216/118 Dudley Street, West Melbourne VIC 3003

3-bedroom apartment | Market Square building | east-facing terrace with city views | 2 car spaces This property’s competitive edge lies in its rare combination of three bedrooms, two secure car spaces, and a substantial east-facing terrace overlooking the city skyline, all within a well-managed building that skews heavily owner-occupied. For a buyer seeking a genuine family-sized apartment in West Melbourne, the floorplan delivers separation and storage with mirror-robed bedrooms and a primary ensuite. The oversized balcony off the main bedroom functions as an additional living zone, which is uncommon in this price bracket. The building’s gym and BBQ terrace add lifestyle depth, while the 75% owner-occupancy rate signals stable building governance and lower turnover risk. This property suits a professional couple or small family who want CBD proximity without sacrificing space or parking, and who value a building with a strong resident base. The main risk is the price guide sitting below the estimated value range, which may indicate the seller is pricing to attract competition or that the unit has a known shortcoming such as noise from Dudley Street or lower floor exposure. Buyers should verify the balcony’s orientation relative to prevailing winds and check the body corporate fees for any upcoming special levies. The 2003 last sale date means there is no recent transaction to anchor price expectations, so a building inspection and review of comparable sales in Market Square are essential. For an investor, the rental yield at $910–$985 per week is solid for the suburb, but the 25% rental cohort in the building suggests tenant demand is consistent. Hold this property as a long-term home or a low-management rental, given its configuration and location near Queen Victoria Market and transport.