118 Basnett Street, Chermside West QLD 4032

Post-renovation price gap | patchy rental yield | zoning ambiguity | dated 1967 structure The July 2025 off-market sale at $950,000 is the most telling signal. That price sat 17% below the current mid-estimate, and the gap likely reflects the value of renovations completed after that transaction. For a buyer, that delta is the risk too; if those upgrades werent fully permitted or don’t match market expectations, the property may struggle to hold its current asking range. The 2.21% gross rental yield from Domain’s estimate also suggests this is not a cash-flow play, it is a hold-for-equity proposition at best, needing either further capital gains or owner-occupier end-use to work. The north orientation and side access are genuine structural advantages, but this house’s 1967 bones demand a buyer prepared for ongoing maintenance, not passive appreciation. What makes this property competitively rare is the combination of a 607m² lot with scenic elevation and city glimpses in a catchment for two well-regarded Craigslea schools, a pairing increasingly hard to find under $1.5m in this corridor. The recent updates to the kitchen, timber floors, and wet bar reduce immediate renovation spend, which is uncommon for a house of this vintage at this price point. This property serves best a family who values school proximity and outdoor entertaining over pure rental returns, and who can absorb the risk that the next comparable sale may not mirror the current estimates. To proceed with confidence, engage a building inspector to verify the renovation work and request the permits before any offer.