Melbourne: How to find a house for under $750,000 – realestate.com.au

Melbourne claims to be the country’s best capital for first home buyers, with thousands of homes available within accessible price ranges.

But it’s those who are willing to forego a champagne lifestyle if all they have is ‘beer money’ who will make the most of the situation.

Nearly half of the properties sold in the city last year were priced under $750,000, many of them condos and units downtown.

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Analysis of the country’s 2025 property sales by property technology and research platform Found It found that Melbourne was now one of the few capital cities left with a functioning entry-level market.

“Melbourne has solved some of its unaffordability problems by building many more high-rises,” says analyst Kent Lardner.

Found It analyst Kent Lardner says across Australia, many homes priced at $750,000 or less are in city suburbs or just beyond the city limits. Image: Airviewonline.com

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This Werribee house sold in February 2026 for $700,000. PropTrack data shows the suburb’s median home price is $650,000.

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He said Melbourne’s status as an unpopular market for investors in recent years has also made it easier for first-home buyers as competition has been lower.

“There have been numerous case studies where investors received no capital growth and some even sold at a loss, but the flip side of that is that this means there are great opportunities for first home buyers,” Lardner said.

“Melbourne is the best value for first home buyers among the major capitals by a fair margin.”

This three-bedroom St Albans home changed hands in January 2026 for $741,500. The area in Melbourne’s northwest has a typical house price of $705,000.

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Separate PropTrack data reveals around 60 suburbs with median house prices of $700,000 or less, including Broadmeadows, Hampton Park, Frankston North, Melton, St Albans, Wallan and Werribee.

Melbourne-based Advantage Property Consulting director and buyer advocate Frank Valentic said he and his colleagues would direct house hunters with budgets of $700,000-$750,000 to consider Werribee, Deer Park, Sunshine North and West, Ardeer, Epping, South Morang, Mill Park or Craigieburn.

But he recommended avoiding some affordable, northern and western areas due to perceived high crime rates and a lack of safety.

Advantage Property Consulting director and buyer advocate Frank Valentic says many interstate buyers are turning to Melbourne for its affordability and potential for future capital growth.

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Mr Valentic says that it is smart to take into account factors such as location, north and west orientation and the immediate surroundings of a home when purchasing an affordable home.

“Buy the worst real estate on the street, not the other way around,” he said.

“And our buyer advocates recommend renting in a new, unfamiliar area because over the years we have had clients who bought in unfamiliar areas and made costly mistakes – often not enjoying living in these areas and selling the property after a short time, losing money and increasing their stress and anxiety.”

Melbourne’s CBD and Southbank, where there are several apartment complexes, accounted for more than 11 per cent of the city’s home sales under $500,000 in 2025. Photo: NewsWire/David Crosling.

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For buyers who want a downtown lifestyle, he recommended opting for a unit in an inner or mid-town neighborhood instead of a high-rise apartment.

“Land is always king, so buying an apartment or unit with some land attached, such as a courtyard, gives you a much better chance of positioning yourself for good future price growth,” Valentic said.

This Frankston North house has four bedrooms and sold for $700,000 as of December 2025. The median home price in the area is $689,500.

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Additionally, buyers should make sure they check the fine print when purchasing a strata apartment.

“Often there are high fees for business owners (body corps) of $5,000 a year that you have to pay for,” he said.

“Always call the owners’ manager and ask if there are any special charges or work planned.”

Mr Valentic’s other tips included ensuring car parks and yards were on property ownership, rather than a license or lease agreement.

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Mark Burke of OBrien Frankston said Melbourne buyers can find several homes priced under $750,000 in areas such as Frankston North.

“It certainly can, if you’re not too picky and we have a number of properties on offer that will certainly be in that range,” Mr Burke said.

Such homes are usually solidly built three-bedroom brick or concrete homes, with the advantage of being minutes from the beach, highway, train station and shops, he said.

These blocks are often quite large and offer space to build a house at the rear.

This Wallan home sold in February 2026 for $716,000. The suburb, 45km north of Melbourne’s CBD, has a median home value of $608,550.

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But the agent warned buyers on a budget who expected to secure a home that met a long list of specific criteria would likely not succeed.

“I guess beggars can’t be choosers, I don’t mean that in a rude way, but it’s champagne taste and beer money,” he said.

“You have to start somewhere and you can’t expect to start at the top.”

Additional reporting by Aidan Devine

SUBURBS WITH THE LARGEST HOUSING SHARE IN YOUR BUDGET

Less than $500,000

Melbourne CBD

South Bank

Dandenong

Werribee

Foot scrape

$500,000 to $750,000

Delivery

Pakenham

Craigieburn

Werribee

Sunbury

A three-bedroom house in Sunbury that recently sold for $647,000. The city has a median home price of $707,000.

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$750,000 to $1 million

Berwick

Point Cook

Craigieburn

Reservoir

Frankston

$1 million to $1.5 million

Rowville

Berwick

Preston

Mt Waverley

Mulgrave

In Tarneit, the new owners of this house paid $670,000 for it in February 2026. The area, in Melbourne’s far west, has a typical house price of $669,000.

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$1.5 million to $2 million

Mt Waverley

Doncaster East

Glen Waverley

Bentleigh East

Doncaster

$2 million plus

Glen Waverley

Mt Waverley

Ballwyn North

Mount Martha

Essendon

The list represents the suburbs with the largest share of all transactions within each price range by 2025. Source: Found It.

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