306/148 Wells Street, South Melbourne VIC 3205
306/148 Wells Street, South Melbourne VIC 3205
3-bed in amenity tower | 90m² family-sized | CBD-fringe address | strong rental depth | condition varies by floor
This apartment holds a genuine edge in South Melbourne’s market, where one- and two-bedroom stock dominates and larger family-oriented units are scarce. At roughly 90 square metres with three bedrooms, two bathrooms, and secure parking, it competes for downsizers, professional couples, and small families who want inner-city convenience without compromising on space. The building’s resort-style amenities—indoor pool, gym, tennis court, and barbecue areas—add a lifestyle layer rarely matched by low-rise stock, while the walkable access to the CBD, Southbank, and the Royal Botanic Gardens strengthens its appeal to owner-occupiers and investors alike. Rental demand here is robust, particularly for larger apartments with parking, which supports both live-in value and future leasing flexibility.
Value may hinge on the apartment’s specific floor level, aspect, and internal condition, as the building shows a mix of original and upgraded finishes. A north-facing or higher-level unit with full-height glazing could command a noticeable premium, while a lower-level or west-facing stack might trade at a more modest level. Renovation quality and the presence of modern kitchen or flooring upgrades may also narrow or widen the gap to top-floor product. Buyers should weigh these variables carefully when forming a price view, as the same building can yield meaningfully different outcomes depending on fit-out and outlook.
Detailed Independent Property Report prepared by PropCred Analyst team for 306/148 Wells Street, South Melbourne VIC 3205
Checks found:
Value Risk
2
Liquidity Risk
Planning Risk
Income Risk
Execution Risk
2
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Market Insight
South Melbourne remains a supply-constrained inner-city market, defined by a high-density stock profile. Demand is led by owner-occupiers, downsizers, investors and returning professionals, drawn by CBD proximity, education precincts and lifestyle hubs. Confidence is rising. House prices have reached a median of approximately $1.71m, with annual growth of 8.6–12.7%, while unit medians sit near $595,000, growing 0.1–3.5%. Volumes are thin: 103–127 house sales annually, and stock moves quickly, with median days on market of 26–44. Unit yields are stronger at roughly 5.4–5.6%, versus 2.7% for houses, and Melbourne’s 1.4% vacancy rate reinforces rental demand. The key constraints are affordability—Melbourne’s city-wide median house value is $990,000—and a 30% month-on-month surge in late-2025 listings; scarcity of quality stock and a tight rental market provide the counterweight.
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PropCred Estimated Value
Comparable Sales: 2-bed unit at 148 Wells Street sold at $815k; penthouse-level 3-bed listed at $850k–$935k | Property Price Band: $800k–$900k | Value Drivers: floor level, aspect, renovation quality
Bedrooms
2
Bathroom
1
Parking
1
Land
1.34 acres
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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