31/2 Burvill Drive, Floreat WA 6014

| $1.04m estimate | overpriced rents | heritage overlay risk | compact 83sqm | This property is a well-maintained 2016 apartment in Floreat, but the $1.04 million valuation sits at the high end for a 2-bedroom unit. The main risk is the heritage overlay flagged on one source, which could limit future renovations or strata modifications—something buyers often discover too late. At 83 square metres internal, this is small for two bedrooms and two car spaces, meaning the garage footprint probably dominates the lot area. With a rental yield between 3.9% and 4.5%, it works better as a secure owner-occupier home than an investment, given Floreat’s modest 6.4% growth and the $790,000 2024 purchase price suggesting limited recent capital uplift. What makes this competitive is the 2016 build quality and location within 1.2 kilometres of both Floreat Park Primary and Shenton College, a sought-after catchment for families. The two car spaces and balcony with tree views are rare in this suburb for a unit this size. It suits a professional couple or downsizer who values low-maintenance living near Perry Lakes and Bold Park over square footage. Recent comparable sales in Floreat show 2-bedroom units transacting between $855,000 and $1.2 million, so this sits mid-range, but the heritage overlay demands a closer inspection of title documents before committing. Talk to your solicitor about the overlay first, then arrange a private viewing to verify the balcony size and storage—these details will decide if it’s worth the premium.