602/2 Defries Avenue, Zetland NSW 2017

Ground-floor in a walk-up block | no common walls | oversized for Zetland | communal terrace overlooked | East Village precinct. This unit is competitively rare because it combines a ground-floor footprint exceeding 200 square metres with no shared walls, which is almost unheard of in a complex built around 2005. The position overlooking the communal BBQ terrace and water feature gives the indoor-outdoor feel buyers in Zetland pay a premium for, and the separate study and three bathrooms make it suitable for a family who wants apartment living without the noise of neighbours above or beside. It serves best a downsizer from a house who values privacy and space, or a professional couple with a child who needs a home office and a courtyard. The main risk is that the property is on a local road in the Gardeners Road area, which can carry traffic noise during peak hours, and the lot size of 232-243 square metres is large for a strata unit, meaning holding costs for common area levies may be higher than typical. An opportunity exists in the fact that the complex is 75% owner-occupied, which typically supports stronger capital growth and fewer rental disputes, and the last sale was in 2012, so the current owner may have a lower cost base that allows for negotiation. Hold this property as a primary residence to capture the lifestyle premium, or rent it out for a yield that should improve as the East Village precinct matures.