VIC $500K Townhouse in Melbourne?

Was looking at buying a townhouse as an investment property. Not an apartment, but rather a separate dwelling, like a town house. Is it still possible to buy a townhouse, either new or off the plan, in Melbourne for around the $500K mark? This would be a long term investment (10+ years). Ideally would like somewhere that will show some nice capital growth in coming years but I don't have that crystal ball and am unsure on some of the outer suburbs where this price range seems most appropriate. Any suggestions?

 

Personally I looked at Altona Meadows...small blocks (500m2) but close-ish to the station (Laverton), might be a tad more than $500K...but having a read of the newspapers, there may be a price correction?

 

Correction meaning up to the rest of Melbourne or do you mean all of Melbourne in general down?

 

All of Melbourne down in general but thats on my non professional speculation haha.

Read the papers - it's all over Red Rover. -1.1% for Syd/Melb in May 17.