Melbourne 1 bedroom apartments...

Some of these are selling at $150,000 each? Whats the disadvantage of this?

hard to get finance depending on the size of the apartment less capital growth usually high body corp cg maybe zero or a very low percentage over the long term when it's time to sell more competetion from other sellers.
just to name a few would help if you mentioned the size of the studios and how many in the building your looking at.
 
Some of these are selling at $150,000 each? Whats the disadvantage of this?

Melbourne's a big place, unless you specifically mean postcode 3000. There are no doubt apartments in some areas (eg, St Kilda, Toorak, Sth Yarra - cue DeeHwa) in which a >50 m2, established 1br will do very well.
 
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