305/112 Pier Street, Altona VIC 3018
305/112 Pier Street, Altona VIC 3018
Two-storey apartment with cathedral ceiling | Rare 2-car configuration in Pier Street stock | North-west balcony with natural light | Bayside walkability with rail and retail nearby | Suits owner-occupiers and downsizers
This apartment holds a clear edge over typical Pier Street stock. Most units in the building are single-level, 2-bedroom, 1-car layouts, so the two-storey design, soaring ceiling, and second car space make it a standout. The north-west balcony and lift access add practical appeal, while the contemporary finishes—floorboards, mirrored robes, split-system heating and cooling—keep it move-in ready. It serves buyers who want apartment convenience without the boxy feel of standard flats: couples, small households, or downsizers seeking a light-filled, low-maintenance home near the beach, station, and café strip.
The extra parking and elevated layout may justify a premium over nearby 2/1/1 units, which have transacted in the high-$300k to mid-$400k range. That said, the building shows active turnover, so resale liquidity appears solid. The lack of a stated construction year or floor level may prompt buyers to verify build quality and noise exposure, particularly given the main-street setting. Rental demand looks healthy, with comparable units leasing near $500 per week, implying a gross yield in the high-5% to low-6% range—reasonable for the suburb. The two-storey format might not suit all renters, but owner-occupiers likely value it most.
Detailed Independent Property Report prepared by PropCred Analyst team for 305/112 Pier Street, Altona VIC 3018
Checks found:
Value Risk
2
Liquidity Risk
Planning Risk
2
Income Risk
2
Execution Risk
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Market Insight
Altona’s property market is bifurcated by dwelling type. Houses sit at a median near $1.17 million, but annual growth is flat to slightly negative, and REIV data shows a 10.1% quarterly fall. Units are the outperformer: median around $705,000, up 6% annually, with gross yields of 4.27% versus 2.83% for houses. Weekly rents of $630 for houses and $530 for units reinforce the yield gap. Demand is being driven toward attached housing as affordability pressure weighs on the detached segment; houses take 39–71 days to sell depending on the source, and annual house volumes range from 130 to 189 sales. The main risk is further price softening in houses, particularly if rate sensitivity remains acute. Unit pricing is not immune, with an 18.4% quarterly decline reported by REIV, but the segment’s momentum is the key growth driver going forward.
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PropCred Estimated Value
Comparable Sales: 207/112 Pier Street sold $445k; 101/112 Pier Street sold $430k | Property Price Band: $420k–$460k | Value Drivers: Two-car parking, cathedral ceiling and two-storey layout, north-west balcony orientation
Bedrooms
2
Bathroom
1
Parking
2
Land
1859m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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