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Depends on what you want them to do. Some will just walk through and charge $100 or so and only do main features/problems. Others will charge a couple of hundred and will do a full inspection including crawling into tight spaces under the house/roof and test every tap (water...

I have access to rpdata for some of the NE area of Melb, which suburb is it in as I might be able to pull the old rental advertising price/sold price.

500k sell price with $500pw is rather high yield for Melbourne. I live in Watsonia which could be around the area you are looking at and for a $500k property you would normal get 400-450 pw, which is more inline to the second place. It all depends on the amount of interest they have if...