Melton and other Melbourne suburbs with sub-$300,000 options

A quarter of all homes sold in more than a dozen Melbourne suburbs in the final three months of last year sold for less than $300,000, REIV data shows.

In two suburbs – Melton and Hastings –  a quarter of all sales were less than $240,000, with the lower quartile price in Melton at $220,000.

REIV chief Enzo Raimondo said these were extremely affordable homes.

“Such properties can offer first home buyers and those on a tight budget the chance to get a foothold on the property ladder,” he said.

Suburbs with a quarter of all homes selling for less than $300,000 in the December quarter of 2014 included Kurunjang with $251,250, FRANKSTON North with $262,500, Melton West with $275,000, Dallas with $280,750, Warburton and Meadow Heights with $282,500, Werribee with $285,000, Brookfield $287,500, Doveton $295,000, Wyndham Vale $298,000 and Cranbourne with $299,000.

In four of those suburbs, Kurunjang, Melton, FRANKSTON North and Dallas, the median house price – the midpoint of all sales for the three months – was less than $300,000.

RealestateVIEW.com.au has had recent listings including a three-bedroom home in Kuranjang for offers over $229,000 (pictured above) and a Werribee three-bedroom home for offers over $240,000.

Ryder Real Estatte Melton agent Jayson Ryder says the Kuranjang property is returning $240 per week "or 5.5% on your investment".