9 inner-city Melbourne apartments that won’t break the bank

Written by realestateview.com.au in Buying on September 6, 2018

While the Australian property market continues to cool down and switch in many areas to a buyer’s market, vendors remain reticent to sell in the expectation that the market will turn back in their favour come Spring.

What this has resulted in is a significant drop in clearance rates in major markets, especially in Melbourne. However, while the middle ring and certain areas of inner-western Melbourne have seen significant declines in clearance rates, other inner city areas remain relatively stable. Coupled with a house price fall of two per cent over the past three months, there are now opportunities for savvy buyers to find inner city homes, especially apartments, being sold without the hefty price tag that would have been seen this time last year.

Scouring the market, here are 9 inner-city Melbourne apartments that you can pick up for an attractive price.

Hawthorn

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10/165 Power Street, Hawthorn VIC 3122

Located a short walk from the Yarra River and Bridge Road pubs, bars and cafes, this two-bedroom modern apartment is a fantastic option for an investor or first home buyer looking for an affordable entry point into the market.

Modern appliances, timber flooring and famous Hawthorn views of the city skyline are just some of the incentives attracting buyers to inspect this property. Add the affordable $490,000-$520,000 price range to that, and it is hard to believe that it is 2018 and a modern two-bedroom apartment 6 kilometres from the city can still go for that price.

Malvern

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6/61a Horace Street, Malvern VIC 3144

Starting at $730,000, this three-bedroom stylish apartment in Malvern has a chance to remain under the average of $792,000 for the local area. Astute vendors are aware of the cooling market, so expect to pick up this apartment for an affordable price.

The spacious lounge in this gated and exclusive apartment is lucky enough to enjoy a northern vantage, while the balcony opens out onto a quiet street nestled in the leafy green heart of Malvern.

Fitzroy

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270 Young Street, Fitzroy VIC 3065

With a price range starting at $495,000, two-bedroom apartments in this Fitzroy building are a fantastic option for investors seeking longterm growth in the property.

In a new building complete with modern fittings and Miele appliances, apartments in this development show fantastic promise as not only investments but for first home buyers looking for both the lifestyle and affordable entry into the market.

Richmond

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103/174 Burnley Street, Richmond VIC 3121

Views from the roof top deck dominate the appeal of this stunning two-bedroom apartment right in the heart of bustling Richmond.

With an affordable price tag of $499,000, this is a great investment considering Richmond’s continued growth. Situated on the doorstep of public transport, pubs, bars, cafes and within walking distance to Olympic Park or Yarra River to the east, it is rare to find a modern apartment in such a location for such a price.

North Melbourne

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10/70 O’Shanassy Street, North Melbourne

Starting at $490,000, this two-bedroom apartment in North Melbourne is a great entry point into the market, while being within walking distance to the Melbourne CBD. Situated in a beautifully green block on a quiet street in one of Melbourne’s most sought-after suburbs, this home is a great investment option. While the property is perfect for first home buyers looking for an affordable place close to the city that doesn’t sacrifice on comfort, investors will see the opportunities to quickly increase value through some minor cosmetic modifications and upgrades.

South Yarra 

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2/33 Simmons Street, South Yarra VIC 3141

Priced at $475,000, this two-bedroom apartment is an incredible find. A short walk from the Prahran Market, Fawkner Park, bars, cafes, restaurants and the city just a short tram or train trip away, this light and airy modern apartment should not be passed over. Expect a bit of competition as there are few opportunities to live in South Yarra within such a spacious home for such a low price.

Northcote

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210/332 High Street, Northcote VIC 3070

With a price tag of $509,000, this two-bedroom light-filled apartment right above Northcote’s bustling High Street is a fantastic find.

Featuring double bedrooms, a stone-top kitchen, Bosch appliances and timber flooring, this is a great prospect for investors looking for a property that will attract high yields and low vacancy rates. The position of the property, complete with beautiful views of the iconic high street below, make this an attractive investment opportunity during a buyer’s market.

St Kilda

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7/19 Dalgety Street, St Kilda VIC 3182

This St Kilda two-bedroom property is a jewel due to its $535,000-$550,000 price range. Considering its position so close to the city, its lush and tropical surrounds, as well as separate kitchen, this apartment sets itself apart from many other like properties selling for a similar price tag. Make the most of the space in this property, while enjoying the bayside lifestyle that many of those in the north can only dream about.

Abbotsford

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924/20 Shamrock Street, Abbotsford VIC 3067

The view is everything with this two-bedroom apartment in Abbotsford. Priced at $500,000-$550,000, this beautiful apartment basks in a northern aspect with stunning views of the nearby Yarra River tree line. Open plan living and easy access to the vibrant Victoria Street restaurant scene as well as nearby CBD give this place great appeal for both first home buyers and investors alike.