2302/48 Balston Street, Southbank VIC 3006

2302/48 Balston Street, Southbank VIC 3006
view from high floor | 2 bed, 1 car | 2016 tower | resort amenities | flood overlay The property is positioned as a high-floor, two-bedroom apartment with a dedicated car space in a 2016-built tower. It is supported by an elevated outlook over Albert Park Lake, Port Phillip Bay, and the ranges, and by a comprehensive amenity package including a pool, gym, cinema, dining room, and 24-hour concierge. The light-filled open-plan layout is complemented by a stone kitchen, full-height windows, and built-in robes. It is considered a low-maintenance urban residence best suited to downsizers, professionals, and investors seeking convenience and strong rental demand. The value of this apartment may be influenced by the flood overlay that applies to the land, as insurance and lending requirements might be affected. The exact aspect of the unit is not confirmed, so view quality could vary with floor and orientation. The one-bathroom layout and compact floor area might limit appeal to some owner-occupiers, while the 2016 build age and high-rise density could affect maintenance expectations over time. Rental returns and resale demand may be sensitive to presentation, furnishings, and the current condition of the tower’s common facilities.
Detailed Independent Property Report prepared  by PropCred Analyst team for 2302/48 Balston Street, Southbank VIC 3006
Checks found:
Value Risk ! 1
Liquidity Risk ✓
Planning Risk ✓
Income Risk ✕ 2
Execution Risk ! 1
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Market Insight

Southbank’s inner-Melbourne position and transport links around St Kilda Road and Southbank Boulevard underpin activity, but the market is overwhelmingly a unit market: 596 unit sales against 7 house sales in the past year. Unit demand is driven by renters and investors, with median weekly rents holding at $695 for both houses and units and units averaging 45 days on market. Price signals are mixed: unit medians range from $501,850 to $555,000, with annual growth between -2.55% and -18.2%; house data is unreliable, with medians of $450,500 and $862,000 and growth of -64.3% on just 2-7 transactions. Infrastructure and rental stability support future demand, but thin house supply, softening unit prices, and 45-55 day selling periods are constraints.
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PropCred Estimated Value

Comparable Sales: 2603E/42-48 Balston Street sold 29 Mar 2024, $510,000 | Property Price Band: $500K-$600K | Value Drivers: view quality, floor height, building amenities

Bedrooms

2

Bathroom

1

Parking

1

Land

55m²

Research & Review Prepared by Steve Dalton, Senior Analyst · Reviewed by Matt Proctor, Principal Analyst
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