Cheap apartments could be a potential life line for prospective first home buyers. But, is it too good to be true?
Strapped for cash first-home buyers are looking for other avenues to make their dreams of owning their first property a reality.
Melbourne homebuyers seeking a bargain can find multiple apartments for under $350,000.
However, experts caution that a cheaper buy like this now may come at the expense of future growth potential.
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New analysis from PropTrack revealed that Caulfield East, Werribee South, and Essendon North are the suburbs experiencing the steepest declines in median unit prices, with drops approaching 40 per cent.
Barry Plant Yarra’s Edge branch manager Geoff White stressed the importance of young buyers getting into the market early, regardless of the property type or price.
“While $300,000 apartments are typically small and often purchased as investments, any buyer should strive to establish a foothold in the market for long-term benefits,” Mr White said.
“It’s generally better to save a bit more, but it ultimately depends on individual circumstances. Once you own an asset, you can rent it out and use it as collateral in the future.”
However, prominent buyer’s advocate Cate Bakos criticised the strategy, emphasising new high-density developments were fraught with complexities.
“After decades of inaction, the government has fallen asleep at the wheel – the horse has bolted, and they need to be more creative than building a new high-density apartment tower,” Ms Bakos said.
The buyer’s advocate pointed out lenders would support borrowing for older, larger apartments, but could be more reluctant for smaller ones in new buildings.
Here are five apartments you can purchase for under $350,000:
209/51-67 Rathdowne St, Carlton
209/51-67 Rathdowne St, Carlton is located in the historic Exhibition Mews
A one-bedroom, one-bathroom apartment at 209/51-67 Rathdowne St, Carlton could be the perfect opportunity to enter the property market.
The studio apartment in the historic “Exhibition Mews” complex in Carlton has a fully equipped gym, communal laundry facilities, secure gated access, and elevator convenience — complete with a price guide of $245,000.
Inside, the interior boasts an open-plan living and bedroom space, featuring a cleverly concealed kitchenette, a walk-in wardrobe, and a stylish ensuite bathroom.
The apartment in conveniently located near Lygon Street — with Melbourne University, RMIT, Queen Victoria Market all within walking distance.
The Carlton apartment is a lucrative opportunity in the long-term for investment and is currently being rented out for $300 a week.
26 Campbells Cove Rd, Werribee South
Where can you snag a beachside unit with a front-row seat of Port Phillip Bay for under $300,000? This one-bedroom unit at 26 Campbells Cove Rd, Werribee South offers buyers a waterfront lifestyle with countless hours of relaxation enjoying the sandy shore vistas.
The home is just a 10-minute drive from Werribee and Point Cook.
The unit features a step-down lounge and dining area, an expansive decked space with a covered section, a kitchen with quality original floorboards, solar panels, electric roller shutters, gas connection, a water tank, and high ceilings.
100 Keilor Rd, Essendon North
100 Keilor Rd, Essendon North has sweeping views of the Melbourne CBD
An almost brand new apartment with sweeping views of the Melbourne CBD has hit the market in Essendon North.
Located at 100 Keilor Rd in the distinctive AMNE building, a top-floor, one-bedroom home offers a grand opportunity to professionals, first-home buyers and investors.
Some of the apartments features include a contemporary kitchen equipped with a stone benchtop, stainless steel appliances, a dishwasher, glass splash backs, and ample storage space.
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The bedroom includes mirrored built-in robes and is complimented by a chic-style bathroom featuring a rain shower, a vanity with a stone benchtop, and mirror cabinet storage.
Additional highlights of the apartment include heating and cooling systems, a Euro laundry, quality window coverings, a secure undercover car space, a storage cage, intercom, secure entry, and lift access the foyer.
111/7 Dudley Street, Caulfield East
A two-bedroom unit in Caulfield East for around $300,000 has hit the market.
Looking for a two-bedroom, one-bathroom apartment around the $300,000 mark? This apartment, despite being on the smaller side, offers a second bedroom with an asking price of $290,000 – $319,000.
For prospective buyers studying at university, the apartment is a short walk from Monash Caulfield Campus, train and tram stations, the new Coles precinct, and parklands.
The home is rented for $1782 a month until February 2025, and boasts a return of approximately seven per cent.
Features of the property include two bedrooms with mirrored BIRs, a modern kitchen with stone benchtops and stainless steel appliances, a balcony and basement car park.
1108/18 Mt Alexander Rd, Travancore
1108/18 Mt Alexander Road, Travancore is for sale.
A large one-bedroom apartment in Travancore with 58sq m of floor space is gives buyers the convenience of being 3km away from the Melbourne CBD on a budget.
Priced at $310,000 to $340,000, the key offerings of this apartment include a modern kitchen with neutral white-toned cabinetry, stone benches, glass splashbacks and stainless steel appliances.
A carpeted open-plan living area provides plenty of space to entertain as well as excellent views parkland views over Manningham Reserve.
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