401/38 Gregory Street, Condon QLD 4815

| flood and bushfire overlay | price above recent estimates | last sold 2010 | non-standard apartment description | This property carries two distinct risks that directly impact your return. The flood and bushfire overlays will increase insurance costs and may limit future buyer pools, while the offers over 449k listing sits above the most recent valuation of 430k, creating immediate negative equity on settlement. The 2010 sale price of 329k shows minimal capital growth over fourteen years, suggesting this complex has underperformed the broader market. However the 97 square metre internal area is generous for a two bedroom unit, and the Kirwan High School catchment provides consistent rental demand. This is a hold for yield rather than growth, and you should negotiate firmly toward a price below 430k. What makes this property competitively rare is the combination of two bathrooms and a single car space within a 97 square metre floorplan, which suits young professionals or downsizers seeking lock and leave convenience. The strata complex appears well maintained based on available photos, and the NBN fibre connection supports remote workers. This unit serves best as a stable rental holding for an investor prioritising cash flow over capital appreciation, or as a long term home for someone who values the school catchment and low maintenance living. The next step is to request strata body corporate records from the agent to verify sinking fund health, as these determine future outgoings.