6/96 Wells Street, Southbank VIC 3006
6/96 Wells Street, Southbank VIC 3006
large 3-bed layout | resort-style amenity | owner-occupier street | single-car constraint | flood-overlay caution
At 124 m², this three-bedroom apartment sits well above Southbank’s typical investor-grade stock, where one- and two-bedroom units dominate. The size and secure single-car parking make it an uncommon offering, and it is best suited to owner-occupiers and downsizers who want city-fringe living without sacrificing space. The established building is positioned within an owner-occupied pocket, and shared facilities typical of the Wells Street precinct, including pool, gym and tennis, reinforce the lifestyle appeal. Its location near the Botanic Gardens, arts precinct and the under-construction Anzac Station strengthens the convenience story, and the configuration is likely to generate strong interest from buyers who would otherwise consider a house in the inner suburbs.
A flood overlay has been flagged for this pocket, which may be weighed differently by different buyers. The single-car allocation is modest for a property of this size, and this might narrow appeal among higher-end buyers. The mid-1990s building era may also carry higher body corporate expectations. Each factor might influence the final price, but none is likely to dominate given the rarity of this configuration.
>> Comparable Sales: 7/96 Wells Street sold $975,000 in June 2026; 2/96 Wells Street sold $706,800 in March 2025 | Property Price Band: $0.9M–$1.0M | Value Drivers: floor level, condition, flood-overlay perception
Detailed Independent Property Report prepared by PropCred Analyst team for 6/96 Wells Street, Southbank VIC 3006
Checks found:
Value Risk
Liquidity Risk
2
Planning Risk
1
Income Risk
1
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
Bedrooms
3
Bathroom
2
Parking
1
Land
2 acres
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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