2/38 Normanby Road, Kew VIC 3101

Brand new luxury residence | Three-level family apartment | 923m² lot size | Zoned for top public schools | No overlays This property presents a rare configuration, combining the space of a large house with the convenience of a low-maintenance apartment on a substantial near-1,000sqm block, a highly unusual offering in Kew. Its brand-new, luxurious finish over three levels with four bedrooms and six bathrooms positions it for a specific buyer seeking premium family living without land upkeep, squarely within the catchment of sought-after government schools. The complete absence of bushfire, flood, or heritage overlays removes significant approval and insurance complexities. The primary commercial challenge is the substantial price premium and consequent low yield. Estimated rental income implies a gross yield around 2.4%, well below the Kew unit median of 4.3%, indicating you are paying for luxury and scarcity rather than investment income. This property is a lifestyle purchase, not a yield play. It should be approached as a long-term family home where capital growth is derived from its unique attributes, not as a rental investment. Secure it only if the premium aligns with a decade-long hold for personal use.