801/29 Russell Street, Essendon VIC 3040
801/29 Russell Street, Essendon VIC 3040
2 bed 2 bath 2 car | Circa 2023 build | Lift and secure entry | Walk to station and schools | Scarce double parking
This unit sits at the stronger end of Essendon’s modern apartment market, largely because of its two-car allocation—a rare find in this precinct where most comparable units offer a single space. The building itself is near-new, with stone benchtops, Bosch appliances, timber flooring, and split-system heating and cooling, so the finish standard is consistent with what buyers expect from a premium mid-rise product. Its position on Russell Street places it within easy walking distance of Essendon Station, the route 59 tram, local cafés, and several well-regarded schools, which makes it particularly suited to downsizers wanting low-maintenance living without losing access to amenity, or professional couples who value the commute and the security of a newer building.
The main factors that might shape its value are the internal floor area, which is not confirmed, and the quality of the private open space, as balcony size and orientation can vary significantly between lots in the same complex. The rooftop entertaining area and city views available elsewhere in the building suggest the common amenities are strong, but the subject’s specific aspect may influence how much natural light it receives. Strata fees are another consideration, as newer buildings with lifts, basement parking, and shared facilities often carry higher quarterly charges, and those costs should be weighed against the convenience they provide. The two-car configuration is a genuine point of difference, and it may appeal to households with two vehicles or those who see the second space as a practical storage option.
|| Comparable Sales: 406/29 Russell Street sold around $760k; 907/19-21 Russell Street sold near $700k | Property Price Band: $700k–$800k | Value Drivers: two-car allocation, building age and condition, proximity to transport and schools
Detailed Independent Property Report prepared by PropCred Analyst team for 801/29 Russell Street, Essendon VIC 3040
Checks found:
Value Risk
2
Liquidity Risk
Planning Risk
2
Income Risk
1
Execution Risk
2
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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.
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PropCred Estimated Value
Comparable Sales: 406/29 Russell Street sold around $760k; 907/19-21 Russell Street sold near $700k | Property Price Band: $700k–$800k | Value Drivers: two-car allocation, building age and condition, proximity to transport and schools
Bedrooms
2
Bathroom
2
Parking
2
Land
899m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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