3/32 Burnett Street, St Kilda VIC 3182
3/32 Burnett Street, St Kilda VIC 3182
2-bed period apartment | St Kilda Hill boutique stock | heritage overlay | low-rise character building | beach and café walkable
Period-era, low-rise setting is provided on elevated St Kilda Hill, with heritage overlay and an established streetscape. A two-bedroom, one-bathroom configuration with a single car space is considered well suited to owner-occupiers seeking character and walkability, while the same profile is also prized by investors given inner-bayside rental depth. The building is set on a compact lot within a street of long-tenure residents. Proximity to Fitzroy Street, Acland Street, the foreshore, trams and the St Kilda Park Primary catchment is understood to be the property’s strongest single attribute. Downsizers, professional couples and lifestyle buyers are best served, particularly those valuing heritage charm.
Value may be most influenced by interior condition, floor level and original detailing. A well-presented interior might support a premium, while dated finishes may require a spending allowance. Heritage overlay may also limit future alterations. The 2012 transfer at $665,000 and the 2024 result for the larger unit in the same building suggest a firm recovery, but condition remains decisive.
Detailed Independent Property Report prepared by PropCred Analyst team for 3/32 Burnett Street, St Kilda VIC 3182
Checks found:
Value Risk
1
Liquidity Risk
1
Planning Risk
2
Income Risk
2
Execution Risk
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Market Insight
St Kilda’s inner-city Melbourne position and direct tram, train and road links to the CBD underpin a bifurcated market. Investor-led unit demand is strong, with 626 unit sales over the past year, drawn to gross yields near 5.67%. House buyers are higher-income, facing median prices of roughly $1.56–1.65 million. Price trends diverge: house growth ranged from 0.7% to 3.5% across sources, while unit prices declined between 1.3% and 3.8%. Rental demand is firm, with house rents up 5.4% and unit rents up 4.8% annually, though house rents vary widely by source. Units remain the affordable entry point, but high supply limits capital growth. School catchments are adequate. Affordability and interest-rate sensitivity are the key constraints.
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PropCred Estimated Value
Comparable Sales: 2/32 Burnett Street sold June 2024 for $1.37M; 1/32 Burnett Street sold $1.15M | Property Price Band: $950K-$1.05M | Value Drivers: heritage character, interior condition, St Kilda Hill location
Bedrooms
2
Bathroom
1
Parking
1
Land
467m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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