Top Melbourne Suburbs to Invest, For Budgets of Less Than $500,000

Flemington Post OfficeMELBOURNE’s once booming real-estate market has finally decelerated – and for the first time in a long time, buyers are calling the shots.

If you have a secure job, low debt and a will to own real estate – banks, developers and the Government want to talk.

But a word of advice: if you do take the plunge, spend what you can afford, rather than the maximum amount you can borrow.

Saturday Domain talks to some experts on which suburbs you should look at, no matter what your budget:

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Historic Stonington Estate Being Sold Down Again: Melbourne

PART of the Stoningon mansion estate in Malvern, which was once the Governor General’s residence and which many Melburnians believe should never have fallen into private hands, is being sold-down by its Chinese developer owners.

Two subdivided suburban sized blocks within the former estate, which the state government effectively gave to Deakin University in the 1990s, and the university sold five years ago, are expected to fetch a combined $4 million, according to sources.

Totaling 1344 square metres the blocks (a small part on the much larger marked out area, pictured) are for sale with permits for apartment complexes. But they are also being marketed to prestige buyers who might consider building just one home on the land.

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Ex St Kilda Footballer to Sell Malvern Home

RECENTLY retired St Kilda footballer Andrew Thompson is selling a fully renovated family home in Melbourne’s ritzy Malvern.

Andrew, with wife, Sophie, can expect the Jordan Street house to sell for between $1.7 million and $1.8 million at auction next month.

On a 496 square metre block the home includes four bedrooms, an open plan living/kitchen/meals, a paved entertainment deck, and a landscaped backyard with a north-westerly aspect. The home is wired for surround sound.

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