61 Mccracken Street, Essendon VIC 3040
61 Mccracken Street, Essendon VIC 3040
Large land in a prestige pocket | five-bedroom family scale | luxury renovation throughout | low-yield owner-occupier profile | school-zoned convenience
This house competes at the top of Essendon’s family market, and it does so with genuine substance. The 928 m² allotment is rare for the area, and the internal layout at roughly 343 m² gives you proper room for multi-generational living or entertaining at scale. Five bedrooms, four bathrooms, and four car spaces is a configuration that suits established families who want separation and flexibility, not just extra square metres. The renovation quality is the real differentiator here—marble benches, Miele appliances, a butler’s pantry, herringbone floors, and a pool and spa are not standard upgrades. It is finished to a level that most prestige buyers would otherwise have to build themselves, which saves time and removes construction risk. The Mar Lodge setting reinforces the appeal; it is a tightly held single-dwelling precinct where large blocks rarely come up, so the combination of land, condition, and location is uncommon. This is best suited to a high-income family planning to stay long-term, or an upsizer who values move-in readiness over a project.
Value will be shaped by how the market weighs the 2023 sale price against the current presentation. The house sold for $3.58M in March 2023, and the current asking range sits well above that, which suggests the renovation and extension work done since then is expected to justify the gap. Buyer demand at this level is thinner than the broader Essendon market, so sale time may stretch longer than typical family stock. Rental yield is low—around 2% by most estimates—so this is not an investment play unless capital growth is the primary goal. The lack of heritage or flood overlays adds flexibility, but the price point itself is the main constraint; it narrows the buyer pool to those who can transact at the prestige end. School zoning to Essendon North Primary and Buckley Park College adds practical value for families, though school performance data is not something you should assume from zoning alone.
|| Comparable Sales: 61 McCracken St sold March 2023 for $3.58M; nearby large-block sales in the street have ranged from $3.35M to similar levels | Property Price Band: $4.5M–$4.9M | Value Drivers: land size, renovation quality, and the single-dwelling precinct character are the primary influences on value
Detailed Independent Property Report prepared by PropCred Analyst team for 61 Mccracken Street, Essendon VIC 3040
Checks found:
Value Risk
Liquidity Risk
Planning Risk
2
Income Risk
Execution Risk
URL has been copied successfully!
Market Insight
Essendon, an established suburb with excellent transport links and proximity to Melbourne’s CBD, sees demand from buyers and renters drawn to its expanding Essendon Fields precinct. Median house prices range from $1.65m to $1.9m, with annual growth varying from +1.1% to -5.4% depending on source; units range from $460k to $600k, with gross yields near 2% for houses and 4.9–5.1% for units. Days on market for houses are 41–51 days; units 35–41 days, indicating moderate turnover. A tight 1.18% vacancy rate and strong rental demand for units indicate a robust rental market. Future growth hinges on Essendon Fields commercial expansion, but affordability and conflicting capital-growth signals remain constraints.
URL has been copied successfully!
PropCred Estimated Value
Comparable Sales: 61 McCracken St sold March 2023 for $3.58M; nearby large-block sales in the street have ranged from $3.35M to similar levels | Property Price Band: $4.5M–$4.9M | Value Drivers: land size, renovation quality, and the single-dwelling precinct character are the primary influences on value
Bedrooms
5
Bathroom
3
Parking
2
Land
913m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
·
Reviewed by Matt Proctor, Principal Analyst
URL has been copied successfully!