3 Stonehaven Cres, Red Hill ACT 2603

Low EER | dual income potential | bushfire overlay | land tax drag | building coverage constraint The 2.0 energy rating introduces a measurable holding cost against comparable Red Hill mid-century stock, particularly with gas central heating and no recent glazing upgrades. The separate metered apartment and studio offers a rental offset around $695-$1,160 weekly from the ground floor alone, but land tax at $28,920 if leased significantly compresses net yield to under 1.7% on current estimates. The 16% building coverage on 1606m² leaves substantial outdoor land, yet the suspended slab construction by Capezio and Co limits cost-effective vertical extension without structural engineering. This property works best as a dual-occupancy hold for an owner-occupier using the upper floor, absorbing the tax drag while the land appreciates in Canberra’s diplomatic corridor. The 1606m² block backing reserve in Red Hill’s Golden Mile is the rarest feature here—few comparable properties offer this building-to-land ratio with a separate dwelling already permitted. The 2025 unimproved value at $2.48 million signals the land alone carries most of the price floor, and at 402m² of living space, the buyer pays a $300-$400 per square metre premium for the dual-living flexibility versus a single-family home. This suits multi-generational households or buyers wanting a home office plus rental income without sacrificing privacy. Given the land value dominance and underutilised apartment income stream, a pre-auction building and pest inspection focused on the 1960s brickwork and roof connections would give buyers the confidence to bid firmly at the 10 May auction.