Real Estate Melbourne: Apartments 150K or less in CBD, Footscray, Box Hill, Carlton and regional Victoria

With interest rates low, there are some bargains to be found in Melbourne’s CBD and regional Victoria for investors or those chasing the homebuyer dream. And they’re all under 400,000. See where you can grab a bargain.

Kiel Egging

4 min read

October 21, 2020 - 1:27PM

Whitehorse Leader

A three-storey townhouse in Woolert is on the market for as low as $325,000. Picture: LJ Hooker Point Cook/realestate.com.au

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Aspiring homebuyers can still get into the Melbourne housing market for under $400,000, with a handful of budget buys available in the outer suburbs.

And if you’re a uni student moving to the city or looking for investment, you can get a small studio apartment in the heart of the CBD for a fraction of the price.

Leader has tracked down some of the cheapest properties available in Melbourne’s CBD and regional Victoria according to realestate.com.au.

They range from shoebox apartments to units, townhouses and small homes.

If you’re willing to compromise on space and location, or maybe keen to do a few renovations, these could well be worth a look.

MELBOURNE CBD STUDENT APARTMENTS

They are shoebox-sized, have only a bedroom, bathroom and basic or communal facilities, but these student apartments are in the heart of the city and can be used as an investment or a small place for one.

One of the CBD’s cheapest offerings is a sixth-level hotel apartment in Little Bourke St, which includes concierge service and has a price tag between $118,000-$128,000.

A studio room in a hotel complex in Little Bourke St is one of Melbourne's cheapest properties. Picture: realestate.com.au

Four one-bedroom studio apartments can all be found for under $150,000 at the UniLodge complex in Bouverie St, Carlton.

The complex is a stone’s throw from Lincoln Square, the Melbourne Law School and various RMIT and University of Melbourne buildings.

One-bedroom student apartments are selling for less than $150,000 at a complex in Bouverie St, Carlton. Picture: realestate.com.au

Similar offerings for as low as $150,000 can be found in Footscray and Box Hill, and also come with a mini courtyard or balcony.

The next cheapest finds include an apartment on Wardens Walk in Coburg for between $280,000 and $300,000, or a slightly more roomy one-bedder in Maidstone.

If you want a second bedroom, there’s a renovated “gem” in West Footscray which could go for as low as $360,000.

UNITS AND TOWNHOUSES

Some good deals can be found for those wanting a bit more room in Melbourne’s north and west.

A two-bedroom townhouse built in 2015 in Woolert is available from as low as $325,000 and two Mernda townhouses are available for under $385,000.

Townhouses are affordable in Mernda, including this offering at 24 Vestley Drive. Picture: First National Plenty Valley/realestate.com.au

A three-bedroom, weatherboard unit in Ardeer could be a renovator’s delight, while an older style, ground level Glenroy unit, which is close to the railway station, is on the market for between $360,000 and $390,000.

LJ Hooker Point Cook sales executive Mac Naidoo, who is looking after the sale of the Woolert townhouse, said the area was a good choice for first homebuyers.

“Even through COVID, the market has been really good,” Mr Naidoo said.

“It (Woolert) has got a bit more infrastructure and liveability, and if it's a property to get you into the market, you can cover the mortgage through rental income for sure.”

HOUSES

They aren’t huge, but you can get small family homes for under $400K in Melbourne’s north and west as well.

A two-bedroom house in Mickelham is up for grabs for $350,000-$380,000. Picture: realestate.com.au

A cosy two-bedroom home in Mickelham is priced between $380,000-$400,000, while a three-bedroom floorboard home within 2km of Broadmeadows’ best amenities is listed for $390,000-$420,000.

Ray White Glenroy sales agent Arjun Chandaka said the Mickelham area was starting to record “a lot of movement” and attracting those wanting something slightly bigger than a unit.

“We are getting lots of properties now in that market, they are more like a home on a smaller block of land,” he said.

“The land size is a little bit smaller, but it’s very good for a single or a couple looking to move into the market,” he said.

Good value three-bedders can also be found in Meadow Heights, Jacana and Craigieburn.

REGIONAL VICTORIA

For those outside of Melbourne, or those wanting a change of pace, basic units and vintage homes can be found in small towns for under $130,000.

One of the cheapest buys can be found near the NSW border, with a basic one bedroom unit in Tallagenta going for $115,000.

The Mildura region is known for having some of the cheapest land and house prices in the state, and a nicely-renovated A-frame home with three bedrooms, alfresco area and a generous backyard is available for $115,000-$126,000.

A renovated A-frame house in Mildura is selling for under $130,000. Picture: realestate.com.au

Just over an hour’s drive away in Ouyen, another three-bedder is up for grabs for only a few thousand dollars more.

Other cheap buys which won’t break the bank — but might need a bit of renovating — can be found in towns including Horsham, Wodonga, Edenhope and St Arnaud.

MELBOURNE’S CHEAPEST PROPERTIES

According to realestate.com.au

APARTMENTS

CBD – 612/600 Little Bourke Street, $118,000-$128,000

CARLTON – 139 Bouverie St, $144,000-$149,000

FOOTSCRAY: 218/51 Gordon Street, $150,000

BOX HILL: 102/490 Elgar Road, $150,000 – $165,000

COBURG – 3/5 Wardens Walk, $280,000-$300,000

MAIDSTONE – 13/4 Crefden St, $285,000-$310,000

WEST FOOTSCRAY – 2/36 Hampton Parade, $360,000-$396,000

UNITS AND TOWNHOUSES

WOOLERT – 1 Swagman Walk, $325,000-365,000