18 Elm Grove, Parkdale VIC 3195

18 Elm Grove | underlisted 3-bedroom house | 726sqm land in Parkdale | strong street stability | auction clearance above 75% This property is being offered as a 2-bedroom but was previously sold and profiled as a 3-bedroom house, which creates a rare configuration edge for a buyer. On a 726sqm block in a street where 75% of residents are owner-occupiers and 65% are long-term, this is a stable, low-turnover pocket of Parkdale. The asking guide sits well below the Domain automated estimate for the 3-bedroom configuration, suggesting either a conservative entry point or a vendor motivated to transact quickly. It suits a buyer who can see past the current listing description and value the underlying land and floorplan flexibility. The primary risk is the bedroom discrepancy — whether the third room was removed, reclassified, or simply misrepresented. That ambiguity may deter some buyers, which works in your favour if you can verify the layout. The February 2024 sale at $1.75m sets a clear recent benchmark; the current guide of $1.4m to $1.5m implies either a price reset or a deliberate underquote to drive auction heat. Given the 75% clearance rate in Parkdale for 2-bedroom houses, competition is likely. If the property genuinely has three bedrooms, it is materially undervalued. Hold for land appreciation or renovate to unlock the third bedroom and align with market expectations.