505/102 Stanley Street, West Melbourne VIC 3003
505/102 Stanley Street, West Melbourne VIC 3003
1 bed 1 bath 1 car | 55m² with balcony and study | CBD-fringe convenience | Strong rental yield around 6.5% | Mixed building quality
This apartment sits in a practical inner-city position where walkability to the CBD, Flagstaff Station, Queen Victoria Market, and the universities does most of the heavy lifting. The one-bedroom format with a car space and balcony is a genuinely useful configuration for this pocket of West Melbourne, placing it above the most basic studio-style stock without pushing into premium territory. It suits a first-home buyer wanting city access without a car-free compromise, or an investor chasing steady rental demand from professionals and students. The building itself is mixed in finish — some units are straightforward, others carry stone benchtops and Miele appliances — so the subject unit’s condition and presentation will matter more than the complex’s reputation.
Value may hinge on how this unit compares to others in the same building that have sold recently, particularly the one-bedroom transactions around the mid-to-high $400,000 range. The reported gross yield of roughly 6.5% on a comparable unit is a solid signal for rental demand, but the lack of any direct record for unit 505 means its floor level, outlook, and internal condition are unverified. The absence of bushfire, flood, or heritage overlays removes some risk, while the school zoning to North Melbourne Primary and University High adds family appeal even in a compact format. Buyers should weigh the building’s mixed specification against the unit’s actual finishes, and consider whether the study and courtyard genuinely add usable space or just appear on paper.
|| Comparable Sales: Unit 312 at $470k, Unit 310 at $462.5k | Property Price Band: $450k–$550k | Value Drivers: condition and finishes, floor level and outlook, car space and balcony
Detailed Independent Property Report prepared by PropCred Analyst team for 505/102 Stanley Street, West Melbourne VIC 3003
Checks found:
Value Risk
2
Liquidity Risk
Planning Risk
2
Income Risk
1
Execution Risk
2
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Market Insight
West Melbourne, in the city’s affordable west, is attracting strong buyer engagement, with house sales running 17.8% above the five-year average. House prices are rising sharply—$1.37 million with 11.29% annual growth, or $1.43 million with 16.2%—while units underperform, falling 5.73% to a $452,500 median (alternatively $527,500, down 0.3%). The demand base is price-sensitive, driven by affordability relative to bayside suburbs and supportive rate cuts. Houses trade in 57 median days, with gross yields of 2.9–3.2%; units yield 6.6–6.7% with $620 weekly rents. Vacancy sits tight at 1.4% across Melbourne. Growth is anchored by the broader market’s momentum, but unit-price weakness signals demand constraints in that segment, and interest-rate sensitivity remains a key risk.
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PropCred Estimated Value
Comparable Sales: Unit 312 at $470k, Unit 310 at $462.5k | Property Price Band: $450k–$550k | Value Drivers: condition and finishes, floor level and outlook, car space and balcony
Bedrooms
2
Bathroom
2
Parking
1
Land
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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