Big price fall at Melton South, Melbourne's cheapest auction locality

Big price fall at Melton South, Melbourne's cheapest auction locality
Big price fall at Melton South, Melbourne's cheapest auction locality

A loss-taking Melton South house sold at $216,000 was the cheapest weekend auction result.

It had been listed since November last year with $240,000 to $270,000 hopes.

The three bedroom 1975 home had last traded at $257,000 in 2011.

TheĀ 5 Blackwood Drive, Melton South offering sold through PRD Nationwide who marketed it as "perfect for an investment property or for a first home buyer."

The suburb's median house price sits at $244,000, down on the $258,000 peak in 2011, according to CoreLogic RP Data.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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Housing Affordability Investor Opportunity

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