7 properties in prime suburbs – without the hefty price tag

Written by realestateview.com.au in Buying on April 19, 2018

We’ve all looked wistfully at the property listings in our dream suburbs, imagining the glamorous life we could be enjoying in a gorgeous Victorian terrace in South Melbourne, or how convenient it would be to wander home to a Toorak apartment after a big night out.

But thanks to the boom conditions of the past few years, the average buyer has been priced out of most of Melbourne’s inner-ring suburbs. The median house and unit prices are enough to bring a tear to your eye!

However, as the properties below show, it is possible to turn that dream into a reality and snap up a bargain, even in Melbourne’s most ritzy locales – you just have to dig a little deeper…

Toorak

Median unit price: $751,500

Median house price $3,173,500

This apartment on Lambert Road is listed at just $425,000, more than $300,000 cheaper than the suburb’s median unit price of $751,500. With two bedrooms, one bathroom and a sunny northern aspect, it’s ideal for a professional couple or investor, and located within walking distance of trams, trains and Toorak Village.

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Albert Park

Median unit price $620,000

Median house price $2.135 million

This Withers Street home has been listed for the first time in more than 60 years, with a price guide of $1.35 – $1.45 million. It needs a little work to bring it into the new millennium, but the effort and expense will be well worth it when you’ve secured your own piece of one of Melbourne’s most expensive and sought-after suburbs, without cracking the $2 million mark.

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South Yarra

Median unit price $595,000

Median house price $1.75 million

Would you love to be close to the heart of the action in trendy South Yarra, but can’t afford to drop a cool $1.75 million on a property? This renovator’s delight on Surrey Road could be just what you’re looking for! The property is expected to fetch between $1-1.1 million, a staggering $750,000 below the median house price for South Yarra, leaving plenty of room in the budget for the required improvements.

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Prahran

Median unit price $595,000

Median house price $1.585 million

With an unusually large backyard and loads of potential, this three-bedroom house on Princes Street, Prahran would be an excellent buy for an investor or owner-occupier. At $1.15 – $1.25 million, it’s a bargain for the area, and offers lifestyle aplenty, with several cafes, restaurants and bars within a few minutes’ walk.

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Parkville

Median unit price $470,000

Median house price $1.525 million

At $340,000, this one-bedroom apartment in Parkville is not only close to everything, it’s also brand-spanking new – meaning you won’t need to lift a finger! With Melbourne University and the hospitals just around the corner, finding a tenant will be no problem at all, making this property ideal for investors.

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South Melbourne

Median unit price $587,500

Median house price $1.582 million

Selling with a price range of between $900,000 and $990,000, you’ll save over half a million bucks on the median South Melbourne house price if you snap up this gem on Cobden Street. From the charming exterior to the quaint courtyard, there’s a lot to love about this home – not to mention it’s a stones throw from Albert Park Lake!

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Fitzroy

Median unit price $657,500

Median house price $1.585 million

With the median house price in funky Fitzroy currently $1.585 million, you could be forgiven for thinking it’s out of your league – but not if you’re lucky enough to purchase this George Street home, listed at $1.35 – $1.45 million. It’s got the quintessential wrought-iron fence, three spacious bedrooms, and even boasts a spa bath. There’s sure to be some fierce competition for this one come auction day!

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