5/203 Melton Road, Nundah QLD 4012

2-bed leasehold | rising vacancy in surrounding towers | no land component | premium pricing for unit not house | demand tied to rental yield compression The primary risk is the 113m² lot offers no land leverage, and while the September 2024 sale at $660,000 sets a recent floor, the current estimate of $910,000–$935,000 appears to price in future rental growth that may not materialise given the $590 weekly rent projection and softening inner-north unit demand. This property is positioned as a lifestyle hold for an owner-occupier rather than a growth play, and the floor plan with dual ensuites and oversized balcony is competitive only against newer builds lacking that spatial quality. The lack of flood or heritage overlays reduces insurance push, but the 1-car garage is a liability in a market where buyers now expect two spaces. Comparable sales are limited but the September 2024 trade of $660,000 for the same unit provides the sole reliable benchmark, implying the current $910,000–$935,000 range reflects a 38% premium in under two years—unsupported by rental yield alone. The dual-ensuite layout and 113m² floor area are rare in this price bracket, making it suitable for professional couples or downsizers who prioritise private space over land. For buyers seeking capital growth, wait for evidence of rental demand tightening; for those buying to live in, the NBN and air-conditioning are supporting features but not decisive. To confirm the valuation, request a rental appraisal from a local agent and cross-check asking rents for similar floor plans in the building.