10/46 Tanami Drive, Bilingurr WA 6725

Tenancy restrictions tied to NRAS | heritage overlay adds unknown costs | top-floor unit without lift access | 7.7% yield may be capped by scheme limits The property is burdened by a heritage overlay that introduces undisclosed approval risks and potential remediation costs, while the NRAS registration imposes income limits on tenants, effectively narrowing the rental pool and capping future rent growth. The 7.69% yield is attractive only if the scheme’s compliance obligations don’t erode net returns—this is a hold for cash flow, not a flip for capital gains. What makes this unit competitively rare is its furnished, top-floor position overlooking parkland in a built-out suburb with limited supply—combined with FTTP and 4G, it serves a niche of remote workers or government tenants who value convenience over space. The $539k list sits above the $415–$555k estimate, so your negotiation leverage rests on proving the NRAS restrictions to the seller. Start by ordering a full heritage overlay assessment and NRAS lease deed review—these two documents will tell you whether the yield is real or a trap.