1/21 College Street, Elsternwick VIC 3185
1/21 College Street, Elsternwick VIC 3185
2-bed unit | 2-car rare | College Street mix | strong rental demand | mid-market entry
This unit holds a genuine edge for its configuration: two secure car spaces are uncommon at this price level in Elsternwick, making it practical for owner-occupiers with vehicles or investors seeking broader tenant appeal. The 2/1/2 layout suits first-home buyers, downsizers, or investors wanting a low-maintenance foothold in an established suburb with a strong renter base and steady turnover. Its position on College Street places it within a mixed residential street where detached houses dominate, giving the unit a more grounded, established setting rather than a dense apartment block feel. It competes well against other small units in the area, offering a functional footprint without the premium attached to larger homes nearby.
Value may be shaped by the lack of confirmed building age, floor level, or finishes, which could mean the unit sits at the lower end of its price range if the interior is dated or the block is older. The 2017 sale history provides a reference point, but market movement since then likely supports the current asking range. Buyers should weigh the trade-off between the rare two-car advantage and the potential need for updates. The strong rental demand signals a reasonable income outlook, though yield will depend on final purchase price and achievable rent. The mixed street character may limit upside compared to a standalone house, but it also reduces price risk.
Detailed Independent Property Report prepared by PropCred Analyst team for 1/21 College Street, Elsternwick VIC 3185
Checks found:
Value Risk
Liquidity Risk
1
Planning Risk
1
Income Risk
1
Execution Risk
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Market Insight
The suburb is a premium, unit-dominated market: house medians range from $1.83m to $2.2m, units from $630k to $845k (62% units). Demand is driven by university-educated professionals in their 30s, with 36% renting and 31% mortgaging. Annual house growth spans -9.8% to +8.64%, unit growth -3.78% to +16.2%, with houses selling in 24–51 days. Population grew 5.2%, and unit yields of 4.4–4.7% support investor interest, but the 2.6% house yield and high entry prices are constraints.
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PropCred Estimated Value
Comparable Sales: 1/20 College Street sold $988,000 for 2/1/2 | Property Price Band: $700,000–$800,000 | Value Drivers: two-car parking, unit condition, street location near schools and transport
Bedrooms
2
Bathroom
1
Parking
2
Land
1821m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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