10/110 Wellington Street, Waterloo NSW 2017

North-facing dual-level terrace unit | low-density security block in high-demand Waterloo | rare 100sqm footprint with separate bedroom levels | strong rental yield profile for inner-city buyers This property offers a genuinely uncommon configuration for the Waterloo market: a dual-level floorplan with bedrooms on separate floors, combined with a wide north-facing terrace and 100sqm of internal space. In a suburb dominated by flat-floor apartments and high-rise stock, this layout provides the spatial separation and indoor-outdoor flow typically found in terrace housing. The property sits in a low-rise security block of only 59 units, which limits supply and supports capital stability. It is best suited to owner-occupiers seeking a light-filled urban home with genuine living space, or investors targeting the premium end of the rental market where the dual-level design commands a yield premium over standard apartments. The primary risk is the strata levy at $1,358 per quarter, which is above average for a two-bedroom unit and will compress net yield for investors. The building has 75% renters, which can affect common property care and resale appeal to owner-occupiers. However, the off-market listing band suggests the vendor is testing price discovery, and the auction format may create opportunity if bidding is thin. The property’s last sale was 2016, so there is potential equity motivation. The correct strategy is to secure a pre-auction inspection, confirm strata records for any upcoming special levies, and bid with a ceiling based on comparable dual-level units rather than standard apartments in the suburb. Hold as a medium-term owner-occupier play or a stable rental with above-median income.