Melbourne’s five best apartments under $500k on the market now

Urban takes a look at five new developments on the market under $500,000 for investors hoping to get ahead of the anticipated demand.

Melbourne’s five best apartments under $500k on the market now
The open plan kitchen and dining area in St Boulevard. Image supplied

First home buyers, investors and downsizers alike will find comfort knowing that you can find a brand-new luxury apartment in Melbourne at an affordable price point.

While continued Melbourne lockdowns threaten to deflate sentiment and stifle the near-term recovery in the apartment market, once borders re-open, demand will likely far exceed moderate apartment supply, JLL’s head of residential research, Australia, Leigh Warner told the Urban Developer last month.

“Investor demand has clearly picked up in 2021, and this demand has started to flow through to the apartment market,” Warner said.

Urban takes a look at five new developments on the market under $500,000 for investors hoping to get ahead of the anticipated demand.

1. Rise, Moonee Ponds
Developer: Caydon Property
One-bedroom apartments from $433,500

Comprising of 297 one, two, three bedrooms, Rise is an elegant new development making up the final addition to the Mason Square precinct at Moonee Ponds.

Rising 29 floors, the project boasts uninterrupted city views from the floor-to-ceiling windows, as well as plentiful amenity .

Listed for $433,500, the development’s 56 sqm one-bedroom, one-bathroom apartment, designed by Fender Katsalidis, features high-end finishes, bespoke fittings and integrated appliances.

The spacious bathrooms include full-width showers, freestanding baths and custom vanities exclusively designed for Rise by Omvivo.

2. Ryrie Home
Developer: Franzé Developments
One-bedroom apartments from $415,000

Located in the fastest-growing regional city in Australia, Ryrie Home provides the ideal sea change for residents hoping to escape the bustle of the Melbourne CBD.

Positioned within walking distance to Eastern Beach, the development is also proving popular with investors, listed as Urban's most popular investor project for Q1 2021.

The development’s one-bedroom, one-bathroom apartment has a price tag of just $415,000, making it an attractive investment or first home.

Designed by Architectus, Ryrie Home boasts an authoritative and restrained grid façade, pedestrian laneways, commercial retail, and F&B spaces, as well as hotel and residential lobbies

3. Due North, Preston
Developer: Caydon Property
One-bedroom apartments from $482,000

Climbing 12 levels and comprising 107 apartments, Due North is a new fur-friendly apartment addition to Preston's High Street.

Designed by Caydon Architecture, the 57 sqm one-bedroom, one-bathroom apartment with a study is priced at $482,000.

Located just 20 minutes away from Melbourne’s CBD and featuring rooftop space, a co-working area and 3 retail spaces, residents will have everything at their doorstep at Due North.

Splash the day away in the pool and dip into stunning Melbourne views as you kick back on the deck and soak in those holiday vibes.

4. Cubic House, Alphington
Developer: Glenvill
One-bedroom apartments from $420,000

Cubic House delivers spacious one and two-bedroom apartments in YarraBend's Artisan Precinct, in a visionary new neighbourhood located alongside the Yarra River.

In the highly coveted suburb of Alphington, the project features impressive 60 sqm one-bedroom apartments for just $420,000.

Designed by DKO Architecture, these apartments include European appliances, high-quality details, open-plan living spaces flooded with natural light from floor-to-ceiling windows and easy access to your private balcony.

“YarraBend is more than a reinvention of inner-city living. It’s an acknowledgement that the way we actually live in the world needs to radically change”, the project marketing reads.

5. St Boulevard, Melbourne
Developer: The Shakespeare Group
One-bedroom apartments from $410,000

One of the latest popular developments on the Melbourne CBD fringe is St Boulevard, the three-tower project by The Shakespeare Group.

Recently completed, St Boulevard offers an unrepeatable location, located in a prime position on the corner of St Kilda Rd and High Street, and at the southern tip of Albert Park Lake.

One-bedroom apartments start from $410,000 in the Elenberg-Fraser designed development, which features long wrap-around balconies and communal amenities designed to bring neighbours together.

These include a private cinema, a games lounge and children’s play area, modern living, and luxe lobby.

Max Kwok

Max Kwok

Max Kwok is a staff contributor at urban.com.au. Based in Sydney, Max has previously worked at Property Observer where he specialised in content creation and editorial research.

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