The $1M price point opens up significantly more of Melbourne’s inner-ring suburbs in 2026, including houses in Coburg, Preston, Reservoir, Thornbury, and Brunswick. Units across Northcote, Fitzroy, Kew, and Richmond all sit under $1M. Here are the top 20 Melbourne investment suburbs under $1M median price ranked by GeeVee.
Top 20 Melbourne Suburbs Under $1M for Investment 2026
| Rank | Suburb | Median Price | Property Type | Gross Yield | GeeVee |
|---|---|---|---|---|---|
| 1 | Kensington | $985k | House | 3.1% | 8.0/10 |
| 2 | Sunshine | $785k | House | 4.9% | 8.2/10 |
| 3 | Footscray | $985k | House | 3.3% | 8.0/10 |
| 4 | Coburg | $985k | House | 3.1% | 7.7/10 |
| 5 | Preston | $965k | House | 3.4% | 7.6/10 |
| 6 | Reservoir | $945k | House | 3.5% | 7.5/10 |
| 7 | Brunswick | $985k | House | 3.0% | 7.9/10 |
| 8 | Box Hill | $985k | House | 3.2% | 7.8/10 |
| 9 | Thornbury | $965k | House | 3.2% | 7.5/10 |
| 10 | Doncaster (units) | $685k | Unit | 3.8% | 8.1/10 |
| 11 | Glen Waverley (units) | $725k | Unit | 3.9% | 7.9/10 |
| 12 | Northcote (units) | $568k | Unit | 4.5% | 7.8/10 |
| 13 | Richmond (units) | $545k | Unit | 4.2% | 7.6/10 |
| 14 | Fitzroy (units) | $545k | Unit | 4.4% | 7.6/10 |
| 15 | Kew (units) | $685k | Unit | 3.5% | 7.8/10 |
| 16 | Oakleigh | $985k | House | 3.0% | 7.5/10 |
| 17 | Dandenong | $725k | House | 5.4% | 7.5/10 |
| 18 | Clayton | $965k | House | 3.2% | 7.8/10 |
| 19 | Braybrook | $785k | House | 4.1% | 7.9/10 |
| 20 | Cheltenham | $985k | House | 3.1% | 7.4/10 |
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