55 Cornwallis Circuit, Gray NT 0830

Elevated on 793sqm | 3BR with polished floors | undercover parking for four | flexible downstairs zone | 5% yield suburb. The buying case rests on the land-to-building ratio and the elevated design, which together give this house a structural edge over standard slab-on-ground offerings in Gray. The 793sqm block with a 106sqm footprint leaves genuine room for downstairs conversion or a future granny flat, a rare configuration in a suburb that has already returned 34% growth. The polished hardwood floors and fresh paint mean the property is immediately habitable, while the undercover parking for four vehicles and six-foot fencing appeal directly to owner-occupiers seeking privacy and trades or families needing secure storage. This house serves best a buyer who values land leverage over cosmetic perfection. The risk is the single bathroom and original kitchen, which cap rental upside at 5% yield and may deter lenders on tighter valuations. The opportunity cost of not renovating is roughly 10–15% equity gain over 18 months if a second bathroom and updated kitchen are added. The downstairs area, while flexible, is not currently enclosed or approved for habitation, so any conversion requires council permits and a structural assessment. Hold this property for the land content and renovate the wet areas within the first two years to unlock its full rental and resale position.