506/639 Lonsdale Street, Melbourne VIC 3000

| Owners corporation fees high | Heritage overlay identified | Rental demand strong | Growth moderate at 4% | The property’s potential is tempered by quarterly owners corporation fees of $1,500, a cost that erodes net yield for investors and adds to holding costs for owner-occupiers. The heritage overlay introduces constraints on future alterations, reducing flexibility but typically not impacting rental occupancy. With rental yields of approximately 6%, this unit is best held as a long-term income-producing property, not a short-term flip. This two-bedroom apartment in the Madison Tower offers rare access to building-wide amenities—lap pool, gym, concierge—that are uncommon at this price point. The 710-square-foot layout is competitively spacious for its bracket, and dual zoning to sought-after schools adds family buyer appeal. It suits investors pursuing stable cash flow or professionals wanting premium amenities without premium price tags. To validate this property’s position at the listed price, request a direct comparison with the June 2023 sale and recent Madison Tower transactions; these are the only reliable benchmarks to confirm whether pricing is aligned or inflated.