12/24-38 Little Bourke Street, Melbourne VIC 3000

Heritage overlay | small 51m² floorplate | leasehold-style lot share | limited growth buffer from 2020 floor The property carries two structural risks that directly affect resale and financing. The heritage overlay restricts alterations, especially to windows and facade, while the small floor area and shared lot structure mean you are buying into a strata-like arrangement without full freehold control. Opportunity lies in its rarity as a sub-$500k CBD entry point with 3-metre ceilings and bay windows, but the cost is limited capital growth potential and tighter lender appetite. Hold only as a long-term lifestyle pied-à-terre, not an appreciation play. The apartment’s competitive edge is its heritage fabric and natural light, which are scarce in this price bracket. For a buyer who values character and walkability to employment, education and retail, this works best as a personal residence rather than an investment. The high ceilings and large bathroom offer a sense of space that the floorplan does not, which matters when reselling to owner-occupiers. To move forward, verify the body corporate rules and the exact land share percentage with JEENA & SAACS before preparing an offer.