318/111 Canning Street, North Melbourne VIC 3051
318/111 Canning Street, North Melbourne VIC 3051
Ground-floor apartment in a 2019 complex | two private outdoor areas | premium fittings throughout | strong rental demand | flood overlay noted
This is a competitively positioned apartment for the inner-city owner-occupier or investor. The ground-floor configuration with two separate outdoor spaces is genuinely uncommon in newer apartment stock, and the direct access to landscaped communal gardens adds a layer of liveability that most comparable units lack. The fit-out is above standard for the area — timber flooring, stone benchtops, Miele appliances, and a separate powder room are features typically found in higher-priced developments. It sits within a well-serviced complex with gym, cinemas, and on-site retail, which strengthens its appeal to professionals, medical workers, and university-affiliated buyers who value convenience and low-maintenance living. The school catchment, particularly University High, broadens its attractiveness to families seeking a city-fringe option without compromising on education access.
The flood overlay is the most material factor to weigh, as it may affect insurance costs and could temper buyer demand from more risk-averse purchasers. The property’s value is also tied to the ongoing development of the Arden precinct, which may enhance or shift its appeal depending on how the area matures. The ground-floor position might suit some buyers but could be less appealing to those prioritising views or higher-floor privacy. Rental estimates suggest a solid investor-grade yield, though the absence of recent comparable sales within the building means pricing confidence may rely on broader market conditions and the quality of the fit-out relative to newer stock.
|| Comparable Sales: 312/111 Canning Street, 3 bed 2 bath, 2019 build, no settled price available | Property Price Band: $590k–$690k | Value Drivers: ground-floor outdoor space, premium finishes, school catchment, flood overlay consideration
Detailed Independent Property Report prepared by PropCred Analyst team for 318/111 Canning Street, North Melbourne VIC 3051
Checks found:
Value Risk
Liquidity Risk
2
Planning Risk
2
Income Risk
Execution Risk
1
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Market Insight
North Melbourne is an inner-city market anchored by CBD proximity and established transport links. Demand comes from young professionals and returning international students, with first-home buyers in the more attainable unit segment. House prices have slipped, with a $1.28 million median and annual growth of -2.4%, while units rose 8.3% to a $520,000 median. Tight supply and low vacancy underpin rentals; unit yields run 6.6% versus 3.2% for houses. Future growth hinges on gentrification and constrained listings, though affordability pressures and a 17.5–18% rise in new listings are near-term risks.
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PropCred Estimated Value
Comparable Sales: 312/111 Canning Street, 3 bed 2 bath, 2019 build, no settled price available | Property Price Band: $590k–$690k | Value Drivers: ground-floor outdoor space, premium finishes, school catchment, flood overlay consideration
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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