9 Melbourne suburbs where you can buy a home under $500k

Written by realestateview.com.au in Buying on August 25, 2017

With the number of million-dollar suburbs in Melbourne on the increase, many first homebuyers are feeling understandably disillusioned about stepping onto the property ladder. But there are still property bargains to be had in our most liveable city, if you know where to look!

Here are nine Melbourne suburbs where you can snap up a home for less than half a million dollars.

In the north….



A stone’s throw from Tullamarine Airport, Campbellfield has homes on offer that will get you change from $400,000. This unit, listed for $300,000 to $320,000, could be an ideal first investment property offering a great rental yield, or a low-maintenance buy for an older couple looking to downsize.

Home in Campbellfield, Melbourne

Roxburgh Park

Roxburgh Park, where the median price is currently $465,000, is just 20km north of the CBD and has a community feel, perfect for families. This impressive home in Pegasus Court has 4 bedrooms and 2 bathrooms, and is walking distance to schools and shops.

Home in Roxburgh Park, Melbourne


Further north, Wallan has properties on offer with a median price of just $420,000, but is still within an hours’ travel from the CBD. For $375,000 – $390,000 you could snap up this 3 bedroom home, which sits on a 668sqm lot.

Home in Wallan, Melbourne

Out west…



In the north west, Melton, 35km from the CBD, boasts an abundance of childcare facilities, parks, gyms and sports fields, making it an ideal suburb to raise a family. This 3-bedroom, 2-bathroom home is on market between $339,000 – $359,000, making it the perfect first home for a young family!

Home in Melton, Melbourne


Werribee, home to the famous Open Range Zoo, is another affordable option out west, with properties hovering around the $430,000 mark. For just $390,000 you could snap up this near-new 3-bed home packed with extras, in a master-planned community.

Home in Werribee, Melbourne


Nearby Sunbury offers you the best of both city and rural living, with country charm and a tranquil life just 40km from the city. This home, with an asking price of $390,000 to $420,000, boasts 3 bedrooms, 2 bathrooms and a recently modernised kitchen.

Home in Sunbury, Melbourne

To the east….



If you enjoy relaxing with a glass of wine, perhaps a home in the Yarra Valley would be your proverbial glass of pinot? With the median sitting at just $425,000, a home amongst the picturesque hills and wineries is within reach! This unit in Lilydale is listed for $410,000, and is close to shops, parks and schools.

Home in Lilydale, Melbourne


In the south-east, Doveton, close to the busy Dandenong shopping precinct with its thriving multicultural community and bustling market, has a median price of $443,000. Just $370,000 will buy you a renovated 3 bedroom home such as this one on Lilly Pilly Avenue.

Home in Doveton, Melbourne

Carrum Downs

If you love the sand, sun and surf, a home such as this one, in beachside Carrum Downs will set you back around $340,000 – $370,000. With a median of $480,000, Carrum Downs is sure to be popular with first home buyers now that the State Government’s stamp duty concessions have come into effect.

Home in Carrum Downs, Melbourne

Saving money for your home deposit? Check out these 25 fun (and free) things to do in Melbourne