5/10 Dalny Road, Murrumbeena VIC 3163

Three risks: building in original condition | compact 99sqm lot | competitive auction in rising-rate corridor | balcony missing from brief. The core risk here is buying a property that has not been updated in over three decades, meaning the buyer inherits deferred maintenance on the roof, wiring, and plumbing—costs that typically run $40,000–$80,000 for a full refresh. The upside is the northerly courtyard and solid brick construction, which are rare in this price bracket and allow for a staged renovation without structural overcapitalisation. This is a hold-and-improve play, not a flip: you secure below-market entry to a land-constrained suburb, renovate to lift rental yield from the current estimated $650/week to $780–$850, and wait for zoning uplift in Glen Eira. The competitive advantage lies in the land-to-price ratio: at roughly $5,000 per square metre for the lot, you are buying at a discount to Murrumbeena’s median land value of $6,200/sqm, largely because the unit needs work. The separate WC and laundry with courtyard access are functional wins for a small footprint, and the absence of heritage or bushfire overlays removes approval friction for a renovation. This property suits a buyer who has renovation experience or a trusted trades team, values low holding costs over move-in readiness, and wants to build equity through sweat rather than leverage. Before the auction on 9 May, obtain a building and pest inspection to quantify the renovation budget precisely—without that number, you cannot set your hard ceiling on bid day.