Revealed: Where to find Victoria's best lifestyle suburbs
And with some of the best areas for families to get the right mix of transport, schools, childcare and beach or park access currently below their price peak, there's a rare chance to bag a bargain in an idyllic spot.
Areas such as Armstrong Creek in Greater Geelong and Winchelsea on the Surf Coast topped the list.
With median house prices in the low-to-mid $600,000s, the Geelong suburb and town with a population of 2400-plus are cheaper today compared to a few years ago.
Newtown, also in Geelong, as well as nearby Barwon Heads and Torquay also made the list — but come with seven-figure median house prices.
In Melbourne, south eastern suburbs were highly-ranked alongside inner city Port Melbourne and Williamstown, as well as Newport in the west, all with typical house values above $1m.
The research was commissioned by MCG Quantity Surveyors using data from real estate analytics company SuburbTrends.
MCG Quantity Surveyors director Mike Mortlock said the report aimed to uncover Australian suburbs with the best long-term growth potential and lifestyle offerings, based on factors such as access to amenities such as childcare, schools, beaches and open space,and 10-year median price growth.
'They're attributes that help markets outperform over the long haul – we know buyers will pay a premium to have them,' Mr Mortlock said.
According to PropTrack, Armstrong Creek is now tens of thousands of dollars cheaper than when its median house price hit $728,000 in 2022.
And Winchelsea's typical house price hit a five-year peak of $720,000 just 12 months ago.
Despite the chance for a bargain, Melbourne-based buyers' advocate and Property Investment Professionals of Australia board member, Cate Bakos, cautioned buyers thinking of relocating and commuting to Melbourne would add hours of travel time to their week.
But places like Newtown and Geelong West could be ideal for people wanting to work from home while enjoying lifestyle benefits and proximity to a train station, Ms Bakos noted.
'Geelong as a city, it's diverse – it's got a good economy, and there's lots going on there, it's food and wine scene and its weekender appeal is growing,' she added.
Armstrong Real Estate director Megan Rovers, who also co-hosts the property industry podcast Built For This, said working from home allowed many buyers in the region 'to have the best of both worlds' while commuting to Melbourne for part of the week.
'They can have the house with the backyard to enjoy and the lifestyle to enjoy on the weekend,' she said.
Ms Rovers said a wide range of buyers were attracted to Armstrong Creek for its schools, shopping centres and access the beach, nearby train stations to travel to Geelong or Melbourne and the Geelong Ring Road.
'What we find is first-time buyers are buying because it's affordable, downsizers are coming and following families,' Ms Rovers said.
'So if there's a family that are choosing because of the schools or the lifestyle that it offers, then the grandparents or parents will come and try and live close by.'
Closer to Melbourne, Newport has a $1.205m median house price and Williamstown $1.52m.
Real Estate Institute of Victoria director and Compton Green Inner West director Adrian Butera said Newport featured the 33ha Newport Lakes Reserve and two train lines running through its station.
He said while Newport was not as highly-regarded as some of Melbourne's other inner western suburbs, plenty of buyers were now starting to cotton on.
'If you pull out a calculator and pull out the per square metre rate of Newport versus, say, Yarraville or Williamstown, Newport is so beautifully positioned yet is reasonably affordable,' Mr Butera said.
'In perspective, you get more bang for your buck in Newport than you do most other suburbs in the inner west.'
White Fox associate director Cheyne Fox said Port Melbourne's parks, schools, shops, restaurants, friendly community and nearness to Melbourne's CBD meant many locals looked to upsize or downsize within the suburb.
Ms Fox said the 'slightly softer' market was now allowing buyers to purchase homes in the suburb they might not have been able to afford three to four years ago.
'So whereas something might have been sitting on $3m or just above a few years ago, it's now dipping down to $2.6m, $2.7m and it's making it more achievable for those people,' she said.
'And I'm seeing some savvy purchases who are aware of that fact snapping up some really good properties at very reasonable prices given what they were a few years back.'
Port Melbourne's median house price is $1.55m, according to PropTrack.
VICTORIA'S TOP LIFESTYLE AREAS
Armstrong Creek, Barwon Heads: median house prices from $653,250 to $1.49m
Winchelsea: median house price $600,000
Newtown: median house price $1.085m
Cheltenham, Highett: median house prices from $1.19m to $1.425m
Mentone: median house price $1.325m
Newport: median house price $1.205m
Port Melbourne: median house price $1.55m
Beaumaris: median house price $2.05m
Torquay: median house price $1.175m
Williamstown: median house price $1.52m
Areas listed are regional statistical area level 3s, as defined by the Australian Bureau of Statistics. They are home to between 30,000 to 130,000 residents each.
Source: MCG Top Suburb Lifestyle Index July 2025, MCG Quantity Surveyors, SuburbTrends, and PropTrack.
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