Stamp duty savings: What $600,000 will get home buyers in Victoria

 Many Victorian first home buyers will soon be exempt from paying stamp duty on properties worth up to $600,000 from July 1.

The controversial plan announced on Sunday by the state government is among a suite of changes aimed to make housing more affordable.

Though it appears the great Australian dream might now be easier to achieve, four consecutive years of rising house prices means $600,000 no longer stretches particularly far in Melbourne.

Melbourne’s house median sits just below $800,000, with only a clutch of suburbs identified as affordable for first home buyers.

If you have a budget of $600,000 and want to take advantage of the stamp duty exemption, here’s what you can buy:

1. Clifton Hill

Photo: Jellis Craig

14/30 The Esplanade

This ground-floor two-bedroom apartment is at the rear of an older-style block, across the road from Yarra Bend Park.

The property, with undercover parking and split-system air-conditioning, is going to auction on March 25 with a reserve price of $550,000.

It is a relatively affordable entry point for an investor or home buyer to the inner north-eastern pocket, where the house median is $1,254,000.

2. Albion

Photo: Sweeney

11 Kororoit Street

A growing number of buyers are being priced out of gentrifying Sunshine, and some are spilling into neighbouring Albion.

This three-bedroom California bungalow — a blend of the old and new — is near the new Brimbank Library, Albion station and Sunshine Marketplace.

For those willing to move west, Albion still offers plenty of opportunities with a median house price of $655,000. This property is asking between $550,000 and $590,000.

3. Ballarat

Photo: Biggin & Scott

210 Humffray Street North

Plonk this renovated four-bedroom house in Melbourne’s leafy east, and its value could easily triple.

This is a lovely family home with period-restored front four bedrooms and a backyard for children to run around in.

It’s selling privately for between $410,000 and $450,000.

4. Heathmont

Photo: Barry Plant

2/38 Balfour Avenue

There are few options to buy a house on a full block for less than $600,000 in Melbourne’s east, even in the outer suburbs.

This single-storey two-bedroom home — one of two on the block — in Heathmont is asking between $550,000 and $600,000.

It is a short walk to Heathmont station and Jubilee Park, and near Eastland Shopping Centre in Ringwood.

5. Cheltenham

Photo: Buxton

17/310 Warrigal Road

With the bayside suburb now threatening to break through the $1 million house median, buyers will quickly realise that half a million won’t go far.

Those with a budget of between $410,000 and $450,000 could buy this renovated two-bedroom villa unit with a funky courtyard.

However, it is on a main road and not within walking distance to Cheltenham station.

6. Reservoir

Photo: Nelson Alexander

3/56 Orrong Avenue

Buyers priced out of Preston and Coburg North could shift to neighbouring Reservoir, which is serviced by trams and train.

For between $480,000 and $530,000, this modern two-bedroom villa unit has a private rear courtyard with an entertaining deck and vegie garden.

Home buyers may find a larger home in the area for less than $600,000, but they might have to sacrifice the walkable distance to Reservoir station or need to roll up their sleeves.

7. East Geelong

Photo: Maxwell Collins

25 Richmond Street

This original three-bedroom cottage needs a bit of love and could suit a buyer looking for a renovation opportunity.

It has cedar ceilings and central hallway, and is nestled in a pocket near a sporting reserve and South Geelong train station.

The estimated price range for this corner block property is between $450,000 and $470,000.

8. Werribee

Photo: Triwest Real Estate The Professionals Werribee

15 Stewart Drive

Werribee’s median house price is $417,400, so there are still plenty of opportunities to buy a home and be exempt from paying stamp duty.

This three-bedroom house on about 530 square metres is near Werribee River and a short drive to the station and Pacific Werribee shopping centre.

The listing agent is asking for between $390,000 and $429,000.

9. Greensborough

Photo: Barry Plant

10 Shaylor Court

In Greensborough, 19 kilometres north-east of the CBD, about $600,000 could buy an unrenovated three-bedroom house.

This one is on about 570 square metres, and is asking between $550,000 and $590,000.

It has hardwood flooring, air-conditioning, a workshop/storeroom and a private rear yard.

10. Mornington

Photo: Eview Group

1 Weber Drive

On the Mornington Peninsula, this three-bedroom, two-bedroom house is close to a dog-friendly beach and Nepean Highway.

The renovated property, on about 569 square metres, has split-system air-conditioning and soft close drawers in the kitchen.

The asking price is between $550,00 and $600,000.