The data analysed the lower quartile price, meaning the 25 per cent mark, in each suburb.
The data revealed Melton South was Melbourne’s cheapest suburb, with a lower quartile price of $217,250.
Melton came close behind with a lower quartile of $220,000.
REIV CEO Enzo Raimondo said these areas offer larger blocks of land, good housing stock and transport links.
“These suburbs are proving increasingly popular with homebuyers who are looking for quality housing in line with their budget,” he said.
“For many who feel priced out closer to the city, these areas offer a host of lifestyle options.”
Overall, suburbs with affordable price points are seeing an uptick in activity, Mr Raimondo said.
“Melbourne’s housing market remains solid and buyers are now turning to those suburbs where their dollar goes further. With interest rates currently steady, more buyers may be tempted by the affordable property that is available,” he said.
The most affordable suburbs across Melbourne, spanning predominantly the west, outer east and south east of the city, based on lower quartile prices, are shown below:
Source: Real Estate Institute of Victoria