1/12 Daley Street, Elwood VIC 3184

| Flood overlay risk | Boutique block of 5 | Inner city apartment | Renovated but dated layout risk | The flood overlay introduces a specific insurance and resale cost mechanism that will narrow the buyer pool and likely add $600–$1,200 annually to holding costs, while the property’s boutique nature (only five units) limits comparable sales volume and thus exit liquidity. The two-level floor plan with a lower-level retreat is a structural advantage for work-from-home buyers or extended family, but the single bathroom is a hard cap on rental yield and family appeal. This unit is a hold for owner-occupiers who value the north-facing balcony and proximity to Ormond Village, not a flip or rental arbitrage. The competitive strength here is the land-to-unit ratio in a tight Elwood block, which provides more intrinsic value than a standard apartment. The north-facing covered balcony and remodelled kitchen are rare features that command premium attention in this price band, but the single bathroom and flood risk mean the buyer must be willing to trade volume for location. This property serves best a professional couple or downsizer prioritising park proximity and school zoning over space and yield. Comparable sales: 2/12 Daley Street (2-bed, same block) sold for $690,000 in Oct 2024, a 23% uplift from 2009 pricing, confirming steady capital growth in this micro-market. The 3-bed configuration with a lower-level retreat justifies a premium of roughly 40–50% over that 2-bed outcome, reinforcing the guide price band as credible for a deeper-pocketed owner-occupier. To secure this property, your next step is to instruct a building and pest inspection focused on drainage and sub-floor conditions, given the flood overlay, and to commission a flood risk report to quantify the annual insurance premium delta versus a non-flood comparable in Elwood.