2 Melrose Court, Glen Waverley VIC 3150

Luxury finishes hide 1978 bones | 145m2 house may feel small for price | North-facing land is genuine scarcity | Extremely tight price band means little room for error The 1978 core with cosmetic upgrades carries a hidden cost: you are paying a premium for finishes that may not match the underlying structure’s longevity. Dual kitchens and ensuites add utility but do not increase square footage, meaning the $3.2M ask sits on a 145m2 floorplate that buyers typically see in half-price suburbs. The north-facing 723m2 lot in Legend Park Estate is the only genuine hard asset here—land value likely accounts for over 70% of the price, which protects downside but makes the house effectively a renovation candidate at resale. Hold for land appreciation, not for the building. Competitively, this property’s rarity is the north-facing block in a prestige estate with no overlay restrictions. That gives future subdivision or extension optionality, which most Glen Waverley comparables lack. The buyer who benefits most is someone who values location and land over move-in readiness and is prepared to live with a 1978 floorplan while the land does the heavy lifting. The sales history shows a 205% jump from 2018 to 2022—land inflation, not house value. To test whether that trajectory holds, you need a current land-per-square-metre analysis for Legend Park Estate, which will tell you if the asking price still trades below replacement cost for the dirt alone.