701/488 Swanston Street, Carlton VIC 3053
701/488 Swanston Street, Carlton VIC 3053
7th-floor Carlton flat | university walk-to | pool-sauna-gym complex | strata on 2789sqm
This property occupies a competitive position within Melbourne’s university precinct, offering a 7th-floor flat with shared access to a heated indoor pool, sauna, and gym—rare amenities for this price tier. Its location within 0.7 km of the University of Melbourne and 1.2 km of RMIT ensures consistent rental demand from students and professionals, supported by a recent lease history at $480–$555 per week. For a buyer, the combination of low-maintenance strata living, reliable NBN to the building, and doorstep tram access reduces vacancy risk and supports stable yield in a high-turnover market.
The primary risk is the building’s shared 2789m² lot, which may limit individual control over future strata levies or capital works. The property’s recent July 2025 sale at an undisclosed price, followed by a current listing at $280,000–$300,000, suggests limited short-term capital growth. However, the consistent rental midpoint of $515 per week offers a gross yield near 9%, making this a cash-flow-positive hold for an investor. Use it as a long-term rental in a precinct where demand rarely softens.
Detailed Independent Property Report prepared by PropCred Analyst team for 701/488 Swanston Street, Carlton VIC 3053
Checks found:
Value Risk
Liquidity Risk
Planning Risk
1
Income Risk
1
Execution Risk
2
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Market Insight
Carlton is a high-density inner-city suburb defined by its proximity to major universities and the CBD, creating a market dominated by young professionals and students. Demand is driven by academic and investor interest in its walkable lifestyle and rental yields, though this has led to a clear divergence in performance. While houses show relative stability, the unit market faces significant headwinds from oversupply, reflected in sharp price corrections and extended selling periods. Future growth remains tied to institutional demand and infrastructure, yet affordability constraints and sensitivity to development cycles present ongoing risks to capital growth.
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PropCred Estimated Value
Bedrooms
1
Bathroom
1
Parking
-
Land
2789m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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