701/8 Garden Street, South Yarra VIC 3141

A 7th-floor 2-bedroom 2-bathroom apartment in Noir South Yarra built circa 2018 with one car park and fully furnished. Positioned on a 1,046m² site it delivers a high gross rental yield near 6.5% from $870 weekly rent supported by strong tenant demand. Its high floor provides clear views and light. Location advantages include immediate access to Chapel Street and elite private schools. A constraint is the high-density setting typical of this prestige zone. By this property a rare combination of modern construction, high-floor positioning, and exceptional rental performance is offered. As part of the Noir South Yarra complex built around 2018 the apartment is finished with contemporary inclusions and is furnished fully, by which it is made highly appealing to corporate tenants and investors. In a suburb known for its mix of heritage and high-rise stock this unit is positioned as a premium rental product with a yield that significantly outperforms the areas typical long-term leases. Buyers focused on cash flow and tenant reliability rather than capital growth alone are best served by this property. Demand among professionals and families seeking urban convenience is reinforced by its location within a top-tier school catchment and steps from Chapel Street. The material factors that may affect the value of this property include the softening observed in comparable sales within the same building, where a similar unit was recently sold at a price below its original purchase from 2018. This could be interpreted as a broader market adjustment for high-rise apartments in the area or a specific perception of this units positioning. The high rental yield might attract yield-focused buyers, but if capital growth remains subdued the property may be seen more as an income-generating hold than a wealth-building play. Ongoing costs of high-rise ownership such as body corporate fees and the reliance on furnished tenant appeal may shift with market preferences and should be weighed by buyers. Resale values could also be pressured by future supply of similar units in the precinct.