29/20 Shirley Grove, St Kilda East VIC 3183

Ground-floor garden apartment | midcentury tightly-held block | dual entry with parking | rare tranquil outlook in inner-city This ground-floor unit presents a compelling proposition due to its scarcity within a tightly-held, period building. The configuration of two bedrooms with direct garden access and a private, leafy aspect is a rare find in the apartment market, moving beyond a standard investment unit to a lifestyle-oriented home. It serves a buyer seeking character and a sense of space without sacrificing inner-city proximity, effectively bridging the gap between apartment convenience and house-like amenity. The dual entry points enhance both practicality and the perception of a standalone dwelling, a premium feature that typically sustains value more robustly than generic stock. The decision hinges on reconciling the premium for its unique attributes with the building’s volatile sales history. While recent one-bedroom sales anchor the market near $400,000, two-bedroom results range from $275,000 to $665,000, indicating value is highly specific to individual unit appeal and sale conditions. The primary risk is overpaying for the garden premium against this inconsistent benchmark; your offer must be justified by the unit’s irreplaceable features, not averaged comparables. The opportunity lies in securing a character-filled home in a declining supply segment, with a clear commercial logic towards long-term capital stability rather than short-term yield. Acquire this for a five-to-ten-year hold to amortize the entry premium and realize the value of its rarity. Recent sales within 20 Shirley Grove provide critical context: – 27/20 (2b1p): $275,000, Mar 2023 – 26/20 (2b1p): $515,000, Aug 2022 – 37/20 (2b1p): $665,000, Apr 2022 – 8/20 (1b1p): $440,000, Nov 2024 – 4/20 (1b1p): $390,000, Jul 2024 – 15/20 (1b1p): $418,000, Feb 2024 This data confirms the wide value band for two-bedroom layouts, where the subject property’s ground-floor garden position justifies alignment with the higher historical transactions, not the outlier low. The consistent $400,000-range for one-bedrooms establishes a firm value floor for the building.