707/74-76 Eastern Road, South Melbourne VIC 3205

South Melbourne Market walkable | 2-bed with secure car space | mid-rise with strong owner-occupier ratio | low-growth building history This unit offers a rare configuration in a building where one-bedrooms dominate, giving a buyer positional leverage in a tightly held, 70% owner-occupied block. The double-glazing, secure intercom, and lift access reduce noise and improve liveability for an owner-occupier, while the $800pw rental midpoint supports an investor seeking stable yield in a precinct with 60% auction clearance and 38-day average selling period. It serves best a downsizer or professional couple wanting immediate amenity near the market, gardens, and tram to the CBD, without paying a premium for a newer tower. The building’s 0.35% annual capital growth over nine years is a material constraint; this property has not appreciated meaningfully despite its location, suggesting limited upside without a market shift. The $825k prior sale resets the buyer’s entry point, and the current guide sits above that, so any offer must factor in the building’s low-growth history. Opportunity lies in holding for rental income rather than short-term resale, and the strong owner-occupier tenure reduces the risk of a rent-driven decline in common areas. Use this as a long-term hold with a focus on steady cash flow, not capital gain.