3/338 Melrose Drive, Tullamarine VIC 3043

2-bed villa unit | 119sqm on 173sqm lot | quiet Tullamarine pocket | auction May 23 This townhouse competes unusually well for its category. The 119sqm internal area is generous for a two-bedroom villa, giving genuine separation of living zones rather than the cramped open-plan typical of newer units. On a 173sqm lot with one car space, it suits a first-home buyer or investor seeking low-maintenance holding with better livability than comparable stock. Its catchment for Gladstone Park schools adds appeal for young couples or families starting out, and the auction format suggests vendor motivation within a 72% clearance market for Tullamarine two-bedders. The main risk is the lot size—173sqm limits future subdivision or extension potential, capping capital uplift to street-level appreciation rather than land-value gains. The estimated value gap between this unit and the adjacent house on 692sqm shows where real scarcity lies. Buyers should budget for possible strata levies and confirm body corporate health before auction. The opportunity is in the price guide: at $520k–$560k, it sits below the suburb median for two-bedroom houses ($570k), offering entry below replacement cost for similar new builds. Hold for steady rental yield or live in for five-plus years to ride Tullamarine’s infill demand.