Hi Daniel, I'm no Malvern Star expert but I would be guessing that your frame is a Roadster frame from the 1930's or, perhaps, the 1940's. I say a roadster frame but I probably would suggest that it is a bike that was used as a commuter to work or school. The rear stays are bolted to the main frame and the rear forks are quite long suggesting a frame that is lower down the "pecking order". Also, the overall geometry with the long top tube in relation to the shorter seat tube and the relaxed frame angles suggest a 'daily rider'.
I would guess that it originally had a footbrake and mudguards fitted as well as a steel bar and stem.
Have you tried googling "Malvern Star, Vintage, 1930's, old, etc"? There used to be a Malvern Star register online too. There used to be a Canberra bicycle museum that had a website that featured various Aust. bicycle brands and did have a fair bit of info on Malvern Stars - perhaps the website is still on line? There is a fellow that lives in Gippsland, Victoria, Australia that knows 'everything' about Malvern Stars - he had a bikeshop called 'Bicyclepassion" - perhaps you could look him up.
Also have a look at:
http://www.bicycles.net.au/forums/vi...575d8c39e29314
I would expect to pay $50 to $150 for the frame depending on how much I really wanted it.
Best of luck,
Gary.