$215 000 for a 3 bedroom brick veneer tiled roof house in Frankston North on a 650 sqm block.
http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=105606046&f=0&p=10&t=res&ty=&fmt=&header=&cc=&c=18985390&s=vic&snf=rbs&tm=1238232971
Meets your budget, is in Melbourne and is a very nice size...