Melbourne’s housing market may still be going through the roof, but there’s hope for first home buyers.

3AW Drive’s finance guru Scott Haywood has crunched the numbers to come up with a list of places to buy a house under $550,000.

He shared the list of places with Tom Elliott during his regular segment:

• Tarneit 
• Craigieburn
• Eaglehawk 
• Castlemaine 
• Chelsea 

He said it was difficult for young people keen to break into the housing market.

‘The disappointing thing has been wages are going nowhere, but over the last 10 years Melbourne house prices have gone up by around 11 per cent compound per annum,’ he said.

Click play to hear Scott Haywood on 3AW Drive