Melbourne suburbs with cheapest land revealed amid claims city is set to become Sydney-style apartment market | Oliver Hume [Video]

Melbourne homebuyers are on the cusp of having apartments be their only viable option as the city’s supply of cheap land dwindles.

A leading voice in the city’s housing development sector has warned that the Victorian capital is now as little as five years away from following in the housing footsteps of Sydney.

New research from Oliver Hume has revealed there are just two suburbs with median land prices below $800 a square metre.

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In Moorabool Shire, suburbs like Maddingley and Bacchus Marsh offer the city’s most-affordable land prices at $748 and $796 a square metre, respectively.

Oliver Hume chief executive Julian Coppini said the appeal of these areas, which are about 45 minutes to an hour from Melbourne’s CBD, appealed to buyers.

“Over 60 per cent of …