1003/108 Haines Street, North Melbourne VIC 3051

Reflections Building | 2 Bedroom | High Floor Exposure | Weak Capital Growth The primary risk is the building’s demonstrated capital stagnation, with unit 906 achieving only -0.26% annual growth over eight years and unit 705 declining -1.03% annually. These figures indicate a structural ceiling on price appreciation, likely driven by oversupply of similar units in the precinct. The opportunity is the rental yield potential at $685 per week, which provides a 6.1% gross return at the estimated valuation—reasonable by inner-city standards. This property should be treated as a rental hold with limited upside and held for income, not capital gain. The competitively strong feature is the high floor location on level 10, which offers improved light and reduced street noise compared to lower units. This, combined with the car space and proximity to North Melbourne Primary School, strengthens tenant demand and occupancy stability. The property suits a buyer seeking low-maintenance rental income with a long-term hold perspective, not a flip or fast equity build. To proceed, commission an independent strata report focused on sinking fund adequacy and upcoming special levies.