Melbourne: How to find a house for under $750,000

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artwork for real estate story on Found It report - for herald sun real estate

Analysis of 2025 real estate sales by property technology and research platform Found It found almost half of Melbourne homes sold for $750,000 or less that year.

Melbourne has staked a claim as the nation’s best capital for first-home buyers, with thousands of homes available within accessible price ranges.

But it’s those willing to forgo a champagne lifestyle when they only have “beer money” that will make the most of the situation.

Almost half of the properties sold across the city last year went for less than $750,000, many of them inner city apartments and units.

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The analysis of the nation’s 2025 real estate sales by property technology and research platform Found It showed Melbourne was now one of the few capital cities retaining a functioning entry-level market.

“Melbourne has solved some of its unaffordability issues by constructing much more high-rise,” said analyst Kent Lardner said.

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

15 Nattarak Ave, Werribee - for herald sun real estate.

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

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

“There have been numerous case studies of investors not getting capital growth and even some selling for a loss, but the flip side to that is that it has meant there are great opportunities for first-home buyers,” Mr Lardner said.

“Melbourne is the best value for first-home buyers among the major capitals, by quite some margin.”

14 Butler St, St Albans - for herald sun real estate

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

Separate PropTrack data reveals about 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 buyers’ advocate Frank Valentic said he and his colleagues would direct house hunters with a $700,000-$750,000 budget to consider Werribee, Deer Park, Sunshine North and West, Ardeer, Epping, South Morang, Mill Park or Craigieburn.

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

Advantage Properties buyers advocate Frank Valentic - for Herald Sun real estate

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

Mr Valentic said it was smart to be particular about factors such as location, north- and west-facing orientation and a residence’s immediate surroundings when buying an affordable home.

“Buy the worst property on the street and not the other way around,” he said.

“And our buyers’ advocates recommend renting in a new unfamiliar area as we have had clients buy in unfamiliar areas over the years and make costly mistakes – the end up not enjoying living in these areas on many occasions and end up selling the property after a short time and hence lose money and increase their stress and anxiety.”

Melbourne’s CBD and Southbank, where there’s several high-rise apartment sites, accounted for more than 11 per cent of the city’s sub-$500,000 home sales in 2025. Picture: NewsWire/David Crosling.

For buyers wanting an inner city lifestyle, he advised opting for a unit in an inner or middle suburb rather than a high-rise apartment.

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

2b Mahogany Ave, Frankston North - for herald sun real estate

Featuring four bedrooms, this Frankston North house fetched $700,000 in December 2025. The area’s house price median is $689,500.

In addition, buyers should make sure to check the fine print when purchasing a strata apartment.

“Often there are high owners’ corporation (body corp) fees of $5000 per annum that you need to pay for,” he said.

“Always ring the owners’ corporation manager and ask if there are any special levies or works coming up.”

Mr Valentic’s other tips included to make sure that carparks and courtyards were on a home’s title, rather than on a licence or lease agreement.

OBrien Frankston’s Mark Burke said Melbourne buyers could find multiple houses priced below $750,000 in areas like Frankston North.

“You definitely can if you’re not too picky and we’ve got a number of properties coming up that’ll be definitely in that range,” Mr Burke said.

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

These blocks are also often quite large and provide scope for building another home to the rear.

16 Indigo St, Wallan - for herald sun real estate

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

But the agent warned buyers on a limited budget who expected to secure a home which fulfilled a long list of specific criteria were unlikely to succeed.

“I suppose 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