Desperately hunting down cheap houses for sale in Melbourne?
In the dynamic landscape of real estate in Melbourne, where the metropolitan median house price stands at a staggering $938,000, savvy homebuyers are seeking value without compromising on quality.
As with many global cities, venturing further from the hustle and bustle of the CBD often unveils hidden gems, offering more space and amenities for a fraction of the cost. And if you’re looking for cheap places to live in Melbourne, this means exploring suburbs like Melton and Maidstone.
Want to enhance your prospects of finding that perfect, affordable Melbourne haven? Register your match profile on Soho. We’ll ensure you’re the first to know, delivering property matches tailored to your criteria straight to your inbox as they hit the market. Discover Melbourne’s best-kept secrets with us.
Looking for properties outside of Melbourne? Explore our round up of cheap houses for sale in rural Victoria.
Cheap houses for sale in Melbourne (metropolitan Melbourne)
These are the cheapest houses currently on the Melbourne market and located less than 10km from the Melbourne CBD.
$385,000 range – 1/55 Droop Street, Footscray, VIC, 3011, Australia
Median house price: $862,500
In Melbourne’s vibrant Footscray suburb, discover this one-bedroom townhouse: a blend of privacy and accessibility. Enjoy street charm in a distinct eight-unit block.
Highlights include a sunlit balcony, freshly-painted interiors with timber floors, a modern kitchen, and central bathroom.
Nearby: tram access, Barkly Street shopping, Footscray Station, and Victoria University.
Check out more cheap houses for sale in Footscray VIC.
$580,000 – 3/1 Carmichael Street, West Footscray, VIC, 3012, Australia
Median house price: $903,500
Situated in the heart of West Footscray, this three-level townhouse melds light-filled interiors with modern conveniences.
With two bedrooms, contemporary bathrooms, and an open living-dining space, it offers both style and function.
The kitchen, equipped with gas stovetops and an oven, leads to a spacious balcony. Extras: reverse cycle heating, cooling, and a garage.
Near local shopping, parks, Footscray Hospital, schools, and West Footscray Station.
CBD access is a breeze. Currently tenanted at $1,999 pcm.
Check out more cheap houses for sale in West Footscray VIC.
$596,000+ – 10 Geelong Street, Kingsville, VIC, 3012, Australia
Median house price: $1,082,500
Located just moments from Seddon’s core, this dual-level residence merges convenience with modern, low-maintenance living.
Within walking distance of restaurants, bars, cafes, and West Footscray Station, its features include an open living area, private courtyard, and a granite kitchen with gas appliances.
The property boasts two bedrooms, the main with a balcony, a central bathroom, French doors, and double-glazed windows.
Amenities like ducted heating, cooling, and secure parking enhance comfort. Nearby are Footscray’s shopping hub and scenic parks.
Check out more cheap houses for sale in Kingsville VIC.
$630,000 – $690,000 – 1/22 Charles Street, Preston, VIC, 3072, Australia
Median house price: $1,120,000
Experience modern, convenient living in this splendid townhouse, perfectly located in Preston West. Near Preston Market, Northland Shopping Centre, and accessible to both Regent & Preston Train stations, this residence is a buyer’s dream.
Key features include two spacious bedrooms, a stylish bathroom, and impressive 9-foot ceilings amplifying each room’s space. Enjoy outdoor relaxation in the alfresco area, and benefits such as an alarm system, a lock-up garage, and three split systems for climate comfort.
This property, built in 2014, has a size of 170 sqm and offers a potential rental of $500 per week.
You can also explore cheap land for sale in Preston to build the home of your dreams at a more affordable price!
Check out more cheap houses for sale in Preston VIC.
$720,000 – 223 York Street, South Melbourne, VIC, 3205, Australia
Median house price: $1,390,000
Step into a slice of Melbourne’s rich history with this 1880’s Hawthorn brick Victorian terrace in need of love.
Embracing period features like brickwork and Baltic timber floors, this 2-bedroom property boasts original fireplaces and a vintage charm. While renovations are necessary to revive its former glory, the potential is undeniable.
Retain the exquisite facade to maximize your investment’s value. Take breaks at the nearby Port Melbourne beach or explore urban delights, including Albert Park Lake, South Melbourne Market, and the CBD.
With trams and shops in walking distance, this is a prime opportunity for dreamers and renovators.
Check out more cheap houses for sale in South Melbourne VIC.
Cheap houses for sale in Melbourne (regional Melbourne)
$400,000 – 27 Terminus Street, Tarneit, VIC, 3029, Australia
Distance from Melbourne CBD: 25 kilometres
Median house price: $652,000
Immerse yourself in a combination of elegance and contemporary living with this almost-new double-storey townhouse, situated in Melbourne’s bustling Rothwell Estate.
Designed to meet modern standards, this home boasts two plush carpeted bedrooms, a sleek kitchen with stone bench tops, and a spacious family/living area.
Enjoy serene district views from the balcony, and the convenience of split systems across the house. A single garage, internal access, and potential rental returns of $345/week further enhance its investment allure.
Within walking distance to Tarneit’s top amenities like shopping centres, schools, and medical facilities, it’s a prime choice for discerning home buyers or investors.
