21/7 Eildon Road, St Kilda VIC 3182

Art Deco block | rear first floor | garden setting | 2 bed rarity | seaside proximity This unit’s two-bedroom configuration in a period block is a supply-constrained offering in a suburb dominated by one-bedroom units, serving the long-term tenant or owner-occupier seeking character and stability. Its rear positioning and garden block aspect trade some natural light for acoustic privacy, creating a niche but durable appeal. The heritage overlay protects streetscape character but formally limits alteration potential, aligning the property with a buyer prioritising preservation over personalisation. The gross rental yield near six percent provides a commercial foundation, but the heritage controls impose a permanent cost on renovation scope and budget. This positions the property as a hold for yield or gradual capital growth, not for value-add transformation. Proceed only if the Art Deco charm and rental income meet your strategic hold criteria, as the lack of development upside is definitive. Comparable sales indicate this property’s valuation is firm. A one-bedroom unit in the same block sold for $455,000 recently. With the median unit price for St Kilda at $525,000, this two-bedroom unit’s estimated value to $547,000 commands a justifiable premium for the additional bedroom and its configuration.