Coolaroo, VIC 3048

Coolaroo, a suburb in Melbourne, Victoria, is known for being an affordable area with a growing property market, located 18km north of the city center.
The median sold price for houses over the last year is $558,444.
Coolaroo has seen an annual compound growth rate of 5.4% for houses.
In the past 12 months, 38 houses were sold, with a median time on market of 33 days.
The rental yield is 4.6%.
Affordability:
Coolaroo has been described as an affordable suburb, with houses considered very affordable based on land size, distance to the city, and development potential.

Incredible value & convenience!

Would not live anywhere else in Melbourne.
Absolutely lovin' it!

Value for money galore!!

Incredible value houses being so undervalued around 500k. When Melbourne starts growing this will be the highest growing area.

The best suburb in Melbourne.

Fantastic suburb!

Coolaroo number 1 future growth suburb in Melbourne: https://www.realestate.com.au/news/the-underperforming-suburbs-on-the-cusp-of-a-turnaround/

Price is getting ready to boom. Once it does, it will happen suddenly and fast.

Friendly people, clean and quiet.

Unbeatable value, large parcels of land with solid houses for a bargain price. Handy location to nearly everything.

Progress reserve area is fantastic to live in.

Love living here. A quiet and clean family friendly suburb. Lots of nice neighbours. Huge park, lots of public transport options, decent school, close by to major shopping centres and hospital.

Coolaroo is a quiet family suburb. Vast majority of residents are family owner occupiers. There are so many amenities nearby in the neighbouring suburbs and getting to the CBD is a breeze. Plenty of solid houses on large blocks of land for an affordable price. I don't think it will last much longer, expected growth will be phenomenal.

Amazing suburb, great location - close to everywhere with so many amenities. Peaceful, clean and friendly neighbours. Affordable great value houses on large land plots. What's not to like?

Easily the best northern suburb great for families. Clean, safe and quiet. Short drive to anywhere. Nice restaurants and Starbucks a short walk away.

So convenient living here, got it all within 15 minutes drive.

Median house price in this area is just a bit more than half of the Melbourne's median house price and there are so many benefits of living here. A quiet family oriented suburb with a huge park and school and college but also a short drive to major shopping centres, hospitals and anything you need. At the same time extremely convenient to reach the airport and the CBD. It just keeps on giving for a bargain price!

Affordable homes in a quiet and clean suburb which has a very convenient location, great transport connections, shopping and infrastructure. Perfect for young families with small kids and pets or investors keen for capital growth and decent yields.

Coolaroo has one of the best rental yields in Melbourne and a proven track record of capital growth. A very safe investment as prices cannot go any lower. The area is heavily under-priced and can go only one way - UP.

Convenient location and very quiet and clean area.

Family friendly quiet area with extremely convenient location close by to everything you need.

Good area to settle down, close to all amenities but quiet.

Especially the area around the park/school is great, Almurta Avenue is the best.

Absolute value, affordable price with great location and the neighbourhood. It is a steal!

Ideal for families with small kids and pets!

Up and comer best value in Melbourne by far.

Bought a house in Coolaroo as an invesment. It is very hard to get better value for money in Melbourne, if not impossible. Coolaroo is heavily undervalued. The median price of a house in Melbourne is already a million, while here you can get it for half the price only 20-30 minutes from the city and 10-15 minutes to the airport. Value which just cannot be beaten.

Bought a completely renovated house in Coolaroo on a decent sized parcel of land in April for 530k and loving it so far. I reach the CBD in half an hour on a train or 20 minutes by car which is very close. The kids love playing in the backyard or a nearby park. The area is very safe and clean and neighbours are nice. The mortgage is quite affordable to pay off as I put 130k as a deposit and loaned 400k. I already decreased it to 385k and am planning to pay off the mortgage in 7 years or less. I think buying in a more affordable area is quite good as less stress both financially and mentally and a more flexible life as can pay off the mortgage faster. And I don't see any downsides to living here, really enjoying it so far.

Quiet, clean, convenient.

Coolaroo may have had a slightly negative reputation in the past, but it is an up and coming suburb in the north. Extremely strategic location with both a short drive to the airport or by bus, and a very reasonable 30 mins commute to the city. And all that for just around 500K on a large 600 square meters piece of land. Where else can you find something like that in Melbourne? Highly recommended. While the neighbouring suburbs of Broadmeadows and Roxburgh Park have more to offer in terms of shops and dining Coolaroo is heading in the right direction with the Starbucks and great Turkish restaurants. Nearby plenty of parks for kids and pets, great for jogging or evening walks.

Coolaroo was named as the "Australia’s best-performing affordable suburb" in 2018 https://www.realestate.com.au/news/coolaroo-named-as-australias-bestperforming-affordable-suburb/ and that is the case in 2021 now more than ever. Prices are skyrocketing all over Melbourne and the median house price will very soon be 1 million while in Coolaroo only 17 kms from the CBD you can snap a house for a little bit more than half that amount! It won't stay like that for long. Coolaroo is only a 15 minutes drive to the Tullamarine airport and half an hour on the train to Southern Cross train station. Nearby there are plenty of shopping centres at Broadmeadows, Meadow Heights and Roxburgh Park, hospital in Broadmeadows and plenty of parks and schools. Perfect suburb for a family, quiet, affordable and convenient. I just invested in a house there as I think it is right now the best value suburb in the whole of Melbourne!

Houses are incredibly cheap but the place itself is quite run down
Not much in the way of cafe culture - but there are a couple of decent restaurants on Pascoe Vale Road
Located between two train lines - Coolaroo Station and Upfield Station (hint: take the Upfield line to avoid congestion)
Close to Broadmeadows and Dallas - where you can serve your shopping needs
Lots of factories nearby, hence visible smoke often billows out of a factory (recycling I believe)
Really an annex of Dallas
Recommend for:
-People who want value for land and easy access to the CBD
-People who want to live a laid back suburban lifestyle rather than a bustling one
-Melba Vale Retirement Village - this place is actually good though