1505/228 Abeckett Street, Melbourne VIC 3000
1505/228 Abeckett Street, Melbourne VIC 3000
2 bed 2 bath 1 car | 85 m² CBD apartment | Level 15 | Built 2014 | Strong rental demand
This unit holds a genuine edge over most CBD stock because of its size and configuration. At 85 m², it is substantially larger than typical investor-grade apartments, making it suitable for owner-occupiers, sharers, or downsizers who want city convenience without the shoebox feel. The two-bedroom, two-bathroom layout with a car space is uncommon in this tower, where smaller one-bedroom and two-bedroom-one-bathroom formats dominate. It sits in a well-established building with lift access, secure entry, and resident amenities like a lap pool and gym. The location near universities, Queen Victoria Market, and Melbourne Central supports consistent demand from professionals and students alike. This unit best serves a buyer seeking long-term liveability or a stable rental income in a central, walkable setting.
The value of this property may be influenced by its higher floor position, which typically offers better light and outlook, though the exact aspect is not confirmed. The flood overlay recorded on the land could affect future insurance costs or renovation plans, and buyers should review this carefully. The building’s tenure mix, with many long-term residents, suggests a stable community but may also mean less turnover and fewer recent sales to benchmark against. The reported rental estimate of $820 per week indicates strong income potential, but this may vary with market conditions. The lack of recent renovation or updated finishes could justify a slightly lower price compared to refreshed units, while the larger floor plan remains a key differentiator.
Detailed Independent Property Report prepared by PropCred Analyst team for 1505/228 Abeckett Street, Melbourne VIC 3000
Checks found:
Value Risk
Liquidity Risk
2
Planning Risk
Income Risk
2
Execution Risk
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Market Insight
Melbourne 3000’s inner-city position, defined by strong walkability and established transport links to employment hubs, sustains broad demand from owner-occupiers, downsizers, investors, first home buyers, students, and returning professionals. This diverse pool is met with constrained supply, evidenced by a tight vacancy rate of 1.3% and robust sales activity up 9.8% year-on-year. House values sit at $977,579 with 5.5% annual growth, while units record $642,431 and 2.7% growth, the latter highlighting relative affordability amidst shifting buyer preference. Rental fundamentals diverge sharply: houses yield 1.84% with a $650 weekly median, units yield a strong 8.00% with $675 weekly rents, underscoring investor focus on higher-density stock. Future drivers remain supportive—population growth, urban renewal, and scarcity of quality stock—but risks are mounting. New listings, up 17.5–18%, are easing supply tightness, while rate hikes and affordability pressures are softening buyer sentiment. Victoria’s land tax regime is a further drag on investor activity.
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PropCred Estimated Value
Comparable Sales: Unit 1001 sold for $650,888 (2/2/no car); Unit 608 sold for $465,000 (2/1/1 car) | Property Price Band: $500,000–$600,000 | Value Drivers: Larger floor plan, car space, high floor, building amenities, rental yield potential
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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