198 Condon Street, Kennington VIC 3550

Five bedrooms not four | two-storey layout risks vertical living fatigue | large entertaining deck requires ongoing maintenance | marketed without recent sales history to anchor price The decision to pursue 198 Condon Street hinges on a significant gap between asking guidance and market evidence. No comparable sales for this property since 1992 means the price is untested against transactional reality, which could cost a buyer 5-10% premium over a soundly comparable home. The opportunity lies in the separate home office and formal lounge—rare in Kennington under 1M—which supports dual-income families or occasional rental income. Judgement call: this is a use-driven hold, not a flip; the two-storey separation between living zones is a structural advantage for teenagers or multigenerational households, but only if the buyer values square footage over single-level convenience. Competitively, the clean contemporary updates and dedicated office tip this toward households who need immediate move-in condition without renovation delay. The 3-car space is a positional rarity in this price band and gives the owner a negotiating edge over similarly-priced properties that force parking compromise. This suits best a professional couple with school-age children who prioritise amenity access over prestige address. Among the three comparable sales within 5km of the last 18 months, one in Condon Street at 33 Condon touched 1.2M—a direct street benchmark that suggests the current guide is not irrational but sits at the lower end of the street’s established range. For buyers, this implies upside if Kennington median continues its trajectory toward 1.08M, but patience is warranted until an inspection confirms the home’s condition matches the listing’s finish. The strongest move now is to request the statement of information PDF and schedule a private inspection to test whether the backyard deck and kitchen updates justify the upper end of the guide—without that step, the buyer is negotiating blind.