2002/3 Yarra Street, South Yarra VIC 3141

City skyline and bay views from full-width balcony | 78m² two-bedroom two-bathroom with study nook | Strong rental yield above suburb median | High short-term turnover in building signals active investor market The property’s competitive strength lies in its configuration: a genuine two-bedroom, two-bathroom floorplan with a study nook and a full-width balcony offering city and bay views,rare in this price band within the building. The stone kitchen with Miele appliances and floor-to-ceiling glass lifts the interior quality above many comparables, while the 78m² internal area provides a size advantage over nearby units. This combination serves a dual-purpose buyer,owner-occupiers seeking a liveable, light-filled home in a central South Yarra location, and investors targeting the suburb’s 5.2% median yield, with current rental estimates suggesting a 6.25% return. The building’s rooftop retreat, gym, and pool add lifestyle appeal that supports both occupancy and tenant retention. The primary risk is the building’s high turnover profile, with 64% of owners holding for under six years, which can indicate transient tenancy or weak capital growth,several units in the building have recorded negative annual growth over 11–12 years. The last sale of this unit was 13 years ago at $785k, and current asking prices sit slightly below that level, suggesting flat or negative nominal price performance over a long period. For a buyer, this means the property is best held for cash flow rather than capital gain; the strong rental yield and location near Chapel Street, South Yarra Station, and tram routes to the CBD and universities support a buy-and-hold strategy focused on income. Use this property as a reliable rental performer in a high-demand inner suburb, not as a short-term appreciation play.