Five Melbourne homes for under $500,000

Written by in Buying on May 11, 2021

There is no denying the current property market is hot with many people feeling they will miss out. In fact, a recent survey conducted by Savvy, revealed nine out of ten Australians agreed property prices are becoming unaffordable.

However, by widening your options, there are still opportunities to get into the market in particular for first home buyers who are looking to enter the market or investors who are looking for alternate options. 

Below are 5 homes in and around Melbourne and Geelong that are hovering under $500,000 and represent a mix of apartments, villas and even houses, some ready to move into, some perfect for renting and others with an opportunity to inject quick value through renovations. Happy hunting!

1. Carnegie – 2 bedroom Apartment 

Carnegie, situated in the South East of Melbourne is 12km from the Melbourne city centre. With fantastic train, tram and bus connections, the suburb is well regarded from both families and students who enjoy the suburban atmosphere and connected location. Koornang Road is full to the brim with great food and restaurants including a large Woolworths whilst Koornang Park features fantastic sporting facilities including the Carnegie Swim Centre.


2. Hoppers Crossing – 3 bedroom House 

Situated south west of Melbourne approximately 23km from the city centre, Hoppers Crossing has grown into a bustling suburb since the opening of it’s first primary school and train station in 1970. Now the suburb is home to multiple state and Catholic primary and secondary schools, several sporting grounds, parks and recreational areas and Pacific Werribee – home to Myer, Target, Uniqlo and the Village Cinemas.

Residents enjoy living in Hoppers Crossing due to the safe neighbourhood and easy connections to the city, Geelong and the Great Ocean Road.


3. Hawthorn –  1 bedroom apartment 

As one of Melbourne’s most prestigious  suburbs, Hawthorn is a perfect choice for a first home buyer or savvy investor. The suburb is not only close to the city but full to the brim with beautiful park and facilities as well as retail and hospitality outlets. The suburb is loved by well heeled families as well as students due to Swinburne University calling the location home.

A savvy purchase in Hawthorn is sure to reap long term benefits.

4. Corio – 3 bedroom Unit 

As one of Geelong’s biggest suburbs, Corio is named after the Indigenous Australian word ‘coraiyo’, meaning either ‘small marsupial’ or ‘sandy cliffs’. A traditional working class suburb, it offers some of the most affordable properties in the state.

Located 9km north of Geelong and only 10 minutes from Avalon Airport, Corio will surely be a safe bet, considering it’s proximity to some of the areas fastest growing localities both population wise and price wise.

5. Glen Iris – 2 bedroom unit

Glen Iris, Melbourne’s geographical centre of population is a well regarded family orientated suburb. Renowned for beautiful parklands, leafy streets and abundance of native wildlife. Access to the city is easy, with the Monash Freeway running through the suburb, two metro train stations and a direct bike path for those more active residents. Adding to this is an abundance of school options and a community focus. Safe, relaxed and green – Glen Iris is sure to please even the toughest critic.