As property values in Melbourne and the rest of the nation finally begin to climb again and recover from the downturn, it could be a good time for first home buyers or investors to secure a property.
According to the CoreLogic Home Value Index, the median sale price for a unit in Melbourne is currently at $540,056.
If you're dreaming of buying a home in Melbourne in a decent area, not too far from the city but are worried about affordability, then read on… because it is possible! You can find yourself an absolute gem in some of Melbourne's most desirable locations - all for under $300,000!
At these prices, and locations, don't expect a mansion - or a second bedroom! But these well-maintained abodes prove there is still value to be found.
Without further ado, let's take a squiz at five apartments in Melbourne that come under $300,000.
14/101 Ballarat Road, Maidstone VIC 3012 - $235,000
Just 10 kilometres from the city, this modern and light-filled one bedroom, one bathroom apartment boasts polished timber floors, stainless steel appliances, ample storage space and a really affordable price tag! But, that's not all… It also comes with a unicorn - that is, parking!
Find out why the inner-west suburb of Maidstone is possibly one of Melbourne's best kept secrets. With access to plenty of parklands, close proximity to Highpoint Shopping Centre and good bus lines, it's a wonderful place to call home or to add to the investment portfolio.
Maidstone is a friendly, safe and quiet neighbourhood. Why not take advantage of the nearby Maribyrnong River and easy commute to the CBD?
22/89 Denham Street, Hawthorn VIC 3122 - $280,000
This cosy and bright one bedroom apartment, just six kilometres from the city, is located in one of Melbourne's most sought-after suburbs. In a renovated apartment block complete with laundry facilities, this Hawthorn home is equipped with stainless steel appliances and mirrored built-in wardrobes.
If you're looking for lifestyle, you'll find it in leagues. Just minutes away from the Hawthorn Station and tram lines, getting to the city is a breeze. But, who needs the city when you have a smorgasbord of dining options, bars and shops just a stone-throw from your doorstep?
Enjoy walking the tree-lined streets to the Yarra River, or go for a swim at the Hawthorn Aquatic Centre. Cheap eats galore can be found on the nearby Glenferrie Road. This is the perfect opportunity for a first home buyer or someone looking for a good investment choice.
3/165 Sunshine Road, West Footscray VIC 3012 - $232,500
This West Footscray home has value in stacks, and is only 10 kilometres from the CBD. With a private balcony accessible from both the kitchen and the bedroom, there's room to breathe.
Across the road is the Tottenham Station, which will have you in the CBD in no time! This area is gaining in popularity, it has a good selection of restaurants and is close to all the amenities of the surrounding suburbs, such as Maribyrnong and Footscray. Now is a good time to get in and secure a bargain before gentrification really sets in and we see prices soar.
This affordable one bedroom apartment also features a generously-sized kitchen with dishwasher and plenty of storage, a modern bathroom and built-in wardrobe.
842/18 Albert Street, Footscray VIC 3011 - $270,000 - $295,000
Now, this one really ticks all the boxes! And, it's only six kilometres to the city. From the indoors to the outdoors and all the convenience in between, there's a lot of pros with this urban, architecturally designed apartment complex.
Inside, the apartment is stylish and sleek with ample space in the living and bedroom areas. Polished timber floors, reverse cycle air conditioning, a breakfast bar and a study nook, are a few ways this apartment makes the most out of the space. From the entertaining balcony, you can enjoy partial views of the city, and there's even room for a barbeque.
Outside, there is a shared entertaining complex, and Coles is just an elevator ride away. With all Footscray has to offer at your fingertips, you'll be spoilt for choice with restaurants, cafes, shops and public transport that takes less than 20 minutes to the city!
19/9-11 Chris Court, Oak Park VIC 3046 - $260,000 - $286,000
If you're looking for quiet, relaxed living, this well-laid out, open-living ground floor unit in Oak Park is sure to please. It's been recently renovated throughout and the lovely brick home offers split system air-conditioning, making it comfortable all year round.
A large master bedroom comes with a mirrored built in robe and modern bathroom that includes laundry facilities. Outside, there's a courtyard at the back that screams potential and in the front you'll find off-street parking.
Situated in the north of Melbourne, the area is quiet, family-friendly and safe with tree-lined streets. The home practically backs onto the Moonee Ponds Creek Trail, so there is plenty of opportunity to take in fresh air and explore the natural surroundings.
With the Oak Park Station less than a five minute drive away, commuting to the city is an easy 30-minute journey, and trains come every six minutes during peak hour, while the freeway is close by too for those who prefer to drive. Oak Park is 11 kilometres from the city.
If you're looking for more affordability in Melbourne on bigger blocks with more bedrooms, read: Cheapest suburbs to buy in Melbourne 2019.