Property Deep-Dives — 23 Adam Crescent, Montmorency + 6 Kensington Court, Mulgrave

Date: 2026-10-15 · Desk: Eva · Brief: investment assessment (≤$700k budget, yield + capital growth) Follows: Richmond/Fairfield corridor + Thornbury Shop 5 + Fairfield 1/306 + Bulleen + 120 Hoddle + 4A&4B Westbrook (all 2026-10-15)

🎯 Both are houses near/above the ceiling — and one already failed its auction

23 Adam Crescent, Montmorency VIC 3094

The property

• Timber home, built 1983, 3 bed / 1 bath / 1 car on 327 m², high side of street, private position
• Jellis Craig listing (Eltham), EOI closed 14 Jul 2026 — listing may be stale; verify with agent
• Guide $700,000–$770,000 — bottom of range = budget, top = $70k over
• Schools: St Francis Xavier's 0.8km, Sherbourne Primary 1.0km, Eltham High 1.0km, CLC 1.0km

Price vs comparables

Read: at $700k the subject is ~$2,141/m² — cheap per square metre because it's a small original home on a smaller block. The renovated 24A next door asks $760–795k on 294 m², so at $700k the discount is real. But 35 Adam (697m², renovated) at $2,224/m² shows what the street's upper end clears — the subject is not competing with that stock.

Suburb context

Read: Montmorency is a gentle growth market (+4–6%), family-oriented, semi-rural fringe. Not a boom suburb, not a declining one. At $700k you're buying below the median in a rising suburb — the same below-median arithmetic that made the Bulleen house interesting, but with less land and less zoning optionality.

Yield maths

Above suburb benchmark (~3.0%) because the price is below-median while rents are not — same below-median premium as Bulleen.

Risks & checks

1. Stale listing — EOI closed 14 Jul; listing dated 18 Jun 2026. Confirm it's still available before investing time.
2. Original condition — 1983 timber, 1 bath, 1 car. Capex clock: roof, wiring, bathroom, kitchen. Building inspection essential.
3. 327 m² — modest land; no Bulleen-style development story (no RGZ2, no 576 m²). What you see is what you get.
4. 1 bathroom — limits tenant pool and rent growth vs 2-bath stock.
5. Main-road position? — Adam Crescent is off main roads; quiet court-like feel. Verify exact orientation/noise.

Eva's Read

Verdict: below-median price in a rising suburb works on yield — but it's a plain 3/1/1 with no second way to win.

• At $700k: ~5.0% gross, rising suburb, below-median entry ✓
• At $770k: 4.56% — the yield advantage thins fast at the top of guide
• No land story, no zoning story, no renovation alpha (original condition)
• Cap: bid to $720k; beyond that the renovated 24A at $760–795k is the better buy

6 Kensington Court, Mulgrave VIC 3170

The property

• Original brick, part double-storey, 4 bed / 1 bath / 2 car on 760 m², quiet court, offered for the first time
• Barry Plant Glen Waverley (Tony Ievoli 0422 869 795), auction Sat 26 Sep 12pm — PASSED IN (REIV: "Passed in Vendor Bid")
• Guide $780,000–$858,000 — above the $700k ceiling by $80–158k
• "Knockdown rebuild potential" — the pitch is land, not the house
• Proposed Carlisle Homes Domaine 40 (5-bed family home) as a rebuild concept
• Location: Brandon Park SC, Waverley Gardens, M-City, Monash University, Victorian Heart Hospital; Monash Freeway 2km, EastLink accessible

The auction result is the signal

Passed in at vendor bid. The property did not clear at auction on 25 Sep 2026. That means:

• The reserve was set above what the market would pay on the day
• The property is now under negotiation or relisted
• The vendor's expectations ($780–858k) exceeded the market's bid — that gap is your opportunity

REIV also records 22 Tiverton Drive (4-bed, 659 m²) sold by auction the same day — so Mulgrave auctions can clear; this one didn't.

Price vs comparables

Read: at $780k the subject is ~$1,026/m² land — but it passed in, so the market wouldn't pay that. 5 Kensington at $1.0M (Oct 2023) is the street's settled anchor. The subject needs to come back under ~$800k to make sense as a land buy, and under $750k to beat the $700k ceiling meaningfully.

