With the rising cost of living and housing affordability continuing to challenge buyers, many builders strive for price transparency and affordability for their builds.
Check out these homes priced under $500K* as of May 2025, suitable for building in Melbourne. This range of reputable builders offer thoughtfully designed, space-efficient homes that combine modern style with budget-friendly pricing.
1. Epico 286 by Omnia Homes
From: $325,900*
Size: 28.6 squares | 4 Bed
The Epico 286 is a well-proportioned family home that delivers modern design and excellent value. With four spacious bedrooms, including a private master suite, two large living zones, and a dedicated study nook, it caters perfectly to growing families.
The heart of the home features an open-plan kitchen with walk-in pantry and generous living/dining areas that flow seamlessly to the outdoor space. Designed for 14m-wide blocks, the Epico 286 balances functionality and style within a competitive price point under $500K.
2. Carlin by Metricon Homes
From: $258,300*
Size: 19.4 squares | 4 Bed
The Carlin by Metricon Homes is a compact and affordable home design crafted for first-home buyers and smaller families. With four bedrooms, including a master with ensuite, this single-storey layout makes smart use of space to deliver comfortable and low-maintenance living.
The open-plan kitchen, dining, and living area sits at the heart of the home, flowing seamlessly to the backyard. Tailored for narrow blocks and budget-conscious buyers, the Carlin offers all the essentials in a sleek, well-priced package — ideal for those entering the property market.
3. Aria by Aston Homes
From: $250,000+*
Size: 25 sq | 4 Bed
The Aria by Aston Homes is a contemporary single-storey home designed for modern family living. Featuring 4 bedrooms, 2 bathrooms, and a 2-car garage, this 25-square (approx. 233m²) home combines functional layout with stylish finishes.
It offers a well-zoned floorplan with an open-plan kitchen, meals, and living area, plus a separate lounge or theatre room for added flexibility. The master suite includes a walk-in robe and ensuite, while the remaining bedrooms are grouped around a central bathroom. With generous storage and seamless indoor-outdoor flow, the Aria suits both new estates and established suburbs.
4. Rockledge by Sherridon Homes
From: $308,100*
Size: 24.7 squares | 4 Bed
The Rockledge by Sherridon Homes offers a clever, cost-effective floorplan designed to maximise space and livability. With four bedrooms, two bathrooms, and two living zones, it suits growing families looking for room to move without exceeding budget.
The open-plan kitchen, meals, and living areas are ideal for everyday life and entertaining, while the double garage and ample storage enhance practicality. Stylish, functional, and affordable — the Rockledge is a strong contender for buyers building under $500K.
5. Lavell by Eight Homes
From: $475,900*
Size: Ranges from 20 sq | 4 Bed
The Lavell by Eight Homes is a versatile single-storey home offering modern design, smart zoning, and flexible living for growing families. Available in multiple size options, the Lavell starts from 20 squares and can be expanded to 28 squares, depending on your needs and block size.
It features up to 4 bedrooms, including a master suite with walk-in robe and ensuite, plus an open-plan kitchen, meals, and living area. Additional highlights include a separate lounge or rumpus room in the larger designs, a walk-in pantry, and seamless indoor-outdoor flow.
Building Smart on a Budget
Building a new home in Melbourne for under $500,000 is within reach. These top 5 home designs demonstrate that affordability doesn’t mean cutting corners.
Publisher Website: www.homeshelf.com.au