412/71 Canterbury Street, Richmond VIC 3121

Heritage overlay in Richmond | 1-bedroom with car space | Near median but above recent sales | FTTP and 5G connected This property is positioned within a heritage overlay, which limits supply in the area and provides a degree of long-term scarcity for a one-bedroom unit. The inclusion of a car space and balcony is increasingly uncommon in this segment, giving it a practical edge over comparable apartments. For a buyer seeking a low-maintenance inner-city base with good connectivity and established zoning for Richmond Primary and Melbourne Girls College, the configuration works well as a personal residence or a reliable rental holding. The heritage overlay does constrain renovation potential, and the land size of 1122m² is shared across the building, meaning no individual development upside. The unit last traded at $490,000 in 2016, and the current price range sits above the suburb median for one-bedroom units, so capital growth may be modest in the near term. Rental income of $615 per week offers a reasonable yield, and the property is best held as a stable income-producing unit rather than a renovation or redevelopment play.