With Melbourne’s median house price swelling to a record high of $726,962 this month, for many first home buyers and renters home ownership can seem even more unattainable than ever.

Never fear, there are still affordable options for less than half the median house price for those looking to pick up their first home, a rentvestment or an investment for under $350,000, you just have to know where to look!

Whether you want to get out of town, live in a trendy inner city suburb or move bayside, here are eleven different types of Melbourne properties you can get for under $350k currently on the market.

Inner city

Designer one bedroom apartment in Southbank

 For sale: 1208/22 Dorcas Street, Southbank, VIC For sale: 1208/22 Dorcas Street, Southbank, VIC

Price- $349,000

Distance to CBD- 1km

Details- A perfect entry level home to get onto the Melbourne property ladder for a young professional or city slicker. This one bedroom apartment has all the necessities of apartment living including a euro laundry, covered balcony, video intercom, a dishwasher and air conditioning. You also get all the luxury facilities you could desire from inner-city tower living, like a gym, outdoor entertaining deck area, two spas, a plunge pool and BBQ.

Trendy renovated apartment in Richmond

 For sale: 17/1-3 McGrath Court, Richmond, VIC For sale: 17/1-3 McGrath Court, Richmond, VIC

Price- $339,500

Distance to CBD- 3km

Details- The ever popular entertainment precinct adjacent suburb of Richmond still has some affordable gems. Like this airy refurbished one bedroom top floor apartment, featuring open plan living, bamboo timber floors, dishwasher, washing machine and a car space- a Melbourne apartment must-have.

North

Bargain three bedroom townhouse in Meadow Heights

 For sale: 1/83 Rokewood Crescent, Meadow Heights, VIC For sale: 1/83 Rokewood Crescent, Meadow Heights, VIC

Price- $270,283- $308,000

Distance to CBD- 18km

Details- For a location so close to the city, it doesn’t get much better or cheaper than this double storey three bedroom home. A great opportunity for the savvy investor or family home buyer, the property is next to the Broadmeadows Valley Trail and a short drive from Coolaroo train station.

Spacious three bedroom unit in Broadmeadows

 For sale: 3/172 Widford Street, Broadmeadows, VIC For sale: 3/172 Widford Street, Broadmeadows, VIC

Price- $310,000-$330,000

Distance to CBD- 16km

Details- One of three on the block, this light and bright three bedroom unit allows its residents to leave their car at home. The location offers a great family-friendly lifestyle, with schools, parks, local shops and public transport all within easy walking distance.

The property last sold in February 2009 for $237,000.

West

Modern shopping strip apartment in Footscray

 For sale: 809/18-28 Albert Street, Footscray, VIC For sale: 809/18-28 Albert Street, Footscray, VIC

Price- $325,000-$340,000

Distance to CBD- 5km

Details- For the ultimate in convenient living, this new one bedroom apartment is located above Footscray Plaza, a quick walk to Footscray Market and Victoria University, and just a 15 minute train ride from the CBD. An added bonus, the building also offers residents a private garden, lounge and BBQ area.

A fixer-upper in Sunshine West

 For sale: 1/19 Murray Street, Sunshine West, VIC For sale: 1/19 Murray Street, Sunshine West, VIC

Price- $330,000+

Distance to CBD- 13km

Details- This neat three bedroom weatherboard is ideal for a budding renovator wanting to do up their own home or an investor looking to fix and flip a home. A great location, the home is walking distance to Glengala Road shopping strip, parks, schools and public transport.

South east

Tidy two bedroom solid brick home in Noble Park

 For sale: 4/78 Kelvinside Road, Noble Park, VIC For sale: 4/78 Kelvinside Road, Noble Park, VIC

Price- $250,000+

Distance to CBD- 25km

Details- A bargain buy for a first home buyer or an investor, according to the listing it could be rented out for $1343 a month. The complete package, the home features two large bedrooms, spacious lounge, gas heater, a car space and polished timber floorboards throughout.

The home last sold in January 2013 for $210,000.

A delightful family home in Pakenham

 For sale: 4 Penarie Place, Pakenham, VIC For sale: 4 Penarie Place, Pakenham, VIC

Price- $320,000+

Distance to CBD- 56km

Details- Three bedrooms and two bathrooms, this charming low maintenance single storey red brick home is the ideal prospect for a family or couple. Highlights include ducted gas heating, evaporative cooling, internal garage access, huge open plan living, roomy kitchen with island bench and shiny floor tiles.

Bayside

Parkside one bedroom unit in Chelsea

 For sale: 1/85 Argyle Avenue, Chelsea, VIC For sale: 1/85 Argyle Avenue, Chelsea, VIC

Price- $315,000

Distance to CBD- 30km

Details- This cosy one bedroom unit is an enticing prospect for investors, downsizers and first home buyers alike. Only moments from the beach, Chelsea Fire train station, cafes and Bicentennial Park, the location couldn’t get any better.

Ultramodern townhouse in Frankston

 For sale: 2A Gordon Avenue, Frankston, VIC For sale: 2A Gordon Avenue, Frankston, VIC

Price- $345,000

Distance to CBD- 41km

Details- This cool freestanding townhouse is geared towards retirees or young couples that love entertaining and take pride in their home. Close to schools, public transport, the beach and shopping options, what more could you wish for.

South west

Contemporary off the plan townhouse in Point Cook

 For sale: Saltwater Promenade, Point Cook, VIC For sale: Saltwater Promenade, Point Cook, VIC

Price- $325,000

Distance to CBD- 27km

Details- An off the plan townhouse is the simplest way to build your own home without the fuss. All you need is a 10 per cent deposit to get underway with no progress payments required. The fixed price package includes SMEG kitchen appliances, ducted heating, Caesarstone benchtops, front landscaping, driveway, hot water service, clothes line and even the letterbox.

Buying a home in Melbourne may be tricky and competitive, but there are some more affordable options out there once you know where to look. For more areas to keep an eye on for good investment opportunities in Melbourne check out these 10 investment hotspots.

Happy house hunting!

Author

Larissa Gardner
Larissa Gardner is the Marketing Manager at arguably Australia’s best looking real estate website homely.com.au. With a superb devotion to product innovation, user-centred design and innovative marketing platforms for real estate agents, homely.com.au helps millions of Australians find their next home.

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4 COMMENTS

  1. I would go further afield such as Mandurah in WA..This has a fast train to Perth for commuting; millions of dollars of upgrades in the pipeline for decades ahead bringing many, many more jobs to the area; affordable housing near beautiful beaches, cafes, shops and the very attractive Mandurah foreshore area. Tends to be milder in summer too than Perth and lots of water for cooling off in.

  2. There is a new train station been built in woop woop. The train will connect to all the major cities. This place is destined to go up in value by 4000%.

    • Hi Dion,

      I’d recommend checking out Glenroy, Fawkner, Hadfield, Broadmeadows and Dallas. There are lots of 2-bed apartments and units under $400k. Good luck!

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