204/28 Masters Street Newstead QLD 4006

121m² internal | 2-bed, 2-bath | Newstead fringe | flood overlay present | 5 days on market. This unit’s competitive advantage lies in its generous 121m² floor area, a rare footprint for a two-bedroom apartment in Newstead, which positions it well above the median unit size in the suburb. The larger internal space, combined with the open garage and low-density complex of only 31 units, appeals to owner-occupiers seeking a genuine apartment alternative to a townhouse. The property is best suited to a buyer prioritising space and a quieter building over a premium address deeper into the Gasworks precinct. The absence of heritage or bushfire overlays simplifies due diligence, and the 75% owner-occupier profile in the local market supports stable long-term demand. The flood overlay is the primary risk, as it may restrict financing options and narrow the buyer pool, particularly for investors. This risk is partially offset by the building’s 2005 construction date, which suggests it meets modern flood resilience standards, but a full flood report is essential before committing. The wide valuation range—from $800,000 to $1,110,000—signals pricing uncertainty, so a buyer should anchor their offer to the recent $915,000 sale of the smaller unit 203. Rental income of $785 per week provides a reasonable buffer if holding, but the property’s best use is as a long-term owner-occupied home where the space and low-density living deliver genuine lifestyle value.