2/38 Northcote Road, Armadale VIC 3143
2/38 Northcote Road, Armadale VIC 3143
ground-floor garden apartment | private entry and two courtyards | prime Armadale walkability | boutique low-rise stock | tightly held precinct
This ground-floor garden apartment is positioned within a boutique low-rise stock that is rarely found in Armadale’s apartment market. A private entry, two courtyards, and off-street parking are provided, creating an indoor-outdoor balance that is uncommon in this suburb’s typical units. The property is best suited to owner-occupiers and downsizers seeking low-maintenance living without losing access to High Street’s cafes, boutiques, and transport. The premium address and generous configuration are expected to hold strong appeal among affluent professionals.
The exact orientation of this unit may not be confirmed, which might influence comparability with north-facing alternatives. The established building age could affect maintenance expectations, while courtyard aspect and common-area condition may impact perceived privacy and ongoing costs. Buyers are advised to weigh whether current finishes align with modern expectations, as updates might be needed to realise full market potential.
Detailed Independent Property Report prepared by PropCred Analyst team for 2/38 Northcote Road, Armadale VIC 3143
Checks found:
Value Risk
1
Liquidity Risk
1
Planning Risk
Income Risk
1
Execution Risk
1
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Market Insight
Armadale remains a tightly held inner-city market, with units comprising roughly 75% of its housing stock. Demand is driven by affluent professionals aged 30–39, whose high household incomes underpin a premium price point. House prices have softened, with medians near $2.34–$2.35 million and annual falls of 4.0–5.65%; units have corrected harder, down 4.9–9.6% to about $665,000. House selling times compressed to 54 days, down 36.5% year-on-year, but unit days on market stretched to 88, up 22.2%. Clearance rates are fragile at 53.7%, down 26.5%, pointing to patchy buyer demand. Rental performance provides some support: median house rents are $1,100 per week, up 15.8%, while unit yields sit near 4.5%, although one source puts all-residential yield at 3.77%. Sales volumes remain thin at roughly 80–97 house transactions annually, complicating price discovery. No clear near-term growth drivers emerge; the dominant constraints are affordability stress, negative annual appreciation, weak clearance momentum, and rising unit inventory.
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PropCred Estimated Value
Comparable Sales: 3/38 Northcote Road sold $749,000 | Property Price Band: $700K-$800K | Value Drivers: private entry, dual courtyards, prime Armadale location
Bedrooms
2
Bathroom
1
Parking
1
Land
1111m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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