Big price fall at Melton South, Melbourne's cheapest auction locality
Jonathan ChancellorDecember 7, 2020
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.
The 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 is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.