404/388 Murray Road, Preston VIC 3072
404/388 Murray Road, Preston VIC 3072
2 bed 2 bath 1 car at 87m² | 2015-built lift apartment | North-facing options in complex | Strong rental demand near transport | Larger than same-building peers
This unit sits at the contemporary end of Preston’s apartment market, a step above the older walk-ups that dominate much of the suburb’s stock. The 2015 build brings modern finishes like stone benchtops, timber flooring, and split-system heating and cooling, while secure entry, lift access, and a storage cage add practical appeal. At 87m² it is noticeably larger than some comparable two-bedroom units in the same complex, which gives it an edge for owner-occupiers who want space without moving to a house. The location suits first-home buyers, downsizers, and investors alike, with trams, Northland, cafes, and the Merri Creek Trail all within easy reach. School zoning for Preston West Primary and Preston High adds further family appeal, and the building’s mix of one and two-bedroom apartments keeps demand broad across different buyer types.
The property’s value may be shaped by a few factors worth weighing. The fourth-floor position, inferred from the unit number, likely offers better light and quieter living than ground-floor options, though the exact aspect is not confirmed. The 87m² total area includes no separate balcony or courtyard figure, so the usable outdoor space may be limited. Rental estimates around $575 per week suggest solid income potential, but the building’s 133-lot scale means strata fees and shared facilities could be a consideration. Recent in-building sales have ranged from roughly $425k to $495k, with a December 2025 sale at $495k for a similar unit, indicating a stable price band. The lack of flood, bushfire, or heritage overlays reduces risk, while FTTP NBN and 5G coverage support modern living needs.
|| Comparable Sales: 4/388 Murray Road sold $495k Dec 2025; 310/388 sold $470k | Property Price Band: $450k–$550k | Value Drivers: Larger floorplan, modern build quality, rental yield potential
Detailed Independent Property Report prepared by PropCred Analyst team for 404/388 Murray Road, Preston VIC 3072
Checks found:
Value Risk
1
Liquidity Risk
1
Planning Risk
2
Income Risk
Execution Risk
2
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Market Insight
Preston is a well-established, family-oriented suburb with strong professional demographics and excellent connectivity to Melbourne’s CBD, underpinning steady demand. The market is primarily driven by owner-occupying families, reflected in robust house sales and stable capital values, while the unit segment presents a more varied performance. Recent conditions show houses transacting efficiently, supported by rental growth, though modest price appreciation and divergent unit trends indicate sensitivity to broader economic factors. Future appeal is anchored in its infrastructure and established character, with the key constraint being the softer performance of the apartment market.
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PropCred Estimated Value
Comparable Sales: 4/388 Murray Road sold $495k Dec 2025; 310/388 sold $470k | Property Price Band: $450k–$550k | Value Drivers: Larger floorplan, modern build quality, rental yield potential
Bedrooms
2
Bathroom
2
Parking
1
Land
1.3 acres
Research & Review
Prepared by Steve Dalton, Senior Analyst
·
Reviewed by Matt Proctor, Principal Analyst
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