3/47 Marne Street, South Yarra VIC 3141

Ground-floor apartment | Boutique block of 16 | Prime South Yarra | Heritage overlay | High rental demand This property offers a rare combination of ground-floor convenience in a small, well-managed block within one of Melbourne’s most sought-after suburbs, making it particularly suited to first-home buyers or investors seeking low-maintenance entry. The functional layout, private laundry, and fully furnished presentation reduce immediate outlay, while the heritage overlay ensures the surrounding streetscape retains its character, supporting long-term value stability. Its proximity to the Royal Botanic Gardens, Fawkner Park, and premium dining precincts gives it a lifestyle edge that consistently attracts quality tenants or owner-occupiers. The heritage overlay imposes restrictions on external alterations, which limits renovation upside but also protects against overdevelopment in the immediate area. The property has not been sold in 27 years, so while the current price guide reflects a significant discount to estimated market value, the lack of recent comparable sales data introduces some valuation uncertainty. On-street permit parking and the absence of dedicated off-street parking may deter car-dependent buyers, but the walkable location mitigates this risk. For investors, the rental yield appears attractive given the recent lease at $420 per week and current estimates near $550 per week, though furnished rentals may require periodic refresh costs.