31/41 David Street, O'Connor ACT 2602

1-bed flat, O’Connor | strata block on 1.1 acres | flood overlay noted | built 1972, 36m² This property offers a rare configuration edge: a 36m² flat on a substantial 1.1-acre strata block in O’Connor, where land value typically dominates. The small footprint keeps entry costs low while the underlying land holding provides long-term capital leverage rarely seen in such a compact unit. It best suits a first-home buyer seeking a foothold in a sought-after suburb, or an investor targeting sub-$400k entry with rental demand from the Turner School and Lyneham High priority enrolment zone. The $450/week rental estimate supports a gross yield near 6.5%, which is competitive for the area. The flood overlay is the primary risk-it may restrict future strata redevelopment or refinancing options and could affect insurance premiums. The 1972 build with 36m² limits appeal to owner-occupiers seeking space, and the 1.1-acre land size is shared across the block, so individual control is minimal. However, the building’s tenure mix-36% held under three years-suggests recent turnover without strong price growth, offering a buyer potential to negotiate below the $357k listing. Hold this for steady rental income and land-linked appreciation, not for quick capital gain.