Greenvale, the `Toorak of the North’, is one of three affordable and liveable suburbs within the middle to outer ring of Melbourne Metro.

New data shows homes in Greenvale, Bellfield and Mulgrave are relatively affordable compared to other suburbs within 20km of Melbourne’s CBD, realestate.com.au has reported.

With a median house price of $770,000 and a proximity to schools, parks, transport and shops, Greenvale is a better buy for those seeking affordability, a quality lifestyle and growth potential.

A developing Hume suburb, it offers a diversity of homes and a quality lifestyle, according to Barry Plant Gladstone Park senior sales consultant Ghizlaine Digby.

“It is known as the Toorak of the North and comprises two main areas, including new Greenvale with modern homes on smaller blocks,” she said.

“There is also the original Greenvale that has older houses on larger blocks, featuring mansions and architectural stunners.”

House prices in the new Greenvale range from $550,000 to $700,000, and are highly sought-after by first-home buyers, downsizers and investors.

Properties are snapped up quickly, some prior to auction, including a recently completed double-storey house at 58 Dorrington Street, Greenvale, which sold in the low $600,000s.

Homes in the new Greenvale attract multiple bidders at auction, including the new three-bedroom single-storey house at 12 Palmyra Street, Greenvale, on 315sq m.

“Five bidders competed for this property and it sold to first-home buyers for $652,000,” Ms Digby said.

Recently, a modern double-storey house on 257sq m at 3 Marko Street, Greenvale, attracted three bidders at auction and sold to a young couple for $810,000, well above the seller’s expectations.

Those seeking to upgrade to larger homes on bigger blocks look to the original Greenvale, according to Ms Digby.

“This area is more established and homes hold their value,” she said. “There are many luxury homes that offer a premium lifestyle.”

Ms Digby pointed to the standout auction at 10 Inverness Mews, Greenvale, where an architect-designed showpiece on 2259sq m attracted five bidders and sold for $2.6 million, significantly above expectations.

“This property was snapped up for a record price by a young first-home buyer,” Ms Digby said.

Another notable sale was at 32 Carat Street, Greenvale, where a near new 40-square house on 400sq m in the Greenvale Somers Estate changed hands for $1.125 million.

“There are great choices in Greenvale and this area is developing with more blocks and new properties coming up for sale,” Ms Digby said.

“Many residents have lived here for 30 to 40 years, and love the country feel with all the greenery and parks, and it’s an easy drive to the CBD.”

“People love it here and want to stay on, including the older residents who downsize from original Greenvale to new Greenvale.”