8/39 Byron Street, Elwood VIC 3184

Suburb softening -2.3% | dated interiors limit premium | yield 5.2% covers holding costs | no heritage protection leaves reno risk open The decision turns on price discipline. A 2.3% suburb decline means the unit must be acquired near the $370k floor of the estimated range to avoid immediate negative equity. The $430 weekly rental projection covers mortgage holding costs at current rates but leaves no buffer for vacancy or body corporate hikes. With no heritage overlay, future renovation is possible but not priced in. This is a hold-and-collect property, not a flip. Buy only below $380k for a 5.5% gross yield. What makes the unit competitive is its rarity as a one-bedroom in a boutique Portofino-style block with secure parking—scarce under $400k in Elwood. The north-easterly aspect and hardwood floors are durable features that underpin tenant demand. It serves best as a starter home for a first buyer with a small deposit, or a low-hassle addition to a portfolio targeting steady yield. The next step is to pressure-test the strata minutes for special levy risk before exchanging.