203/389 Neerim Road, Carnegie VIC 3163
203/389 Neerim Road, Carnegie VIC 3163
2/1/1 modern apartment | 62 sqm | sunny entertainer balcony | HFC NBN & 5G | no overlays
This unit sits in a modern secure-entry complex with lift access, basement parking, and a finish level above older walk-up flats. The 62 sqm plan is compact yet efficient, with two bedrooms, one bath, and a sunny balcony taking north-western light. Stone benches, gas cooktop, dishwasher, and floor-to-ceiling glass create a contemporary low-maintenance interior. The location is strongly transport- and lifestyle-oriented, close to Murrumbeena Station, the Djerring Trail, cafes, and shops. It best suits first-home buyers, downsizers, and investors wanting secure, easy-care accommodation in a connected pocket. No heritage, flood, or bushfire overlays simplify ownership, and HFC NBN with 5G supports modern living.
The unit’s value may be affected by its modest 62 sqm size and unclear floor level or building age. Future pricing might hinge on common-area maintenance and the complex’s overall presentation. North-western light and the balcony add appeal, while rental demand, around $530–$570 per week, may steady expectations. The floor plan’s efficiency and fixture quality will likely influence long-term value.
Detailed Independent Property Report prepared by PropCred Analyst team for 203/389 Neerim Road, Carnegie VIC 3163
Checks found:
Value Risk
2
Liquidity Risk
2
Planning Risk
2
Income Risk
2
Execution Risk
1
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Market Insight
Carnegie, 12 kilometres from the CBD, remains one of Melbourne’s most sought-after south-east suburbs. Demand is driven by proximity to the city, established public transport, and the vibrant Koornang Road precinct, with houses and units attracting a broad buyer base. The median house price is $1.7m–$1.75m, with annual growth ranging from 0.1% to 2.04% depending on the series, indicating a flat-to-modestly rising market. Units show a wider divergence: one source records 18.75% growth, another just 0.38%, with medians between $625k and $660k. Houses take 28–46 days to sell, with 94–121 transactions over the past year. Future growth is underpinned by Melbourne’s comparatively lower price base, but affordability remains a key constraint: median house prices are well above Melbourne’s $974k average, and higher 2026 interest rates are squeezing borrowing capacity, particularly for first-home buyers despite more accessible unit options.
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PropCred Estimated Value
Comparable Sales: 4/389 Neerim Road at $420,000 in 2020; a similar 2/1/1 in the complex at $435,000 | Property Price Band: $400k–$500k | Value Drivers: sunny north-west balcony, modern kitchen, secure parking and lift access.
Bedrooms
2
Bathroom
1
Parking
1
Land
2486m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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