6/244-246 Koornang Road, Carnegie VIC 3163

fully renovated free-standing villa | flood overlay detected | 50% short-term ownership turnover | 5G coverage This unit represents a rare configuration in Carnegie: a fully detached villa on its own lot within a small complex, offering privacy and a courtyard that most units lack. The renovation is comprehensive and recent, meaning no immediate capital expenditure for a buyer, and the split-system air conditioning in both bedrooms is a practical advantage. The property suits owner-occupiers seeking a lock-and-leave home with good school catchment access, or investors targeting the stable rental demand near Koornang Road’s retail strip. The 1999 last sale date suggests low holding cost basis for the vendor, which may provide negotiation room despite the wide price guide. The flood overlay is the primary risk, potentially affecting insurance premiums and resale appeal to cautious buyers. The 50% tenure cluster of 3-6 year owners signals a building with moderate churn, not a long-term hold community, which may limit capital growth compared to deeper-rooted streets. The 139sqm lot is small, constraining future extension potential. Opportunity lies in the building’s low density and the fact that comparable units in the complex transacted at $896k in February 2025, offering a recent benchmark. Hold for medium-term owner-occupation or rent for yield near 3.8%, but avoid overpaying given the flood risk and small land component.