3/2 Newmarket Way, Flemington VIC 3031
3/2 Newmarket Way, Flemington VIC 3031
2-bed unit | 2 parking spaces | reverse-cycle air con | established complex | inner-north transport hub
This unit offers a configuration edge that is genuinely uncommon in Flemington’s older apartment stock. Two parking spaces under one title, combined with two bedrooms, makes it a practical fit for couples, hybrid workers, or small households who want car flexibility without paying for a house. The building is established, not new, but that means the complex has settled into its surrounds, with mature landscaping and a proven rental track record. Its position near Newmarket Station and Racecourse Road trams places it inside a corridor of strong, steady demand from professionals and downsizers who value quick access to the city but want more space than a studio or one-bedder. The reverse-cycle air conditioning and built-in robes cover the essentials, and the unresolved bathroom count—one or two—does not change the core appeal for most buyers, though it does matter for price comparison.
The heritage overlay on the site may limit external changes or redevelopment, which is worth confirming before any commitment. The building’s age also means the unit’s internal condition will vary, and the lack of a confirmed floor level could affect light, noise, and outlook—higher floors typically command a small premium in this precinct. The two parking spaces are the strongest value lever, as most comparable units in the complex carry only one, so their presence should support a firmer price position. The unresolved bathroom count may create a small negotiation window if the property turns out to be single-bath, but that is a detail to settle through the contract, not a reason to discount the unit’s core strengths.
Detailed Independent Property Report prepared by PropCred Analyst team for 3/2 Newmarket Way, Flemington VIC 3031
Checks found:
Value Risk
Liquidity Risk
Planning Risk
1
Income Risk
1
Execution Risk
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Market Insight
Flemington is a two-speed market. Houses have a median of $1.15 million, up 4.55–5.0% annually, but a quarterly fall of -9.8% suggests softening. Units are the stronger segment: medians span $430,000–$545,000, with annual growth as high as 28.2% and a quarterly surge of 29.4%. Unit yields (up to 6.5%) far exceed houses (3.4%), pointing to investor-driven demand; houses attract owner-occupiers, with 37 days on market. House sales totaled 89, up 4.7% year-on-year. Future growth depends on unit momentum, while affordability and price volatility are key constraints.
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PropCred Estimated Value
Comparable Sales: 34/2 Newmarket Way sold $470,000 (2-bed, 1-bath, 2-car); 21/2 Newmarket Way sold $650,000 (2-bed, 1-bath, 1-car) | Property Price Band: $500,000–$600,000 | Value Drivers: 2-car configuration, established building, transport access, condition and floor level
Bedrooms
2
Bathroom
1
Parking
2
Land
3683m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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