Melton in Melbourne’s west has some of the city’s most affordable properties and is a haven for first-home buyers and investors.
Those seeking to enter the market, build their investment portfolio or tackle a project might find the three-bedroom house at 25 Callanan Drive, Melton South (pictured below), a tempting prospect.
With a price guide of $359,000-$394,000, it is the cheapest house for sale in Melbourne, according to Barry Plant Melton partner Ned Nikolic.
“This fixer-upper is structurally sound and offers a great opportunity for a handyperson to tackle a project or a buyer looking for their first home,” he said.
On a 582sq m block, the house is in a desirable location near Coburns Primary School, Woodgrove shops, transport and freeway access.
It includes a large lounge room, a semi-completed bathroom, a spacious timber kitchen with a dining area, and a laundry.
With a median house price of around $500,000, Melton is known as the cheapest suburb in Melbourne, according to Mr Nikolic.
“Homes here attract high demand from local and interstate buyers priced out of other suburbs,” he said.
“You won’t be able to find a house on a substantial block for under $500,000 anywhere else.”
The region in the west offers a diverse range of homes, from units to lifestyle acreages, plus commercial and industrial properties.
Mr Nikolic said the Melton office sold more than 200 properties in the past 12 months, including a warehouse on 638sq m at 16-18 Palmerston Street, Melton (pictured below), which changed hands for $1.905 million.
A standout sale in 2022, the rare offering with street frontage and onsite parking was priced at $1.1-$1.2 million and attracted 11 bidders.
“The buyer was a phone bidder from Sydney,” Mr Nikolic said.
“He plans to rent it out before converting it into a childcare facility down the track.”
Mr Nikolic said the property’s central location, just off High street and near Woodgrove shopping centre, Bunnings Warehouse and the Western Freeway, contributed to its popularity.
Currently, two-bedroom units are sought-after by investors, first-home buyers and downsizers wanting an easy lifestyle close to amenities, according to Mr Nikolic.
Near-new homes that were move-in ready and required little or no updates were also in hot demand.
“They are selling quicker than those needing a little more TLC,” Mr Nikolic said.
“Properties that are realistically priced will sell in a quicker time frame.”
Mr Nikolic identified a number of areas expected to boom this year, including the young suburb of Thornhill Park, which has a median house price of $600,000, according to realestate.com.au.
A four-bedroom house at 69 Bingham Circuit (pictured below) recently sold for $635,000 to an investor from New South Wales.
Built in 2020 by Metricon, the stylish double-storey house is packed with features, including three bathrooms and a kitchen with quality appliances.
Investors were buying affordable homes in the region with confidence, according to Mr Nikolic.
“They are getting more bang for their buck here,” Mr Nikolic said.
“And they are guaranteed great tenants and good returns.”
In the heart of Thornhill Park, a three-bedroom house at 1 Shangrala Road (pictured below), was recently snapped up for $480,000.
Currently leased until September this year to tenants paying $1564 a month, the property is close to Rockbank Murray Road Primary School and a childcare centre.
Mr Nikolic said this was a good time to sell because of the strong demand from local and interstate buyers.
“While prices have stabilised, sellers are still getting good results in this area,” he said.
However, in the current market, it was important for agents to spend time with buyers and show them through various properties, Mr Nikolic added.
“Experienced agents will thrive in this market,” he said.
An ideal opportunity for entry-level buyers, a three-bedroom unit at 1/706 High Street, Melton West (pictured below), is priced at $390,000-$420,000.
Near Woodgrove shopping centre, schools, and public transport, the low-maintenance property catches the eye of astute investors, downsizers and first-home buyers.
The move-in ready gem has a good-size kitchen with a dishwasher and stainless steel appliances, ducted heating and split-system air conditioning.
A compact courtyard with decking, artificial grass, an exposed aggregate concrete driveway, and a single lock-up garage add to its appeal.