12/129-135 Grey Street, East Melbourne VIC 3002

1 bed, 1 bath | Grey Street, East Melbourne | Tightly held building | Owner-occupier tenure 9 years This property sits in a low-turnover building where the average owner-occupier stays over nine years, a strong signal of liveability and limited resupply. The single-bedroom configuration with parking in East Melbourne’s premium postcode serves a narrow but motivated buyer pool—professionals or downsizers seeking a secure foothold in a tightly held pocket. The building’s mix of townhouse and apartments adds diversity, and the absence of flood, bushfire, or heritage overlays removes common friction points for finance and insurance. For a buyer targeting capital preservation and steady rental demand, this unit offers a rare entry point into a suburb where median unit value sits well above $640,000. The primary risk is the property’s position within a larger complex of 20-plus units, which caps scarcity value compared to standalone or boutique blocks. A comparable unit in the same building sold at $550,000 in late 2025, providing a recent benchmark that anchors upside potential. Rental history shows a climb from $375 to $440 per week, suggesting income growth but also a ceiling given the one-bedroom format. The buyer should hold this property as a long-term residential play or a low-management rental, not a short-term flip.