Check out more cheap houses for sale in Tarneit VIC.
$400,000 range – 457 Barry Road, Dallas, VIC, 3047, Australia
Distance from Melbourne CBD: 17 kilometres
Median house price: $505,500
Nestled in a prime location near schools, shopping amenities, and the Upfield train station, this three-bedroom Melbourne home holds vast appeal.
Dallas is one of the cheapest suburbs in Melbourne, located just under 20 km from the Melbourne CBD.
Designed with functionality in mind, it boasts a distinct lounge, a welcoming kitchen-meals setup, and commodious bedrooms.
The central bathroom indulges with a soothing bathtub, paired with a standalone laundry. Savour al fresco moments in the expansive backyard or under the dedicated outdoor dining zone.
Safety is prioritized with a secure carport featuring a roller door, while an extra garage ensures ample storage.
An impeccable choice for both first-time home buyers and savvy investors keen on Melbourne’s property market.
Check out more cheap houses for sale in Dallas VIC.
$400,000 range – 5 Barar Court, Kurunjang, VIC, 3337, Australia
Distance from Melbourne CBD: 36 kilometres
Median house price: $525,000
Seize a golden opportunity in the thriving suburb of Kurunjang, Melbourne. This property, spread over an expansive 664m2, presents unmatched potential, primed for the discerning buyer.
Its prime location ensures proximity to shops, esteemed schools, public transport, and serene parklands. Delight in a master bedroom equipped with a dual-access bathroom adorned with quality fixtures, and two additional spacious bedrooms.
Additional features encompass an outdoor pergola, a non-functional inground pool, polished timber floors, and dual split-system units.
Considering Melbourne’s property market trends, a robust rental return of $18,250 p.a. reinforces its allure.
Check out more cheap houses for sale in Kurunjang VIC.
$460,000 – 2/8 First Avenue, Hoppers Crossing, VIC, 3029, Australia
Distance from Melbourne CBD: 24 kilometres
Median house price: $610,000
Nestled in the heart of Hoppers Crossing, this delightful 2-bedroom house represents an excellent start for first home buyers or a promising asset for savvy investors.
The cozy living area promises restful evenings, while the modern kitchen stands ready for culinary adventures. Built-in wardrobes adorn the sizable bedrooms, and the contemporary bathroom boasts both a shower and bathtub.
With a generous 278 sqm plot, the backyard offers a tranquil retreat or an entertainer’s delight.
Check out more cheap houses for sale in Hoppers Crossing VIC.
$500,000 range – 92 Palmerston Street, Melton, VIC, 3337, Australia
Distance from Melbourne CBD: 47 kilometres
Median house price: $470,000
In the prime Palmerston locale, close to Melton’s vibrant district, lies this neatly presented 3-bedroom home, moments away from top schools, public transport, and the Western Highway.
The well-equipped kitchen, abundant in storage, merges seamlessly with the dining and separate lounge areas. Set on a sizable plot in Melton’s core, this quality residence is near schools, childcare, High Street shopping, and the Western Freeway is a mere five-minute drive.
An ideal pick for families, first-time buyers, or forward-thinking investors. Its brick driveway, secure fencing, ample carport, and inviting backyard epitomize its charm.
Check out more cheap houses for sale in Melton VIC.
More on cheap houses for sale in Melbourne
What are the most undervalued suburbs in Melbourne?
The most undervalued suburbs in Melbourne are:
- Albion, Melbourne
- Brunswick West, Melbourne
- Preston, Melbourne
- Northcote, Melbourne
- Reservoir, Melbourne
These suburbs are all located in the inner-city and have a lot to offer, including good public transport, access to amenities, and a vibrant community. However, they are also relatively affordable, making them a good option for buyers who are looking for value for money.
Are Melbourne property prices dropping?
Yes, Melbourne property prices have been dropping since the start of 2023. The median house price in Melbourne has fallen by over 10% in the past year, and it is expected to continue to fall in the coming months.
Where can I afford to buy a house in Melbourne?
The suburbs that are most affordable for buyers in Melbourne are those that are located further out from the city center. Some of these suburbs include:
- Craigieburn, Melbourne
- Melton, Melbourne
- Werribee, Melbourne
- Pakenham, Melbourne
- Frankston, Melbourne
These suburbs are all relatively affordable, and they offer good value for money. However, they are also further out from the city center, so buyers may need to consider the commute when making their decision.
Are house prices dropping near Victoria?
Yes, house prices are dropping across Victoria. The median house price in Victoria has fallen by over 5% in the past year, and it is expected to continue to fall in the coming months.
Will property prices fall in 2023?
It is predicted that property prices will continue to fall in Melbourne in 2023. The factors that are contributing to this decline include rising interest rates, inflation, and a lack of confidence in the property market.
Which suburbs in Melbourne have dropped in value?
The suburbs in Melbourne that have dropped in value the most in recent months include:
- Carlton, Melbourne
- South Yarra, Melbourne
- Toorak, Melbourne
- Brighton, Melbourne
- Camberwell, Melbourne
These suburbs are all located in the inner-city and were previously some of the most expensive suburbs in Melbourne. However, they have been hit hard by the recent decline in property prices.
