Located 34km east of the CBD, the suburb is Victoria’s fastest home sales market where houses are typically sold in just 16 days, according to PropTrack data.

Strong competition is also driving quick sales in the outer-eastern suburbs of Kilsyth, where the median days on the market is 18, and Croydon South, 19 days.

With median house prices of less than $862,000, according to realestate.com.au, these three up-and-coming suburbs are ideal for those wanting to get into the market for less than $1 million.

They are affordable compared to neighbouring Ringwood East and Heathmont, where median house prices have soared above $1 million.

Bayswater North, Kilsyth and Croydon South are also smaller suburbs where homes are tightly held and supply is low, according to Barry Plant Croydon director Matthew Jinks.

“Properties in these places are sought after and in limited supply,” he said.

“So when they come on the market, they are snapped up quickly.”

As of November 8, there were only five homes for sale in Croydon South, Mr Jinks added.

In Bayswater North, a freshly painted two-bedroom unit at 3/51 Greenhill Road, sold in nine days to a first-home buyer.

Priced at $540,000-$590,000, the property attracted three offers and changed hands above the seller’s expectations for $605,000, Mr Jinks said.

Its price point, position abutting the Tarralla Creek Trail, and location near schools, public transport, Eastland Shopping Centre, Eastlink and Heathmont shops, drew strong competition from buyers.

In Kilsyth, a three-bedroom house at 3 Colebrook Road only lasted on the market for eight days before it sold to another first-home buyer.

Three buyers made competitive offers for the home, which was priced at $750,000-$820,000, and it sold for $825,000.

The property was ideal for entry-level buyers, families and investors searching for a quality lifestyle, in a quiet cul-de-sac setting, Mr Jinks said.

Its indoor-outdoor living options and location beside Elizabeth Bridge Reserve with an off-leash dog park and children's playground, drew strong interest.

Many buyers, particularly young families, wanted homes near shopping centres, parkland, schools and transport, and this one ticked all the boxes, Mr Jinks said.

With all these amenities within easy reach, improving infrastructure, and parkland at the doorstep, homes in these outer eastern suburbs offer good value for first-home buyers and young families.

Some properties are magnets for buyers who work from home and are happy to live further away from the CBD and commute occasionally using the public transport system and EastLink.

Investors are also swooping on houses and units in Bayswater North, Kilsyth and Croydon South, as they typically generate an annual rental yield of 3.2-4.0 per cent.

In Croydon South, a three-bedroom unit at 53A Blazey Road, is priced at $780,000-$825,000, and is catching the eye of investors or downsizers.