94/11 Irving Street, Phillip ACT 2606
94/11 Irving Street, Phillip ACT 2606
New build 2023 | top-floor aspect | oval views | pool/gym | premium appliances
This unit presents a competitively strong proposition due to its new construction and premium inclusions, which are rare in the Phillip apartment market dominated by older stock. The top-floor position, peaceful outlook, and on-site amenities create a lifestyle appeal that best serves an owner-occupier seeking convenience or an investor targeting the strong rental yields evidenced in the building. Its position in the catchment for sought-after government schools further solidifies its family-friendly credentials.
The primary decision hinges on the building’s demonstrated price volatility. Comparable sales show inconsistent capital growth, with several recent sales at a loss, indicating a market still finding its floor. However, the high rental demand and yields near 5% provide a solid income buffer. Acquire this property as a long-term hold to mitigate short-term value risk, leveraging its modern features to secure premium rent and wait for the broader precinct maturity.
Recent sales in the same building provide critical context:
– Unit 73 (2 bed) sold for $577,000, showing slight negative annual growth.
– Unit 1 (2 bed) sold for $590,000, with -3.07% annual growth.
– Unit 7 (2 bed) sold for $580,000, recording -6.65% annual growth.
This data reveals a clear pattern of price pressure on two-bedroom units, suggesting this one-bedroom offering may face less direct competition but operates within a building with weak recent capital performance. The newer build date and premium finish of this specific unit command a relative premium, but the market context requires cautious valuation against these comparables.
Market Insight:
This suburb presents a nuanced opportunity, with its market currently in a corrective phase following a period of significant price adjustment. Recent trends indicate a softening in values, particularly for houses, while the unit market has demonstrated greater resilience. Demand appears anchored by investors, attracted by rental yields that remain comparatively robust, suggesting a steady income proposition despite the broader price recalibration. Future performance will hinge on the suburb’s ability to stabilise, with key constraints including a limited sales volume that can amplify market volatility and a lack of clear, proximate demand catalysts from major infrastructure or demographic shifts.