As the spring market moves into an expected rush of supply as vendors look to offload properties before the new year, there are a range of bargain homes available across Melbourne that won’t break the bank. Median house values in Melbourne were at $716, 542 as recorded by CoreLogic in September. CoreLogic recorded that the proportion of suburbs with a median house value of at least $1 million surged from 13 per cent five years ago to 33 per cent in September 2019. While median house values have seen such large increases over this time, there are still pockets of Melbourne where you can find affordable homes that are either waiting to be renovated for immediate capital growth or that are ready to move into now.
1. 19 Sussex Crescent, Seaford VIC 3198 – 3 beds, 2 bath – $599,000-$649,000
Remaining within the median house price of $652,000 in the area, this is a light-filled refurbished brick home that is perfect for a young family looking to enter the market while remaining within commuting distance of the CBD.
2. 4 Taldra Crescent, Seaford VIC 3198 3 beds, 1 bath – $595,000 to $630,000
Another sun-drenched home demonstrates why Seaford is such an appealing place to find a bargain for first home buyers, investors and downsizers alike. Seeing growth in house prices since winter, there has never been a better time to invest in a home on the Mornington Peninsula.
3. 6/145 Roden Street, West Melbourne VIC 3003 2 beds, 1 bath – $500,000 to $550,000
Within walking distance of the CBD, this apartment in West Melbourne is sure to garner significant interest. This is the ideal option for first home buyers, investors or downsizers who are looking for something that they can lock up and leave without the financial burden of regular upkeep that comes with a freestanding home.
4. 17 Clarence Street, Flemington VIC 3031 2 beds, 1 bath – $700,000 to $770,000
The median sale price of houses in Flemington currently sits at $1,020,000, which makes this two-bedroom terrace a singular find. A short walk from shops, public transport, five primary schools and five secondary schools makes this the ideal place for a small family or as an investment for someone looking at renovating.
5. 4/7 Balfe Crescent, Brunswick West VIC 3055 2 beds, 1 bath – $600,000 to $660,000
This is a stylishly refurbished unit in a suburb where median sale prices for houses have fallen gradually across the year to now sit at $1,075,000. With the majority of suburbs within the inner ring of Melbourne having seen significant capital growth over the past five years, focused predominantly in the eastern and southern suburbs within that ring, there has also been growth creeping across to the northern and western suburbs. Getting a foot in the door within a suburb that remains close to the city makes this modern home a bargain.
6. 5 Eula Court, Frankston VIC 3199 4 beds, 1 bath – $525,000 to $545,000
With a range of schools within walking distance and situated within a quiet court, this spacious four-bedroom home is a bargain as it sits at the low end of $500,000 and sitting within the median sale price for houses of $585,000, which itself is beginning to show signs of growth after a year of gradual decline.
7. 1/2 Walcha Court, Chadstone VIC 3148 3 beds, 2 bath – $750,000 to $825,000
With a median sale price of $908,200 and likely to increase as the market returns to growth, Chadstone has for a long time been a highly desirable suburb in Melbourne’s southeast due to its proximity to the CBD, access to the Mornington Peninsula, and its own amenities, schools and public transport. This three-bedroom home sits on a large plot with a great front yard that is perfect for entertaining.
8. 701/1 Ascot Vale Road, Flemington VIC 3031 2 beds, 1 bath – $555,000
Not much needs to be said for this stunning two-bedroom apartment in Flemington. Beyond the incredible views that the apartment enjoys and the sizeable lap pool with its own views, the airy property shows strong potential as an investment or for those looking to buy their first home.
9. 677A Barkly Street, West Footscray VIC 3012 4 beds, 2 bath – $700,000 to $770,000
You won’t find many four-bedroom homes that are in such great condition and within the inner ring of Melbourne going for this price. Throw a stone and you have access to Tottenham train station while there are five primary schools all within about a kilometre of the home. You will likely see a lot of families inspecting this home in the coming weeks.
10. 2/273 Warrigal Road, Burwood VIC 3125 2 beds, 1 bath – $740,000-$780,000
With median sale prices in leafy green Burwood at $1,148,000, this tidy two-bedroom home is a great find. Prices have not seen a return to growth since gradually declining across the year, but with surrounding suburbs seeing growth it could be assumed Burwood will see similar gradual growth as summer approaches.