8/74-80 Ireland Street, West Melbourne VIC 3003
8/74-80 Ireland Street, West Melbourne VIC 3003
Triple-level townhouse | boutique block of 11 | set back for privacy | heritage overlay applies | strong rental yield potential.
This property sits in a secure boutique building with only 11 townhouses, which is rare for inner Melbourne and gives buyers a positional advantage over larger developments. The triple-storey layout with multiple outdoor spaces and a private master ensuite suits families or professionals seeking space without leaving the city fringe. Its setback from Ireland Street provides uncommon privacy for a West Melbourne property, and the zoning for North Melbourne Primary School and University High School adds demographic depth for future resale. The rental estimate of $935 per week signals a gross yield near 4% at the midpoint guide, which is competitive for a townhouse in this corridor.
The heritage overlay is the primary constraint, potentially limiting external modifications and adding cost or delay for any structural changes. The wide valuation spread, with Domain estimating over $2 million against recent comparable sales around $1.05 million, suggests the market has not fully converged on price, and buyers should rely on the Unit 7 sale from September 2024 as the more grounded benchmark. The 1,020 square metre total lot and approximate 582 square metre unit allocation imply a land component that may appreciate differently than the building itself. This townhouse is best held as a long-term inner-city residence with stable rental income, not a short-term flip.
Detailed Independent Property Report prepared by PropCred Analyst team for 8/74-80 Ireland Street, West Melbourne VIC 3003
Checks found:
Value Risk
Liquidity Risk
Planning Risk
Income Risk
2
Execution Risk
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Market Insight
West Melbourne offers a compelling entry point within the broader metropolitan market, characterised by a distinct divergence between its house and unit segments. Strong buyer engagement is fuelling robust capital growth for houses, reflecting demand for more affordable options in the city’s west. Conversely, the unit market faces headwinds with softening values, indicating segment-specific challenges. Future performance remains sensitive to broader interest rate movements, though stabilisation could further support sentiment, while the persistent underperformance of units presents a key market risk.
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PropCred Estimated Value
Bedrooms
3
Bathroom
3
Parking
1
Land
1020m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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