4/48 Esplanade West, Port Melbourne VIC 3207

Beach proximity renovation premium | Recent purchase history unknown | Market softening risk in premium segment | Land component minimal for apartment The unit carries known risks from a March 2023 transaction that established a higher base cost right before the current market correction. Buyers stepping in at the $900,000 plus asking price absorb that premium without recent comparable sales to support it and face potential negative equity if the softening continues—Port Melbourne’s two-bedroom median sits closer to $720,000. The renovation adds genuine livability but not proportional resale value for an apartment with shared land rights. The property works best as a long term hold for someone prioritising location and finish over short term capital growth. What makes this unit competitive is the rare treetop terrace and full high end renovation in a walkable beachside pocket. The 101 square metre floor area exceeds typical apartment dimensions and the non-stacker parking adds genuine convenience for daily car use. It suits couples or downsizers wanting a lock-and-leave base with strong lifestyle fundamentals rather than investors chasing yield. The property warrants a building inspection to confirm the renovation quality and a dwelling price adjustment of at least 15 percent from the current guide before you consider an offer.