19/1162-1164 Dandenong Road, Carnegie VIC 3163

3-bed apartment, dual parking | Strong rental yield near 6% | Recent $740k building comp | Glen Eira school zone This property presents a compelling buying case for an investor or owner-occupier seeking a well-configured three-bedroom apartment with genuine scarcity in its dual parking and two-bathroom layout. The recent $740k sale of a similar unit within the same complex establishes a clear value ceiling, while the current estimated range of $620k–$780k suggests room for negotiation below that benchmark. The 6.2% rental yield is notably strong for Carnegie, supported by the building’s stable tenure profile where 40% of owners have held for over a decade, indicating a well-managed complex with limited turnover pressure. The stone benchtops, induction cooktop, and split-system heating and cooling are not merely cosmetic but represent a finish standard that reduces immediate capital outlay for a buyer. The primary risk is the property’s frontage onto Dandenong Road, a major arterial, which may affect noise levels and future resale appeal to noise-sensitive buyers, though the balcony orientation is not specified. The 2021 purchase price of $668k provides a historical floor, but with only 2.66% annual growth in the strongest building comp over 13 years, capital appreciation has been modest relative to Melbourne averages. The opportunity lies in the building’s above-average owner-occupier ratio and recent rental activity, which suggests consistent demand. A buyer could potentially secure this below the $692k midpoint estimate and achieve immediate positive cashflow at current rents, though the medium confidence rating on Domain’s valuation warrants a building inspection and strata review before proceeding.