175 Mary Street, Richmond VIC 3121

Listed under market | 2-bed GRZ with backyard | 74% clearance zone | 6 days on market This property enters the market below the suburb’s median for two‑bedroom houses, and the 167‑square‑metre block with rear lane access is genuinely scarce in Richmond’s current stock. The General Residential Zone and absence of heritage overlay mean a buyer can renovate or reconfigure without council constraints that often delay neighbours. At six days listed and with an auction scheduled, the window for a strategic pre‑auction offer is narrow but present,this suits a buyer who can move quickly and add value through a kitchen‑bathroom renovation, not a full rebuild. The Domain estimate suggests a gap between guide and likely reserve that could exceed $500,000, so a buyer must be prepared to bid well above the quoted range or risk being outflanked. The single‑bathroom layout and no parking will narrow the resale pool to owner‑occupiers and investors targeting yield over premium finish. Holding costs are manageable given the rental yield sits at 3.5% for the suburb, and a light renovation could lift the property into the next price tier without overcapitalising. Use this as a renovation‑and‑hold play in a high‑clearance market, not as a turnkey purchase.