5A Raglan Street North Melbourne VIC 3051

4-level townhouse | North Melbourne pocket | architect-designed 2006 build | 155m² lot with garage storage This property occupies a rare position in North Melbourne: a four-level, architect-designed townhouse on a compact 155m² lot, built in 2006, which means it avoids the compromises of period conversions or newer apartment-style stock. The configuration—three bedrooms, two bathrooms, and a shared lock-up garage with private storage—delivers genuine space for a professional couple or small family seeking a quiet pocket without sacrificing proximity to the city. The ground-floor access from the garage adds practical convenience, and the four-level layout offers separation of living and sleeping zones that is uncommon in this price bracket. The buyer here is not paying for land area but for vertical volume and design intent, which holds appeal for those prioritising privacy and modern finishes over a backyard. The key risk is the lot size: at 155m², this is a townhouse on a very small footprint, which limits future subdivision potential and may constrain resale appeal to a narrow buyer pool. The auction clearance rate in North Melbourne sits at 55%, signalling a market where overpricing is punished. The price guide of $1.2–$1.3 million sits below the estimated value of $1.48 million, which suggests either a conservative starting point or a property that may need realistic expectations. No sales history or floor plans are available, so due diligence on actual internal dimensions and body corporate costs is essential. For a buyer, this property works best as a long-term home or a low-maintenance hold in a convenient location—not as a short-term flip or development play.