2213/288 Spencer Street, Melbourne VIC 3000

High-floor NE views | study versatility | strong rental yield | no parking This unit presents a competitively strong proposition for yield-focused investors or CBD-centric owner-occupiers. Its higher floor and north-east aspect over Flagstaff Gardens command a tangible premium over typical south-facing stock in the precinct, while the integrated study adds functional versatility rare in one-bedroom layouts. The 2009 build coincides with a wave of quality stock, and full building amenities align with market expectations. It serves investors seeking high cash flow and professionals valuing walk-to-work convenience. The decision hinges on accepting the material value constraint of no on-site parking, which typically reduces capital value by 10-20% and narrows the buyer pool. The high yield offsets this for investors, but long-term capital growth in this specific building has been inconsistent. For an owner-occupier, the trade is urban access for potential resale limitations. Proceed as a hold-for-income property, not a short-term capital play. Recent sales within the same building demonstrate value compression for standard units, providing a clear benchmark. – 2303/288 Spencer St: Sold for $250,000 (Oct 2025). – 2412/288 Spencer St: Sold for $223,000, achieving a 12.83% yield. – 3507/288 Spencer St: Sold for $265,000, yielding 9.32%. This data anchors the subject unit’s value in the mid-to-high $200,000s, with its superior floor and aspect justifying a position at the upper end of that range.