Suburb context

Read: Mulgrave is a stable, balanced market — not booming, not declining. 282 house sales/year = liquid. The Monash/Heart Hospital precinct is a genuine employment anchor. But at $780k+ you're buying at the median, not below it — no below-median yield premium.

Yield maths

At guide, yield is below the Montmorency and Bulleen houses — because you're paying median-or-above in a slower-growth suburb.

Risks & checks

1. Over budget — $780–858k guide vs $700k ceiling. Passed in, so there's room to negotiate down — but the vendor hasn't accepted that yet.
2. "Knockdown rebuild" is a developer pitch — the Carlisle Homes concept is marketing, not approval. A rebuild on 760 m² needs council permits, budget $400k+, and 12+ months. Not a passive investment.
3. Original brick, 1 bath — if you don't rebuild, you own a dated 4/1/2 on a big block. The rent won't justify the price until renovated.
4. 760 m² in a GRZ? — Mulgrave is mostly General Residential; townhouse development (STCA) is possible but not zoned for it like Bulleen's RGZ2. Check the zoning overlay before paying for development potential that doesn't exist.
5. First time offered — elderly vendor, long-term hold. May be emotionally anchored to a price the market won't pay.

Eva's Read

Verdict: passed-in auction = vendor expectations above market. Only interesting if it comes back under $750k.

• At $780–858k: 4.2–4.6% gross, at-median price in a +2.3% suburb — the worst yield-per-dollar of any house assessed
• The passed-in result is information: the market said no at guide
• If it relists or negotiates to ≤$750k: ~4.8% gross on a big block in a balanced market with a rebuild option — worth a look
• If the vendor holds at $780k+: walk — the renovated 4-beds in Montmorency and the RGZ2 block in Bulleen both beat it on a risk-adjusted basis
• The rebuild pitch is not an investment thesis — it's a development project with council risk, budget risk, and 12-month timeline. Price it as a house or walk.

Ranked across all eight

Sources

1. Jellis Craig — 23 Adam Crescent Montmorency, $700–770k, 3/1/1, 327 m², EOI 14 Jul 2026: https://www.jelliscraig.com.au/property-details-23-Adam-Crescent-Montmorency/1916297
2. Jellis Craig — 35 Adam Crescent sold $1.55M (Aug 2025, 697 m²): https://www.jelliscraig.com.au/property-details/35-Adam-Crescent-Montmorency/1752820
3. Barry Plant — 24A Adam Crescent asking $760–795k (294 m², renovated): https://www.barryplant.com.au/for-sale/24a-adam-crescent-montmorency-vic-3094-208409/
4. Heatmaps — Montmorency 3094 (house $1,157,500 +2.43%; unit $795,000): https://heatmaps.com.au/suburbs/vic/montmorency-3094
5. SuburbsFinder — Montmorency 3094 (house $1,182,500 +4.42%; unit $775,000, 3.98%): https://suburbsfinder.com.au/suburb-profile/montmorency-vic-3094
6. Barry Plant — 6 Kensington Court Mulgrave, $780–858k, 4/2/2, 760 m², passed in 25 Sep: https://www.barryplant.com.au/for-sale/6-kensington-court-mulgrave-vic-3170-209469/
7. Real Search — 6 Kensington Court auction detail (Sat 26 Sep 12pm): https://realsearch.com.au/house-6-kensington-court-mulgrave-vic-3170
8. REIV — Mulgrave auction results (6 Kensington passed in, 22 Tiverton sold 25/09/2026): https://reiv.com.au/market-insights/suburb/mulgrave
9. Domain — Kensington Court Mulgrave street profile (5 Kensington sold $1.0M Oct 2023): https://www.domain.com.au/street-profile/kensington-court-mulgrave-vic-3170
10. Woodards — Mulgrave profile (house $1.12M +4.2%; unit $820k +11.8%): https://www.woodards.com.au/suburb/mulgrave/
11. Heatmaps — Mulgrave 3170 (house $1,133,661; unit $857,350): https://heatmaps.com.au/suburbs/vic/mulgrave-3170
12. O'Brien — Mulgrave appraisal (house $1.125M; rent $692/wk): https://www.obrienrealestate.com.au/posts/real-estate-appraisal-mulgrave-vic-3170