506/20 Queen Street, Blackburn VIC 3130

2 bed, 2 bath apartment in Blackburn | Shared 1,155m² lot | Zoned Blackburn High | Off-market, no recent sale history This unit offers a rare configuration advantage in a building where one-bedders dominate, giving it a structural edge in resale and rental demand. The dual bathroom layout and Blackburn High School zone make it a strong candidate for owner-occupier families or investors targeting the professional tenant segment. Its position within a larger lot and absence of overlays reduce transactional friction. The primary risk is the building’s mixed tenure profile, with over a third of owners holding for less than three years, which can signal turnover pressure or maintenance fatigue. Comparable unit sales in the complex show flat to negative capital growth over the past decade, so this is not a short-term appreciation play. The opportunity lies in below-market entry pricing if negotiated off-market, and a yield potential around 4.5–5% based on median rents. Hold for stable cash flow and school-zone demand, not for capital gains.