Where to secure house and land under $500,000 in Victoria’s booming suburbs

Victoria is on a mission to boost its housing stock, targeting 800,000 new homes within the next decade - including 1,300 in regional Victoria alone. 

This effort is further supported by initiatives such as the 10-year greenfield project, a significant commitment to unlock land for development.  

House and land packages offer a chance to secure a modern, energy-efficient home with a private backyard. Combined with amenities, transport links and infrastructure, the option is a popular choice for first-home buyers and downsizers. 

Here are house and land packages under $500,000 in Victoria’s booming suburbs. 

Melton

Located on the outskirts of Melbourne, Melton has experienced growth with the Victorian government estimating the population is expected to grow to over 485,000 people by 2051.

Lot 1020 features stone benchtops, soft close cabinets and a choice of chrome or black fixtures. Picture: realestate.com.au/buy

Located 35km west of Melbourne’s CBD, the government listed Melton as a priority to revitalise, through infrastructure developments such as a new hospital, roadworks and potentially a major upgrade to the Western highway.  

Kingsbridge Homes has a few house and land packages in Melton between $470,300 and $550,000.  

Lot 1020 at Efferson Close is a single-storey, four-bedroom design with stone benchtops in the kitchen and bathrooms, soft close and flush pull cabinets and a choice of chrome or black fixtures.  

The developer also has Lot 920 Cavill Way priced at $507,500, which is a one-storey, three-bedroom design under the company’s Complete collection.  

Bairnsdale 

Located in east Gippsland and about a 3.5-hour drive from Melbourne, Bairnsdale is considered a commercial hub for the local wool, dairy and timber industries. 

JG King Homes provides various house and land options in family-friendly Bairnsdale. Picture: realestate.com.au/buy

It was also included in the 2025 REA Group Hot 100, due to its popularity with tourists and locals, as well as family-friendly features, including accessibility to schools.  

JG King Homes has multiple house and land options within the area, including Lot 18 Beckley Court, priced at $484,061.  

The single-storey, three-bedroom design includes a 7-star energy efficiency rating, European style double glazed windows and doors, tiled splashback in the kitchen and a range of colour schemes to choose from. 

Lara

Located between Melbourne and Geelong, Lara caters to those seeking affordability while remaining close to city centres. 

Along with houses, Soho Living has various townhouse packages at Coridale Estate. Picture: realestate.com.au/buy

Lara is home to Coridale Estate by Villawood Properties, a land estate just a 4-minute drive from the town centre and 20 minutes from Geelong.  

Within Coridale Estate, Soho Living has multiple house and land packages from $499,000. Lot 2123 is a single-storey, three-bedroom design with Fisher & Paykel kitchen appliances, stone benchtops in the ensuite and bathroom and a mirrored splashback in the kitchen.  

For first-homebuyers or downsizers, there are also townhouse packages within the estate from $475,000.   

Wyndham Vale 

Part of the rapidly expanding Wyndham area, Wyndham Vale has seen substantial development with new estates and infrastructure.

There are plenty of options for prospective homebuyers in south west of Melbourne CBD in Wyndham Vale. Picture: supplied

About 31km from Melbourne, the area has undergone and is currently undergoing extensive infrastructure works including the ‘Connecting Wyndham’ road works and a major upgrade to the Presidents Park parkland.  

Victorian House and Land Specialists has multiple house and land options within its Somerdale Heights Estate. The estate has a supermarket within it, with Manor Lakes Shopping Centre and Wyndham Vale train station located close by.  

This article first appeared on realestate.com.au and has been republished with permission.