Currently listed — $740,000 ▼ Reduced 7.5% · $60k · 2 days ago
3 bed · 2 bath · 2 car · ApartmentUnitFlat
Asking price cut 7.5% ($60k, from $800,000 to $740,000) 2 days ago. The vendor has already moved once: negotiate below the NEW asking, not at it.
The Property Brief — what the evidence shows. You draw the conclusion.
What we've tracked
- 20 Aug 2026 first tracked by our radar (the portal doesn't publish its list date)
- 20 Aug 2026 asking $800k
- 28 Aug 2026 price cut $60k — to $740k
- 31 Aug 2026 on market 10+ days — first tracked by us, a lower bound
Comparable auction sales
| Address | Config | Sold | When |
|---|---|---|---|
| 501/118 Russell St | 3 bd · 2 ba | $1.5M | Feb 2025 |
Where every number comes from
- Comps: published Domain auction results for Melbourne — suburb × configuration matches, not hyper-matched to this address
- Evidence trail: tracked by our radar from portal listings, web-archive checks and published auction results — each entry dated
⏱ Days on market — this campaign
10 days since our daily sweep first saw this listing.
The portal's own campaign may have started slightly earlier than our first sighting. Longer campaigns tend to mean more negotiating room — the board's "Longest listed" sort exists for exactly that reason.
Growth trend — Melbourne units at auction
Too few same-bed sales for a measured growth rate yet. Recent quarterly sold medians (all unit sizes — thin samples move these):
2024Q2 $672k (7) · 2024Q3 $475k (9) · 2024Q4 $456k (9) · 2025Q2 $622k (4)
Suburb-level, from published auction results. No single building has enough sales for a block-level series, so this is the honest grain; sales-mix shifts move raw medians, and the measured rate (when shown) controls for bed count.
Similar properties — on the market now
The 6 listings above are on the market now: same unit category, within 1 bedroom of 3, asking within 20% of this one, in Melbourne or a suburb whose centre is within 3 km — ordered by how close the asking price is. That is the whole rule: a filter, not a recommendation, and nothing here judges which home is better.
Construction risk — what no listing tells you
Building Commission NSW / Strata Community Association 2023 Strata Defects Survey: 53% of newly registered strata buildings reported at least one serious defect in common property (39% in the 2021 survey). Defects are common, not exceptional — and new does not mean safe (Opal Tower was under a year old).
Get an independent structural and strata inspection before you commit — the defect base rate makes it the single highest-value dollar in the purchase.
We cannot see inside a building — no one can from public records. This section states base rates and observable adjacency only, and will never call a building safe.
Want the numbers agents don't volunteer?
Check any Sydney suburb free — Market Mint market-conditions readout, live median, clearance trend and the price model — at aipropertyeye.com. No sign-up for the suburb check; the full board is 7 days free.
Data from published auction results (Domain) and live portal listings. Estimates are never valuations or financial advice. Own this home and want a result corrected? hello@aipropertyeye.com.