Trish Sethi and Gaurav Sharma, with 19-month-old daughter Anairaa, are among many Victorian families who have had to deal with rising mortgages and interest rates in recent years. Images: Ian Currie/supplied.
Melbourne’s suburbs, where average monthly home loan repayments have grown the least over the past decade, include both outer-city and inner areas.
New research from online financial comparison service Compare the Market shows that the state’s average mortgage rose from $427,000 in 2015 to $647,000 in 2025, despite similar interest rates in both timelines.
A comparison of PropTrack market analysis data shows Cranbourne South had the lowest increase in average annual mortgage repayments in the past decade across Melbourne.
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The suburb in Melbourne’s far south-east recorded an increase of $2797, based on an average house price of $799,500 in 2025.
Next was Carlton at $7332 with a median of $1.379 million and Strathtulloh, near Melton, at $11,140 with a median of $630.00.
Repayments are based on a 30-year loan, with principal and interest paid assuming a 20 percent down payment.
Compare the Market warned that their report should not be relied upon in place of appropriate professional advice.
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Greater Melbourne’s average house price rose from $700,000 in 2015 to $1,012 million in 2025. Photo: Nicole Garmston.
The suburbs completing the top five were Braybrook with an average annual increase in mortgage lending of $11,687 and Maribyrnong with $12,266.
The typical home value of Braybrook is $760,000 and Maribyrnong $1,021,500 million.
Maidstone, Longwarry, Harkness, Laverton and Westmeadows were next on the list with annual average increases ranging from $12,818 to $13,803.
This Braybrook home sold in 2025 for $750,000. The suburb’s median home value is $760,000.
Braybrook and Maribyrnong are both in Melbourne’s northwest, close to Maidstone, where the average house price is $835,000.
Longwarry, with a house median of $572,500, is a town 83 kilometers south-east of Melbourne’s CBD.
Harkness averages $575,000 in the far west of the city and Laverton averages $610,000 in the western suburbs, close to Altona.
About 2 miles from Broadmeadows in the northern suburbs is Westmeadows with a typical house value of $701,250.
By comparison, Greater Melbourne’s average house price has risen from $700,000 in 2015 to $1,012 million in 2025.
Trish Sethi and Gaurav Sharma, with 19-month-old daughter Anairaa, at their home in Melbourne’s far west. Photo: Ian Currie.
A family from Melbourne’s far west, wife and husband Trish Sethi and Gaurav Sharma, who have a 19-month-old daughter named Anairaa, have made tough financial decisions in recent years as they navigate rising mortgages and interest rates.
In 2025, the couple sold their investment property due to the burden of paying two mortgages.
Ms Sethi said it was a sad event, but it felt like the right decision as the cost of living skyrocketed.
“It was just harder to keep up,” Sethi said
“And wages aren’t going up – salaries are the same, but everything else is increasing.”
Interest rates have risen significantly across Australia since the Covid pandemic hit in 2020.
They listed their three-bedroom investment property, also in Melbourne’s western suburbs, through Ray White Truganina’s Prerak Bist.
Ms Sethi and Mr Sharma bought the house where they live in 2020, while Mr Sharma started his own transport and logistics company in Truganina, Tag Xpress, two months ago.
To cut back on daily expenses, they buy groceries in special or bulk quantities, do limited online shopping and set a food and travel budget.
“I’ve never done that in the past, but now that I have a child and the rising cost of living, I think this will just save us some money,” Ms. Sethi said.
In Maribyrnong, this four-bedroom home changed hands last year for $1.051 million. The suburb has a median home value of $1,021,500 million.
As a homeowner, she welcomed rising property values, but said she also worried about affordability trends when thinking about Aniraa’s future.
However, the couple who both immigrated to Australia as students said they were grateful to live in a country where they could buy a house as young adults.
“I don’t think I could own a house in Mumbai in my 30s,” Ms. Sethi said.
She and her husband hope to upgrade to a larger home in the future and are open to possibly purchasing another investment property depending on how the market does.
In December, the average unit value in Melbourne reached a typical price of $630,000, PropTrack data shows. This includes apartments, units and townhouses. Photo: Jake Nowakowski.
Mr Bist said many Victorian investors were selling their homes as mortgages and land taxes became more expensive, although many interstate investors had sold their properties.
He said only a small number of owner-occupiers in Truganina and nearby Tarneit, suburbs in Melbourne’s far west, had put homes on the market because of home loan issues.
“Because a house is important to them, they don’t want to get rid of it and they save on other costs,” he said.
Compare The Market property expert Andrew Winter says homebuyers should shop for the best mortgage rates. Photo: Luke Marsden.
According to PropTrack, Tarneit has a median house price of $665,000 and Truganina $670,344.
Mr Bist said both Truganina and Tarneit attracted many families and young couples.
“It’s a very nice area because the schools are good and so are the parks,” he added.
“It just feels more like a community when there are more owner-occupiers living in an area.”
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