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How you can buy a brand new home for just $115k

Prospective homeowners are closing the door on standard houses and turning to 'tiny homes' instead as a cheaper alternative amid Melbourne's skyrocketing housing prices.

The tiny homes look just like standard houses except they are smaller in size, coming with bedrooms, bathrooms, showers, lounges and in some cases even laundries – and cost a fraction of the price.

Owner of NJ Tiny Homes Nick Todd told 9News.com.au that since he started the business 18 months ago, the popularity for the properties had boomed.

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They start from $25,000 for simple pods and cost around $115,000 for larger houses.

As housing prices rise in Melbourne, prospective homeowners have been turning to the more affordable option now more than ever.

Melbourne's median house price soared past $1 million this year to $1,022,927.

"With the housing market these days, it's extremely hard out there for buyers to buy a house," Mr Todd said.

"If someone had a property already, the tiny house would cost around $115,000 -compare that to a normal traditional build – there's site costs, there's everything put on to that – I've just taken that right out."

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Some of the houses are almost like fancy, large caravans on wheels, making them a winner for people who want to travel.

The prefabricated custom houses take five to eight weeks to be built off-site, where they are then installed on land in just a day.

"It's just a standard house but in a smaller version," Mr Todd said.

Paula Scully told 9News.com.au she had purchased three tiny homes for around $200,000 in total to use as holiday homes in Mallacoota in regional Victoria.

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She said one of the tiny homes could sleep as many as 10 people.

"We have three pods being built," she said.

"There's a main house being built that's got a loft and lounge area, kitchen and bathroom, and then we have another section for my kids which is a '10-bedroom pod' that sleeps 10 in it.

"We have a block of land in Mallacoota and they will be put there for the family to go to."

Ms Scully said she opted for the tiny homes instead of a traditional build due to their affordable price and "homely feel".

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"It was just homely, you can move them around if you want to, you can change them up, you can take them away.

"The good thing is they are on wheels so you can take them somewhere if you wanted to."

Mr Todd is giving away a free tiny home worth $25,000 to a frontline Victorian healthcare worker as a kind gesture of thanks for their hard work amid the COVID-19 pandemic.

The worker would just need space outdoors for the tiny home to be installed. They could be used as an office or an outdoor retreat for them to destress, unwind and relax in.

"These frontline workers – we just need to look after them," Mr Todd said.

"I couldn't have a job like that and I take my hat off to them."