25/7 Waterway Court, Churchlands WA 6018

Lakeside first-floor flat | resort complex | long-hold building | downsizer or investor play This property sits inside a secure, well-maintained complex backing onto Herdsman Lake, a location that is genuinely rare for an apartment under $700,000 in Churchlands. The building has a long-tenure ownership base, which typically signals low turnover and stable management—a structural advantage for a buyer. The unit itself offers a modernised bathroom, two built-in robes, and split-system air-conditioning, all of which reduce immediate capital outlay. It serves best a buyer seeking a low-maintenance lakeside foothold with strong rental fundamentals, or a downsizer prioritising lifestyle over size. The primary risk is the lack of recent comparable sales in the building itself; the one sale in February 2026 at $805,000 is for a different unit and may reflect a premium for position or condition not present here. The strata levy at $3,612 per year is moderate but not negligible, and the reserve fund contribution adds further holding cost. On the opportunity side, the suburb’s 10.4% growth rate and a rental yield around 4.2% support the case for either holding as an investment or living in it while the market appreciates. This is a hold-and-enjoy property, not a flip.