5/62 Gourlay Street, Balaclava VIC 3183

First-floor apartment in quiet boutique block | leafy shared balcony with loft space | walk to Carlisle Street life | suited to owner-occupiers and investors. The property offers a rare configuration in this price band: a light-filled two-bedroom apartment with a functional loft space, shared balcony overlooking established gardens, and off-street parking. The renovated kitchen and bathroom reduce immediate capital outlay, while the polished timber floors and split-system climate control provide a move-in-ready standard. This unit is positioned well for first-home buyers seeking a foothold in Balaclava without compromising on amenity, and for investors targeting stable rental demand near Carlisle Street’s retail and transport corridor. The boutique block of six limits supply and supports a tighter owner-occupier profile, which historically aids resale stability. The flood overlay is noted and should be investigated for insurance implications, though the first-floor position mitigates direct exposure. The shared balcony and loft space are not private outdoor areas, which may limit appeal for some buyers. Off-street parking via roller door adds a meaningful edge in this suburb. The property suits a hold strategy,either as a low-maintenance home or a rental with solid yield potential near $600 per week. Buyers should proceed with due diligence on body corporate fees and the flood overlay, but the fundamentals here are sound for a long-term position.