3/37 Elizabeth Street, South Perth WA 6151

Rear unit in leafy quiet street | 3-bed townhouse in boutique complex | Walk to Angelo Street cafes & foreshore | Recently renovated with dual living levels This townhouse presents a competitively rare offering as a rear-positioned, two-storey home in a boutique complex of only three, providing greater privacy and a quieter aspect than typical strata living. Its 1977 build is older suburb stock, but recent renovations and a functional dual-level layout separating living from bedrooms cater directly to owner-occupiers or investors seeking a low-maintenance property in a prime, walkable location. The configuration is strongest for small families or professionals who value proximity to amenities over large private outdoor space. The primary risk is the strata title structure, which introduces shared maintenance costs and decision-making, while the single bathroom configuration—a discrepancy in records that requires verification—could limit appeal and resale compared to two-bathroom homes. The commercial opportunity lies in securing an older, well-located unit below the house median, in a suburb where that gap provides a sustainable entry point. This property is a hold for the medium term to benefit from location demand, not a short-term renovation play. Recent sales within the same small complex provide a direct value benchmark: – **1/37 Elizabeth St:** Sold for $1,650,000 in February 2025 (3 bed, 1 bath). Originally purchased for $1,500,000 in October 2023. – **2/37 Elizabeth St:** Sold for $525,000 in May 2020 (3 bed). The 2025 sale at $1.65m for an identical lot size and bedroom count, but with only one bathroom, sets a strong upper benchmark. It indicates significant capital growth potential for this lot, assuming its condition and reported second bathroom align. The lack of recent sales elsewhere in the complex underscores the rarity of these opportunities.