24/48 Moondine Drive, Wembley WA 6014

3-bed lakeside apartment | secure complex with pool | tenanted until 2027 | short walk to amenities | modernised interior This unit presents a compelling low-maintenance investment, defined by its secure tenancy and location. Its position on the second floor with high ceilings and lake views offers a sense of space uncommon in strata living, while the recent renovations in the kitchen and bathroom modernise a 1993 build. The property is ideally suited for an investor seeking immediate, stable rental income, or a downsizer attracted to the resort-style pool and direct access to Herdsman Lake’s trails. The primary decision hinges on the strata title and the fixed tenancy. The strata lot of 83 square metres necessitates thorough review of the strata report for future levy risks and capital works plans. The tenancy until January 2027 locks in income but prohibits owner-occupation, a significant opportunity cost for a buyer seeking personal use. Proceed strictly as a passive, medium-term hold to capitalise on the rental yield, with a plan to reassess personal use or sale post-2027. A comparable unit in the same complex, 4/48 Moondine Drive, is estimated at $714,000. This suggests the subject property’s listed offers from $850,000 command a premium, likely justified by its superior floor level, renovations, and secured tenancy. Buyers should validate this premium against recent sales of similarly updated apartments in the immediate area.