311/381 Punt Road, Cremorne VIC 3121

Flood overlay detected | Basis of value may now be impaired | Rental yield compressed | Future resale needs careful buyer positioning Flood risk has been recorded for this property, as has a valuation spread that signals the market has not yet fully priced that risk. The current asking sits above the nearest comparable unit sale at $435,000, meaning the buyer must accept that the premium may not be recoverable at resale unless the overall market lifts. Rental income at $590-$715 per week on a mid-range cost of $470,000 produces a yield acceptable for inner Melbourne but not outstanding for a one-bedroom apartment. The property suits a buyer who intends to hold medium-term and can absorb some downside; it does not reward a short-term flip or speculative entry. The competitive case rests on location. Cremorne sits close to the CBD, the Yarra River, and Richmond’s amenity strip, which supports occupancy demand from professionals and downsizers. The dedicated study nook and full furnishings reduce the friction for an owner-occupier seeking a lock-and-leave, while the Fibre to the Premises connection and secure basement parking add convenience without driving value. This property best serves a buyer who values walkability over square footage and is comfortable accepting the flood overlay as a known constraint rather than an unknown risk. The 2014 sale at $450,000, eleven years without capital growth, and the nearest comparable unit at $435,000 all point to a market that has effectively flatlined for this segment. To justify the current guide, a buyer would need to see genuine rental escalation or a catalyst in the Cremorne corridor. That case is not yet made. A careful review of the strata minutes and recent insurance costs on the overlay is the logical next step before any offer.