Areas in Melbourne where you can get property under 450k
Looking for houses for sale in Melbourne close to the $400,000 mark?
Even though the current median dwelling price in the Victorian capital is currently close to double that figure at $762,068, with houses at a median of $945,769 and units at $612,711 -
you can still find suburbs with homes for a lot less. The trick is not to be put off by a suburbs headline median values, and do some detailed research on recently sold properties in the area.
All the suburbs mentioned feature a property in that area that recently sold or is currently for sale within that price range. We also included it's most important metrics, and if it’s expected to grow in future.
1. Hoppers Crossing, Vic 3029
Even though median property prices in Hoopers Crossing range from $567,500 for houses to $410,000 for units, there are still gems to be found here. Just 23.1 km south-west of Melbourne's CBD via the freeway, this suburb is known for its family-sized homes with good-sized backyards, as well as newer developments of modern townhouses. Access to affordable homes, local schools, sporting facilities, a mall and the beach means Hoopers Crossing is also popular with families.
realestate.com.au resorts that Hoppers Crossing has recorded a compound growth rate of 7.8 per cent for houses and 6.1 per cent for units.
We found this 2 bedroom gem in the suburb’s Mossfiel Estate, which recently sold for $435,000. Sited on 298sqm of land this property had recently been renovated and has no body corporate, with street frontage and no shared driveway, with an open plan layout and fully renovated kitchen.
2. Cranbourne, Vic 3977
Cranbourne is some 43 km south-east of Melbourne's CBD, where median property prices range from $573,000 for houses to $405,000 for units, so a unit is your best bet here. Domain sales data does indicate that two bedroom houses sell in the $446k mark, so you may be lucky to find a property in that price bracket.
This $440,000, sold on 18 Aug 2021 is a neat 2 bedroom, single bathroom unit with a car space home that boasts modern fixtures and fittings, including integrated heating and cooling. Location wise, it is a short drive from multiple amenities including the Cranbourne Park Shopping Centre, as well as green space and Cranbourne Station and bus stops.
Based on 5 years of sales the suburb has recorded a compound growth rate of 8.6 per cent for houses and 8.0 per cent for units.
3. Roxburgh Park, Vic 3064
Multicultural Roxbury Park is valued by residents for its proximity to the city, being a 37 min or 30km drive via the M2. realestate.com.au reports that median property prices here are $600,000 for houses and $422,500 for units, so there is scope to meet our $400k budget. In terms of capital growth, Roxburgh Park has seen a compound growth rate of 7.4 per cent for houses and 6.6 per cent for units over the past five years.
Straddling the divide between a house and unit, townhouses are a great option that many buyers and investors overlook. This two bedroom, two bathroom with a car space is sold for $400,000 in June 2021. The listing describes the location as a ‘...tranquil pocket, near Roxburgh Park Station and Shopping Centre’, with local eateries, parkland and sporting facilities nearby.
4. Melton, Vic 3337
Melton, 37 km west of Melbourne's CBD has median property prices bang on our target price range, with a median house price of $425,000 and $337,250 for units. Houses in Melton rent out for $320 per week, and you can expect a unit to rent out for $308 per week. Medium term growth has been robust for houses in the suburb, growing +10.5 per cent over 5 years, while units have advanced 7.7 per cent over the same timeframe.
This two bedroom, single bathroom townhouse in Melton sold for just $355,000 in August 2021, and had a two car garage as well as street frontage and a private driveway. Domain reports the median price for three bedroom houses in the suburb is a little more, at around the $420k mark, with 2 bedroom units at a median of $321k.
5. Werribee South, Vic 3030
Werribee South, 32 km south-west of Melbourne's CBD has a lot going for it - not least being close to the ocean, but also as a refuge from the hustle and bustle of the bright lights. Median property prices here range from $750,000 for houses to $442,000 for units, so an apartment is the sweet spot in this location. Based on five years of sales, Werribee South has seen a compound growth rate of +7.5 per cent for houses.
This modern two bedroom, single bathroom 127m2 apartment sold for $443,000 in July 2021, sits right on Wyndham Harbour and has a single car space. The listing details a, ‘...modern apartment that boasts quality, style and sophistication, inside out and a great lifestyle location’.