2/29 Wheeler Street, Ormond VIC 3204
2/29 Wheeler Street, Ormond VIC 3204
North-facing courtyard | McKinnon Secondary zone | single-level villa | 3-bed with garage | established low-rise stock
This single-level villa is positioned as a practical, low-maintenance family option within the McKinnon Secondary College zone. A north-facing paved courtyard is considered a genuine rarity for unit-style stock, being private and well-lit. The separate lounge, kitchen-meals area, three robed bedrooms, and laundry with rear access are arranged into a functional layout suited to downsizers and young families. Ducted heating and cooling are fitted, and a single garage with rear access is provided. The property is read as established solid stock, placing it among the more affordable entries into a sought-after school zone without sacrificing space or convenience.
Value may be tempered by limited land within a shared development. Presentation and condition are likely to be weighed heavily, as polished floors and ducted climate control are expected at this level. The single-storey layout may narrow the buyer pool, yet strong downsizer demand is captured. The north-facing courtyard is likely the most saleable feature.
Detailed Independent Property Report prepared by PropCred Analyst team for 2/29 Wheeler Street, Ormond VIC 3204
Checks found:
Value Risk
1
Liquidity Risk
Planning Risk
1
Income Risk
2
Execution Risk
1
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Market Insight
Ormond, an inner-south Melbourne suburb, is positioned for owner-occupier families, driven by strong school catchments and Ormond Station access. House median at $1.855m, flat annually (YIP 0.82%; Jellis Craig 0.0%), though one source shows $1.9m up 5.8%. Units at $715k rose 13.49%, with yields 4.27% vs 2.56% for houses, drawing investors. Market conditions vary: days on house range 25–63, annual sales volume 47–73, and REIV shows a 25% quarterly house fall. Demand is supported by employment proximity and lifestyle amenity. Future growth rests on infrastructure, but high entry prices, rate sensitivity, and supply tightness are constraints.
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PropCred Estimated Value
Comparable Sales: 2 Wheeler Street unit sold Nov 2025 at $1,271,000 | Property Price Band: $1.1M–$1.2M | Value Drivers: north-facing courtyard, McKinnon zone, single-level layout
Bedrooms
3
Bathroom
1
Parking
1
Land
697m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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