with ample investment access.
“While expensive streets typically attract a combination of water views, beach or national park access, access to a city centre and large lot sizes, the streets on the affordable list tend to have none of these features, and are likely to be located in a relatively isolated region with low commercial activity or local amenities,” he said.
“Affordable streets are located in a diverse range of states, with regional New South Wales, Western Australia, Queensland and Victoria all making the list.”
The top three most expensive streets in Australia were in Sydney, with the highest, Wolseley Road in Point Piper, recording a median value of $33,000,000.
Median sales were calculated by Ray White using sales from 2019 to the start of December this year. Streets were only excluded if they failed to accrue three sales or more from September 2019 to present or if their median value exceeded 15 times the suburb median or fell below 20 per cent the suburb median.
