506/79 Market Street, South Melbourne VIC 3205

506/79 Market Street, South Melbourne VIC 3205
Two-bedroom apartment | South Melbourne heritage building | secure parking included | strong rental demand This property offers a rare combination of a two-bedroom floorplan with a secure car space and storage in a heritage building, which strengthens its position against newer, smaller apartment stock in the area. The location provides immediate access to South Melbourne’s café strip, the CBD, and Albert Park, making it suitable for professional owner-occupiers or investors seeking a tenant profile with reliable rental history. The estimated weekly rent of $710 supports a yield that aligns with current market expectations for this suburb. The heritage overlay limits external alterations but protects the building’s character and may reduce future supply competition from redevelopment. The prior sale in 2023 at $567,000 and the current price guide indicate modest capital growth, so buyers should not expect rapid appreciation. The apartment’s open-plan layout and balcony are standard for the building, but the inclusion of a storage cage and rooftop access adds practical value over comparable units.
Detailed Independent Property Report prepared  by PropCred Analyst team for 506/79 Market Street, South Melbourne VIC 3205
Checks found:
Value Risk ! 1
Liquidity Risk ✕ 2
Planning Risk ✕ 2
Income Risk ✕ 2
Execution Risk ✓
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Market Insight

South Melbourne is a tightly held inner-city suburb dominated by high-density living, attracting a broad buyer pool of owner-occupiers, downsizers, and investors. Demand is driven by its proximity to the CBD, education precincts, and lifestyle hubs, with a notable return of professionals and international students. The market is characterised by strong house price growth and a tight rental environment, though unit performance is more moderate. Future growth is underpinned by scarcity of quality stock and sustained migration, yet risks include a potential easing of pressure from rising listings and the inherent supply constraints of a mature locale.
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PropCred Estimated Value

Bedrooms

2

Bathroom

1

Parking

1

Land

851m²

Research & Review Prepared by Steve Dalton, Senior Analyst · Reviewed by Matt Proctor, Principal Analyst
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