532A Nicholson Street, Fitzroy North VIC 3068

Two-level townhouse | Fitzroy North tram stop | split-level living | no owners corporation fees This property occupies a narrow but efficient 71m² footprint, and its split-level design makes the upper-floor living area feel more generous than the land size suggests. Built in 2014, it avoids the maintenance burden of older stock while offering a private winter garden and direct tram access , rare combinations in this price band. The absence of owners corporation fees improves holding cost, and the 4.42% rental yield signals strong tenant demand. It suits a first-home buyer or investor seeking low-maintenance urban exposure with good school catchments. The primary risk is the land-to-price ratio: 71m² on a busy arterial road limits capital growth compared to period homes on larger blocks. The Domain estimate of $750,000 sits well below the listing guide, suggesting the vendor’s expectations may be aspirational. However, the 2020 purchase at $700,000 and current rental evidence support disciplined bidding. Buyers should treat this as a lifestyle-driven hold with moderate upside, not a land-banking play. Use the inspection to assess street noise and winter garden insulation.