The cheapest houses sold in Melbourne’s most expensive suburbs
By Emily Power
The most affordable houses in Melbourne’s priciest suburbs have changed hands for sums that put a sought-after address within reach of more buyers.
A snapshot of some of the cheapest deals of 2024 in the most expensive postcodes, across the inner east and bayside areas, are a skerrick of the multimillion-dollar medians in those suburbs.
This Albert Park terrace offers a cosy layout. Credit: Marshall White
Buyers in the entry-level bracket of suburbs including Toorak, Kew and Hawthorn adopted compromises.
All houses needed varying degrees of renovation, some had designs which deterred cashed-up downsizers and others were semi-detached, where valuable land was sacrificed for a foothold in a prestige area.
Toorak
Like bigger and more costly Toorak homes, this property has pedigree – a Kooyong Road address and gardens by renowned landscaper Edna Walling.
The 1930s duplex sold for $1.8 million in a suburb where the median price is $4.2 million and the top end is stratospheric and holds the state record.
Listing agent Mark Harris of Marshall White said access to the “charming” house is via steps in the garden, which did not suit downsizers.
“From that perspective it worked more towards younger buyers,” he said.
Hawthorn
The project home at 97 Church Street fetched $1,025,000 and, such was the state of disrepair, buyers were encouraged to approach inspections with care.
The median price in Hawthorn – a suburb which attracts families with pupils at Xavier College and Methodist Ladies’ College – is $2,565,000.
Agent Rebecca Edwards from Kay & Burton said builders showed the most serious interest in the Church Street property and it went to such a buyer.
“We had a lot of young couples walk through with ambitions and rose-coloured glasses,” she said, adding that the work needed was too great for novices.
Kew
The tired terrace at 7 Ermington Place was whisked off the market for a fraction of Kew’s $2,556,000 median price.
The $970,000 Victorian cottage did not have heritage overlay and needed some TLC.
Agent Shawn White of Little Real Estate said long-term vision was required.
“We had about 35 groups come through that auction campaign, and it was a mix of younger buyers and builders and renovators who thought they could take advantage of a property that had not received love recently, and turn it around in a short period of time.”
Brighton
The suburb of sports stars and big names in business, Brighton’s geography lends itself to price layers.
On the water and along the suburb’s golden mile, houses can command up to 10 times the $2.85 million median in the postcode.
However, the buyer of 6 Robyn Court – a two-bedroom brick villa near humming Church Street – paid $1.2 million.
Agent Joe Doyle of Nick Johnstone Real Estate said villa buyers need to consider common property, including sharing front gardens that might seem private but are not on their title.
“At that price point, you may have two or three bedrooms but only one bathroom,” he said. “It does restrict buyers because downsizers are often coming from a substantial house.”
Albert Park
Sold for $1 million, the terrace at 39 Carter Street is typical of the village-style suburb of Albert Park – a street presence, historic character and minutes away from bars and boutiques.
The living and dining room is combined, as is the single bathroom and laundry.
The listing outlined how the house delivers on “instant comfort”, with the “potential for enhancement”, in a postcode where the median price is $2,301,250.
Balwyn
The median in Balwyn is $2.82 million, and elite education is a drawcard, thanks to a nest of high-fee private schools all within a couple of kilometres.
The power of the Balwyn High School (a government school) zone is legendary and was spruiked in the campaign for the ageing $1,188,000 home at 14B Austin Street.
The carpet is visibly worn in the semi-detached house, but those who took the time to glance up would have noticed decorative ceiling roses and cornices.