What $500k to $700k Actually Buys in Each Suburb

First home buyers closed on 14 Mentone properties last week in the $500,000 to $700,000 range after the council expanded its deposit assistance on 1 July 2026.

The timing matters because interest rates have held steady since March while the Mentone Property Institute recorded a 9 per cent rise in listings under $700,000 since April. Buyers who wait risk missing the current grant window that closes on 30 September.

At 45 Ocean Street in the Beachfront neighbourhood a two-bedroom unit sold for $545,000 on 4 July. Three streets away at 12 Railway Parade in Seaview Heights a one-bedroom apartment with parking went for $590,000 the same day. Both purchases used the Mentone First Home Grant and support from the Civic Centre’s buyer education sessions held every Tuesday.

Price points by neighbourhood

In Parkside, $650,000 currently secures a two-bedroom townhouse on High Street with a 200 square metre block. Central Mentone listings show that $700,000 buys a three-bedroom unit above the shops on Mentone Promenade. Seaview Heights remains the tightest, where the same budget covers only a one-bedroom flat without parking on the northern side of the railway line.

The Mentone Real Estate Board report released 30 June 2026 listed 22 properties sold in the target band during May, with a median of $612,000. That figure sits 3 per cent below the May 2025 median for the same price segment.

Next steps for buyers

Prospective buyers should book a grant eligibility check at the Civic Centre before 15 July and inspect at least three properties on the current Mentone Property Institute list. Agents report contracts settling fastest when pre-approval letters are ready before the first open home.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.