3/78 Richardson Street, Essendon VIC 3040
3/78 Richardson Street, Essendon VIC 3040
2-bed unit in established Essendon pocket | low-rise complex on 1,260 m² site | strong transport and school access | investor and first-home appeal | modest footprint with solid rental demand
This unit sits within a low-rise apartment complex on a generous 1,260 m² site, placing it in the entry-level segment of Essendon’s market. Its configuration—two bedrooms, one bathroom, and a single car space—suits first-home buyers seeking a foothold in a well-connected suburb, or investors targeting reliable rental demand near schools, trams, and Essendon Station. The tree-lined street and mix of period homes and smaller dwellings give the location a settled, family-friendly character that supports long-term appeal. For downsizers wanting low-maintenance living without leaving the area’s amenity, this format works well, though it trades internal space and land component for convenience and accessibility.
The property’s value may be shaped by its condition and presentation, as older low-rise units in the area range from original finishes to modestly renovated interiors. Its position within the complex—floor level, aspect, and proximity to shared access—might influence privacy and light, which can affect buyer perception. The lack of heritage or flood overlays on the broader site reduces regulatory risk, but the smaller land share limits capital growth compared with detached houses nearby. Rental estimates for comparable units in the complex suggest steady income potential, though yield remains moderate rather than exceptional.
Detailed Independent Property Report prepared by PropCred Analyst team for 3/78 Richardson Street, Essendon VIC 3040
Checks found:
Value Risk
Liquidity Risk
Planning Risk
Income Risk
1
Execution Risk
2
URL has been copied successfully!
Market Insight
Essendon, an established suburb with excellent transport links and proximity to Melbourne’s CBD, sees demand from buyers and renters drawn to its expanding Essendon Fields precinct. Median house prices range from $1.65m to $1.9m, with annual growth varying from +1.1% to -5.4% depending on source; units range from $460k to $600k, with gross yields near 2% for houses and 4.9–5.1% for units. Days on market for houses are 41–51 days; units 35–41 days, indicating moderate turnover. A tight 1.18% vacancy rate and strong rental demand for units indicate a robust rental market. Future growth hinges on Essendon Fields commercial expansion, but affordability and conflicting capital-growth signals remain constraints.
URL has been copied successfully!
PropCred Estimated Value
Comparable Sales: 10/78 Richardson Street sold Oct 2021 around $559,000 | Property Price Band: $550K–$650K | Value Drivers: internal condition, floor level, renovation status, proximity to transport and school catchments
Bedrooms
2
Bathroom
1
Parking
1
Land
1260m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
·
Reviewed by Matt Proctor, Principal Analyst
URL has been copied successfully!