3/123 Chomley Street, Prahran VIC 3181

North-facing first-floor unit | tightly held Chomley Street | renovation canvas with solid bones | blue-chip Prahran pocket The buying case here turns on position and scarcity. Chomley Street is a tightly held enclave within Prahran’s blue-chip corridor, and this unit offers a rare entry point into that address at a renovator’s price point. The north-facing main bedroom and east-facing balcony deliver genuine morning light and cross-ventilation, which are uncommon in this bracket. The separate kitchen and meals layout provides a functional shell that a buyer can reconfigure without structural drama. For an owner-occupier seeking to build equity through sweat equity, or an investor targeting a yield uplift after cosmetic work, the floorplan and orientation give a clear advantage over comparable apartments in the area. The primary risk is the strata context , the building’s age and common property condition are unknowns that could absorb capital better spent on the interior. The “as is” offering implies deferred maintenance may be present, and buyers should budget for a full building inspection and a contingency of at least $40,000–$60,000 for kitchen, bathroom, and floor finishes. The upside is that post-renovation values in this pocket typically sit above $700,000, meaning the gap between entry cost and end value is wide enough to absorb both renovation spend and holding costs. This property should be held for at least three to five years to capture the full uplift from both the renovation and the suburb’s steady 2.4% annual growth.