401/166 Wellington Parade, East Melbourne VIC 3002
401/166 Wellington Parade, East Melbourne VIC 3002
2-bed 2-bath 1-car | premium configuration for the building | park and city fringe location | strong owner-occupier and downsizer appeal | heritage overlay area
This unit holds a genuine edge in its building because the second bathroom puts it ahead of most comparable stock, which tends to be 2-bed 1-bath. That alone shifts it toward the better end of functional layouts, especially for owner-occupiers or downsizers who want a proper guest bathroom and secure parking in a tightly held pocket. The location does heavy lifting too — walkable to the CBD, MCG, Fitzroy Gardens, and Jolimont Station — so the unit serves buyers who prioritise low-maintenance living with strong amenity and transport. It is best suited to professionals, empty-nesters, or investors wanting a supply-constrained inner-city property with broad tenant appeal.
Value may be shaped by floor level, aspect, and renovation quality, none of which are confirmed for this unit. Higher floors in the building typically command clear premiums for park or city views, while mid-level units without outlook trade closer to the lower end. Condition matters significantly here — upgraded kitchens and bathrooms, timber floors, and modern appliances can lift value noticeably, whereas dated finishes may cap it. The heritage overlay could limit future redevelopment, but that is not unusual for the area and rarely suppresses demand. Event-day noise and parking pressure near the MCG are worth weighing, though they are typical of the precinct rather than property-specific faults.
|| Comparable Sales: 305/166 Wellington Parade sold $695,000 (2 bed 2 bath 1 car); 1002/166 Wellington Parade sold $570,000 (2 bed 1 bath) | Property Price Band: $1.2M–$1.3M | Value Drivers: bathroom count, floor level and outlook, interior condition and upgrade level
Detailed Independent Property Report prepared by PropCred Analyst team for 401/166 Wellington Parade, East Melbourne VIC 3002
Checks found:
Value Risk
2
Liquidity Risk
2
Planning Risk
1
Income Risk
Execution Risk
1
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Market Insight
East Melbourne presents a high-value, professional enclave currently undergoing a significant market correction, with house prices experiencing a more pronounced downturn than units. Demand is bifurcated, driven by investor interest in a tight rental market and affordability pressures pushing first-home buyers toward the apartment segment. While persistent supply constraints provide a structural floor, the suburb’s immediate outlook is tempered by acute affordability challenges and sensitivity in its premium housing sector.
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PropCred Estimated Value
Comparable Sales: 305/166 Wellington Parade sold $695,000 (2 bed 2 bath 1 car); 1002/166 Wellington Parade sold $570,000 (2 bed 1 bath) | Property Price Band: $1.2M–$1.3M | Value Drivers: bathroom count, floor level and outlook, interior condition and upgrade level
Bedrooms
2
Bathroom
2
Parking
1
Land
1011m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
·
Reviewed by Matt Proctor, Principal Analyst
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