First home buyer and investor alert: Melbourne's best off the plan apartments under $600k selling in April 2024

The RBA looks to have adopted a neutral approach to the official cash rate after an aggressive rate hike cycle that saw the cash rate jump from a record low 0.1 per cent to 4.35 per cent.

The increase knocked the first home buyer and investor markets the most, as lending capability shrunk month on month from May 2022.

But now they seem to be back in the frame with consecutive rate holds from the RBA. While there's been no cuts and their budgets are much smaller than they were two years ago, there's the belief the next rate move will be down, which is encouraging the two cohorts back into the market.

They're still looking for affordability, now more than ever. But with a lack of new supply coming to the market at an affordable price point, given the cost of construction of large towers that home one or two-bedroom apartments, then it's important for prospective buyers to look at projects that are already in market, particularly those that are under construction.

Amid a limited market for the entry-level buyer, we've cast our eye over the whole of Melbourne and wrapped up the best apartment developments that have apartments under the $600,000 mark.

Project: The Queensbridge Building

Location: 90 Queensbridge Street, Southbank VIC 3006

Developer: Time and Place

Price: From $600,000

Time & Place, in collaboration with MaxCap Group, is delivering The Queensbridge Building in Southbank housing 367 apartments along with its The Clubhouse amenities and a $150 million Hannah St. Hotel with 188 rooms.

The one-bedroom, one-study, and one-bathroom unit at the 62-storey mixed-use development starts at $600,000.

Each of the apartments can be customised with multiple choices of finishes rarely available to any development.

Residents will have access to The Clubhouse amenities, managed by an experienced director, which include communal dining areas, a pool house, a gym, a yoga room, and a private Izakaya. 

Time & Place have also teamed up with TFE Hotels to bring Hannah St. Hotel, a $150 million 188-room hotel, to The Queensbridge Building.

The Queensbridge Building is currently under construction by Hickory and is expected to be completed in September 2025.

Project: BLVD at Melbourne Square

Location: 19 Hoff Boulevard, Southbank VIC 3006

Developer: OSK Property

Price: From $541,000

OSK Property has completed two towers at their multi-award-winning Melbourne Square precinct, and last year they launched the third, BLVD at Melbourne Square.

BLVD is a 73-level skyscraper with just under 600 apartments and extensive resident amenities and wellness facilities. The apartments range from one to three bedrooms, with the one-bedders priced from $541,000. 

BLVD was designed by COX Architecture with tomorrow's living standards in mind, focusing on wellness, connectivity, and community.

The integration of industry-leading technology and connectivity within BLVD ensures that residents can personalise their living spaces and streamline their everyday lives.

While tech advancements are often the future, so are sustainability and wellness. Central to the ethos of BLVD is the pursuit of WELL Certification, a world-leading framework that prioritises the health and well-being of residents.

To increase the wellness of its residents, OSK Property doubled down on amenities and facilities within the building. They have a 25-metre indoor swimming pool, a gym, a sauna, a Zen garden, alfresco dining areas with barbecue facilities, and top-of-the-line entertainment facilities including residents' lounges, dining rooms, a cinema/karaoke room, and even a golf simulator. 

They've also catered for the growing work-from-home trend with co-working spaces, meeting rooms and private booths to work from.

BLVD is expected to be completed in early 2027.

Project: Pace 3058

Location: 9S Wardens Walk, Coburg VIC 3058

Developer: Pace Development Group

Price From $490,000

Longtime developer Pace is getting closer to seeing its Coburg residential development, Pace 3058, complete on what was once the exercise yard for Her Majesty’s Prison Pentridge, nestled just behind Sydney Road and surrounded by wide-open parklands, bike trails, and eclectic restaurants and cafes.

Pace 3058 is a collection of 311 apartments and townhouses designed by SJB Architects.

Pace has collaborated with Studio Wonder for interiors of the one, two, and three-bedroom apartments, with the one-bedroom, one-bathroom unit starting at $490,000 and the townhouses at $920,000.

Pace 3058 will activate the ground level with a downstairs retail store, plazas and walkways.

The rooftop will be furnished with sitting arrangements and shaded barbecue areas—all overlooking city views.

Furthermore, Pace 3058 is an all-electric development, incorporating sustainable features such as solar panels, double-glazed and Low-E windows, along with an abundance of green spaces to mitigate the heat-island effect.

Construction of Pace 3058 by Pace Constructions is on track for completion in May 2024.