Melbourne’s property market offers diverse opportunities for buyers with a budget of under $1 million. While houses may be out of reach in certain areas, a range of well-located apartments and townhouses are available, making it an attractive market for first-home buyers and investors alike.

Inner North Suburbs – Character, Lifestyle, and Convenience

Melbourne’s Inner North is renowned for its vibrant communities, trendy cafes, and parkside living. Suburbs like North Fitzroy, Brunswick, and Reservoir offer a mix of older-style apartments and modern developments, making this area a hotspot for buyers who love character-filled neighbourhoods.

• North Fitzroy: Known for its charming streets and proximity to the city, one-bedroom apartments in North Fitzroy have a median price around $600,000, with two-bedroom apartments priced around $850,000. It’s ideal for those who want to combine lifestyle with an investment opportunity.
• Reservoir: Just a little further north, Reservoir offers even more value. One-bedroom apartments here go for around $400,000, while modern two- or three-bedroom townhouses are available for under $800,000, perfect for families and first-home buyers looking for space and affordability.

Recent Sales:

Fitzroy North: https://motionproperty.com.au/property/203-378-390-st-georges-road-fitzroy-north-vic-3068/

Reservoir: https://motionproperty.com.au/property/1-949-high-street-reservoir-vic-3073/

Inner West Suburbs – Cultural Diversity and Growth

Melbourne’s Inner West is rapidly evolving, offering excellent value for buyers seeking proximity to the city and vibrant multicultural communities. Footscray is leading the charge in this transformation.

• Footscray: Known for its diversity and proximity to the city, Footscray is undergoing significant growth. One-bedroom apartments in Footscray average around $440,000, while two-bedroom apartments can be secured for $600,000, offering great value for first-home buyers and investors alike.

Recent Sales:

Footscray: https://motionproperty.com.au/property/406-8-joseph-road-footscray-vic-3011/

CBD and Surrounding Suburbs – Urban Living with Growth Potential

Melbourne’s CBD and neighbouring suburbs like West Melbourne and South Yarra offer the best of inner-city living. These areas are popular for their proximity to work, entertainment, and dining options, and they offer a mix of modern apartments with high investment potential.

• West Melbourne: West Melbourne is becoming increasingly popular thanks to its proximity to the CBD. One-bedroom apartments can be found for around $550,000, while two-bedroom apartments offer spacious urban living for approximately $850,000.
• South Yarra: One of Melbourne’s most prestigious suburbs, South Yarra offers a vibrant lifestyle with trendy shops, cafes, and the iconic Yarra River at your doorstep. One-bedroom apartments in South Yarra are priced around $545,000, and two-bedroom units are available for around $800,000, offering excellent value in a prime location.

Recent Sales:

West Melbourne: https://motionproperty.com.au/property/407-89-roden-street-west-melbourne-vic-3003/

South Yarra: https://motionproperty.com.au/property/1007-18-claremont-street-south-yarra-vic-3141/

Eastern Suburbs – Lifestyle and Investment Appeal

Melbourne’s Eastern Suburbs are renowned for their leafy streets, excellent schools, and family-friendly vibe. Suburbs like St Kilda, McKinnon, and Carnegie offer a mix of lifestyle and investment opportunities, with a strong appeal to both owner-occupiers and investors.

• St Kilda: Known for its iconic beachfront, bustling cafes, and entertainment scene, St Kilda is a favourite for both locals and visitors. One-bedroom apartments in St Kilda start at around $520,000, while two-bedroom apartments are available for around $750,000, making it a vibrant and affordable beachside suburb.
• McKinnon: With its top-rated schools and peaceful atmosphere, McKinnon is a desirable suburb for families. While houses here are priced over $1 million, you can still find two-bedroom apartments for $700,000, and modern townhouses start around $900,000
• Carnegie: This well-connected suburb offers a thriving local scene with restaurants, cafes, and shopping at your doorstep. One-bedroom apartments in Carnegie are priced around $500,000, while two-bedroom units sit around $850,000, making it a prime location for young professionals and investors

• Recent Sales

  St Kilda  – https://motionproperty.com.au/property/31-352-canterbury-road-st-kilda-vic-3182/

  Mckinnon: https://motionproperty.com.au/property/g06-3-claire-street-mckinnon-vic-3204/

  Carnegie: https://motionproperty.com.au/property/318-16-woorayl-street-carnegie-vic-3163/

  A Smart Investment with Growth Potential

  Melbourne’s inner suburbs continue to grow in demand, and with strong population growth projected for the city, purchasing an apartment or townhouse under $1 million is not only attainable but a smart investment. Whether you’re a first-home buyer, investor, or looking to downsize, these suburbs offer a range of properties to suit various lifestyles and financial goals.

  By choosing the right suburb, you can secure a piece of Melbourne’s thriving property market while enjoying a fantastic lifestyle and solid future growth prospects.