2/58 Grey Street, St Kilda VIC 3182
2/58 Grey Street, St Kilda VIC 3182
ground-floor Art Deco renovation | 2 bed plus study | leafy courtyard outlook | no car space | boutique period building
This apartment holds a genuinely rare position in the St Kilda apartment market because the period character has been combined with a full renovation rather than a surface refresh. The oak flooring, lofty ceilings, picture rails, and decorative fireplace create a level of interior quality that most ground-floor units in this suburb lack, and the study off the main bedroom adds a flexible third space that broadens practical appeal beyond a typical two-bedroom unit. Its placement along the communal courtyard gives the living areas a sense of openness and green outlook, which offsets the usual enclosed feel of older walk-up apartments. This property serves best an owner-occupier who wants the scale and detail of a period home without the upkeep of a house. Location strengthens that case further, with Fitzroy Street, Acland Street, Albert Park Lake, trams, and nearby train stations all within easy reach, and permit parking covers the missing on-site car space for a purchaser with a vehicle.
The absence of a dedicated car space may narrow the buyer pool slightly in an inner-bayside location where off-street parking is often valued. The ground-floor position might raise considerations around privacy, natural light, or security compared with an upper-level unit, though the courtyard outlook partially compensates for those. The building itself is boutique and period-defined, so future maintenance of common areas could influence holding costs, but the renovated interior reduces immediate capital expenditure needs. The study’s flexibility might justify a premium for some buyers and remain irrelevant to others, creating a slight variance in how the layout is valued. Price perception will likely hinge on how strongly a buyer weights the renovation quality against the parking limitation.
Detailed Independent Property Report prepared by PropCred Analyst team for 2/58 Grey Street, St Kilda VIC 3182
Checks found:
Value Risk
2
Liquidity Risk
1
Planning Risk
Income Risk
1
Execution Risk
2
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Market Insight
St Kilda’s inner-city Melbourne position and direct tram, train and road links to the CBD underpin a bifurcated market. Investor-led unit demand is strong, with 626 unit sales over the past year, drawn to gross yields near 5.67%. House buyers are higher-income, facing median prices of roughly $1.56–1.65 million. Price trends diverge: house growth ranged from 0.7% to 3.5% across sources, while unit prices declined between 1.3% and 3.8%. Rental demand is firm, with house rents up 5.4% and unit rents up 4.8% annually, though house rents vary widely by source. Units remain the affordable entry point, but high supply limits capital growth. School catchments are adequate. Affordability and interest-rate sensitivity are the key constraints.
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PropCred Estimated Value
Comparable Sales: 6/58 Grey Street sold $795,000 in 2024; 14/58 Grey Street sold $630,100 in 2024 | Property Price Band: $800,000–$900,000 | Value Drivers: renovated condition, flexible study layout, courtyard outlook and period detailing.
Bedrooms
2
Bathroom
1
Parking
-
Land
930m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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