41 Bank Street, South Melbourne VIC 3205

3 bed apartment | 112m² internal | Domain House prestige | flood overlay present This property offers a rare configuration in a premium building, where a three-bedroom apartment with 112 square metres of internal space provides a genuine alternative to a terrace house for buyers prioritising lock-and-leave convenience over land. The east-facing orientation and full-height glazing capture morning light, while the building’s wellness amenities and podium garden add lifestyle depth that supports strong rental demand from professionals. The sale at $1,615,000 confirms that buyers are paying a premium for this floorplan and location, making it best suited to owner-occupiers seeking long-term capital growth in a high-walkability precinct near the CBD and parklands. The flood overlay is the primary risk, requiring confirmation of insurance terms and any building-level mitigation measures through council or strata records. However, the recent sale above the initial listing range suggests that the market has already absorbed this factor, and the overlay may deter some buyers, reducing competition. The opportunity lies in the building’s relative newness and the precinct’s ongoing infrastructure uplift from the ANZAC Station development, which should support further value appreciation. For an investor, the rental yield at $870 per week is modest against the purchase price, but the capital growth trajectory remains favourable.