VIC House in Melbourne (IP) Budget $550K - where to look

Nothing better then Franskton and Werribee for this price range in Melbourne.
Franskston is big suburb and have a few estates, I will recommend Lakewood estate as the best value for money/ price increase potential/rental yield/ population pattern (middle class families with kids due to proximity of few schools), also rail extension and new station will increase property prices.

Franskston north have even more potential , due to lower prices and more houses with big land, as well as excellent community facilities (parks, pool, 2 primary and 1 high school, 2 buses, 2 local shopping centers and proximity to Seaford facilites and it's closest to city part of fFrankston with good access to freeway. But it's ex-housing area (and still partly housing area) .

Werribee also interesting area and prices similar to Frankston, but Frankston have more prospective due to proximity to expensive suburbs. .

 

That’s interesting to know. I nearly bought one for 415k old house on sub divided block (300m2)in July 2016. They haven’t moved much at all. Glad I went a full sized block next suburb out

 

Here is another example of a property which sold recently where you could get into the Blairgowrie market for $690,000-$725,000. Blairgowrie is also set for future capital growth.

Fast sale for Blairgowrie weekender in 4 days as summer crowds boost home inspections

 

There is still some frenzy and FOMO in Melbourne. Market has peaked, that says it all. Any activity peri-peak is rarely rational. Proceed with caution.