309/14 Cecil Avenue Cannington WA 6107

Studio apartment with separate bathroom and car space | Westfield Carousel views from balcony | NRAS tenancy below market rent until mid-2026 | Third floor secure complex with lift access This unit offers a rare combination of low entry price and secure, below-market income for an investor or first buyer seeking immediate cashflow certainty. The NRAS lease at $390 per week, well under the estimated $525–$610 market rent, provides a guaranteed tenant and predictable outgoings until June 2026, after which the property can be repositioned to market rent. The studio layout, while compact, includes a full bathroom with laundry and a tiled balcony with district views, making it functional for a single occupant or downsizer. Located on the third floor with lift access, secure parking, and proximity to Westfield Carousel and public transport, the unit suits buyers prioritising low-maintenance urban convenience over space. The primary risk is the NRAS discount itself: the below-market rent represents a foregone income of roughly $7,000–$11,000 per year until the lease ends, which must be factored into holding costs. The flood overlay is a latent concern for insurance and resale, though no current bushfire or heritage issues exist. The 1070m² shared lot and quarterly strata levy of $882 imply moderate body corporate management, and the unit’s studio classification may limit future buyer pool compared to a true one-bedroom. The opportunity lies in the 2026 lease expiry: a buyer can absorb the current discount, then raise rent to market levels, improving yield significantly. Hold for cashflow until mid-2026, then reassess for sale or continued rental at market rates.