Latest data from the Real Estate Institute of Victoria (REIV) shows Melbourne has an average median house price of $834,000. So what can you actually buy in the city with a budget in the early eights?
Despite sluggish auction clearance rates and headlines predicting a housing market crash, the median house price in Melbourne is actually fairly stable, according to data from industry body the Real Estate Institute of Victoria (REIV).
After the market peaked in 2017, REIV President Robyn Waters says a levelling is a "good thing".
“The property boom of 2017 could not be sustained and a levelling or correction of the market is a good thing in the context of housing affordability already being a pressing issue in Melbourne," she told WILLIAMS MEDIA.
But recent figures from CoreLogic show home values in Melbourne have actually dropped 4.7 per cent over the last twelve months, and homebuyers are cashing in as three-quarters of homes are selling for less than their initial listing price.
The figures revealed in CoreLogic’s latest Property Pulse reflect an average 6 per cent discount, equating to more than $45,000 on a $745,000 median priced house.
According to the REIV, the current median price for houses is $834,000, and the unit median sits at $640,000.
So what does the median get you, and where?
A period charmer in Prahran
Pictured: 65 Henry Street, Prahran. As seen on Thehomepage.com.auPrice: $800,000 - $860,000
A period character property packed with charm, this two-bedroom house is perfect for a first home buyer with a decent deposit wanting to enter the lively inner city suburb.
Within walking distance to Chapel Street, a north facing entertainers garden, and a spacious living room with gas wall heater, buyers can move straight in.
Pictured: 65 Henry Street, Prahran. As seen on Thehomepage.com.au
A classic Victorian workers cottage
Pictured: 159 Errol Street, North Melbourne. As seen on Thehomepage.com.au
Price: $740,000 - $795,000
Circa 1878, this classic workers cottage oozes period charm and character through exposed brickwork and bluestone.
Close to Queen Victoria Market, this two-bedroom home has an attic space that could be renovated into more rooms.
Pictured: 159 Errol Street, North Melbourne. As seen on Thehomepage.com.au
Location, location, location
Pictured: 1003/82 Queens Road, Melbourne. As seen on Thehomepage.com.au
Price: $615,000
For those not interested in buying a house, this inner-city apartment is perfect for the city slicker.
Perfect for those downsizing, investors or first home buyers who want the city lifestyle, the two-bedroom, two bathroom apartment is a short stroll from the CBD and the Albert Park Lake.
Pictured: 1003/82 Queens Road, Melbourne. As seen on Thehomepage.com.auA fixer-upper in a hot suburb
Pictured: 2 Lincoln Street, Richmond. As seen on Thehomepage.com.au
Price: $770,000 - $840,000
It may need a LOT of TLC, but this three-bedroom home has a lot to offer - if you can get past the ugly.
Located in the heart of Richmond, 2 Lincoln Street is positioned within the highly sought-after Yarra Primary School Zone/Melbourne Girl's College Zone and is a quick stroll to Victoria Street and the Victoria Gardens.
There's also the opportunity to demolish the whole lot, and build your own dream home, townhouse, or a multi-unit development (STCA).
Potential buyers could reap the rewards of a major makeover and stay put, or flip the home for a profit in a few years.
Pictured: 2 Lincoln Street, Richmond. As seen on Thehomepage.com.au
Related reading:
Why vendors are tightly holding onto these Melbourne suburbs
The Block 2018: How The Gatwick defied Melbourne's cooling market
Australia ranked third in top property sales: Ken Jacobs, Christie’s