9/10 Gurner Street, St Kilda VIC 3182

Price-risk gap across estimates | $200k range between low and high valuations | No dedicated parking creates resale friction | Heritage overlay limits expansion upside The price risk here is material not speculative. Three independent valuations span a $200,000 range, which means financing contingency and exit timing are critical. A $150,000 floor from Domain sits against a $385,000 listing ceiling; the buyer absorbs that gap. The absence of assigned parking—contradicted across sources—further compresses buyer pool at resale. For a 35m² unit built 1970, the heritage overlay restricts any structural improvement that might offset these constraints. This property is a hold for income, not a flip for capital. The current rental yield works if you can secure it at the lower end of the range, and if your exit timeline extends beyond five years to absorb valuation volatility. The strength here is location leverage and recent renovation. At 9/10 Gurner, you are buying into St Kilda’s coastal precinct without paying the street-facing premium. The top-floor, north-facing aspect with air conditioning and stone benchtops is rare in this floorplate and vintage—most comparables at 35m² trade unrenovated. This suits an investor seeking yield over growth, or a downsizer who values walkability to Fitzroy Street trams and Albert Park Lake. The sale period of 13 days for the prior lease confirms tenant demand at the right price point. For a buyer who can price below $350,000 and hold for steady cash flow, this unit is competitive within its cohort. Confirm the parking status directly and commission a heritage compliance audit before exchanging. Comparable sales within LP61776: 2010 sale at $150,000 and 1998 at $75,000 show material long-term appreciation, though the 1976 original sale at $16,500 anchors a different era. The recent $420 per week rental in 13 days confirms income demand strong. Value inference: the 2020 rental at $265 per week took 68 days, while the 2024 rental achieved 58% higher rent in 80% less time—indicating the renovation has materially improved income capacity.