6/7 Waterway Court, Churchlands WA 6018

| Listed under market | 65m² small footprint | 1986 build | Recent complex sale at $805k signals ceiling The property is listed $97,000 below the lowest current estimate, a gap that reflects either motivated vendor pricing or risks the market has not yet fully absorbed for a small 65m² 1986 apartment. The February 2026 sale of the identical unit in same complex for $805k establishes a hard ceiling; paying near that figure removes renovation buffer and leaves no equity cushion for a ground-floor strata holding with a 29m² courtyard as its primary amenity. This property works as a low-yield hold for a downsizer prioritising garden and pool access over future capital growth, but as a buy-and-hold investment the rental yield at $635-$705/week against list price under 5.5% demands a long timeline. The competitive edge here is scarcity of ground-floor units with private courtyard in walkable Churchlands, plus the strong school catchment to Churchlands Senior High School. The small complex (eight units) and 54% long-term ownership suggest stable strata with no imminent special levies. This best suits a buyer who values liveability over appreciation: a single professional or couple who wants immediate occupation at a discount to recent comparable, and can treat the $700k list as an entry point to negotiate below the $805k peak. To validate the pricing gap, request the strata records for the last three years and commission a building inspection focusing on the 1986-age common walls and roof membrane.