7609/138 Spencer Street, Melbourne VIC 3000

High-rise 76th floor | 1-bed study layout | Premier Tower address | Panoramic bay-city views | Owner-occupier dominant building The property’s primary buying case rests on its combination of a dedicated study space and a high-floor position in a 75% owner-occupied tower, which is rare for a one-bedroom apartment in the Melbourne CBD. The study adds functional separation that typically commands a premium over standard one-bedroom units, while the building’s owner-occupier majority suggests stronger capital preservation and lower rental turnover risk than investor-heavy towers. This unit best serves a professional buyer seeking a primary residence with city-bay views, or an investor targeting the premium end of the one-bedroom rental market where quality finishes and building reputation support above-average rent growth. The key risk is the building’s size,811 apartments create potential for supply pressure on resale values, particularly if similar floor-plan units enter the market simultaneously. The buyer should verify the study is enclosed and habitable under council definitions, as open sky rooms may limit future buyer appeal. The $820 per week rental estimate implies a gross yield near 5.6% at the mid-point of the asking range, which is acceptable for a premium CBD apartment but not exceptional. The opportunity lies in the building’s recent comparable sales,a similar unit traded at $1.03 million,suggesting the current listing sits below peak pricing. Hold this property for medium-term capital growth driven by limited high-floor stock in the precinct, or occupy to capture lifestyle amenity and avoid stamp duty churn.