2/94 Buckingham Street, Richmond VIC 3121

| 3-level townhouse, quiet laneway position | 238sqm land in Richmond | high yield potential | 2-bed configuration rare in this format | The property’s primary buying case rests on its land-to-floorplate ratio. At 238sqm for a three-level townhouse, you are acquiring a footprint that is unusually generous for Richmond, and the laneway positioning means less street noise and better privacy than the main-road equivalents. The split-level layout, while not for everyone, creates separation between living and sleeping zones that appeals to owner-occupiers seeking a house feel without a full house price. The current rental yield estimate of over 5% suggests the property can carry itself while you wait for the market to re-rate, and the built-in robes and balcony are functional rather than decorative,they support the rental profile without adding premium cost. The risk is the valuation gap. The last sale at $855k in 2024 and the current Domain mid-estimate of $600k imply either a sharp market correction or an error in the data,you need to verify which. If the lower estimate is accurate, you are buying into a softening segment where neighbouring units have sat unsold. The 1-bedroom classification discrepancy in some listings is a red flag for financing and resale; confirm the title before proceeding. For a buyer, the opportunity is to negotiate from the lower estimate and hold for medium-term capital growth, using the rental income to offset holding costs. Use this property as a long-term hold with a tenant in place, not a flip.