1405/28 Wills Street, Melbourne VIC 3000
1405/28 Wills Street, Melbourne VIC 3000
Heritage overlay restrictions | 9 days on market with no inspections | market flat at -0.5% growth | buyer demand uncertain given high rental yield potential of 5.9%
The heritage overlay here is the primary risk mechanism, it may limit future modifications and could reduce resale appeal for buyers wanting to renovate, which typically suppresses capital growth in the medium term. Over 9 days on market without a single inspection scheduled suggests current pricing at $580,000 to $619,990 may be misaligned with buyer expectations. The notable opportunity is the rental yield at 5.9%, offering strong cash flow in a market where many properties deliver below 4%. This is a hold for income not flip for gains.
Competitively, what is rare here is the combination of a compact 91sqm two-bedroom footprint with a carport in a heritage zone within Melbourne’s city fringe, a configuration that typically attracts steady tenant demand from professionals working in the CBD. The key features mean a buyer secures predictable rental income from a stable demographic of young renters aged 20-39 who dominate the building. This property serves an investor best, targeting yield over capital appreciation in a flat market. To build confidence in your numbers, request the strata report and compare recent sales in this building—three properties have sold here recently and that data will confirm whether the asking price reflects fair value or if negotiation room remains.
Detailed Independent Property Report prepared by PropCred Analyst team for 1405/28 Wills Street, Melbourne VIC 3000
Checks found:
Value Risk
Liquidity Risk
1
Planning Risk
2
Income Risk
Execution Risk
1
URL has been copied successfully!
Market Insight
Melbourne’s core is defined by its unparalleled lifestyle proximity and tightening supply, attracting a broad buyer pool of owner-occupiers, downsizers, and investors. Sustained demand is driven by urban renewal, low vacancy rates, and robust sales activity, supporting solid price growth. Future prospects are underpinned by scarcity and gentrification, though affordability pressures and an easing of supply tightness present emerging headwinds for the market’s resilience.
URL has been copied successfully!
PropCred Estimated Value
Bedrooms
2
Bathroom
1
Parking
1
Land
1086m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
·
Reviewed by Matt Proctor, Principal Analyst
URL has been copied successfully!