401/591-593 Elizabeth StreetMelbourne VIC 3000
Property Details for 401/591-593 Elizabeth St, Melbourne
401/591-593 Elizabeth St, Melbourne is a 1 bedroom, 1 bathroom Apartment. While the property is not currently for sale or for rent, it was last sold in July 2026. There are other 1 bedroom Apartment sold in Melbourne in the last 12 months.
Last Listing description (July 2026)
Positioned in the heart of Melbourne’s vibrant university precinct, this well-presented student accommodation apartment offers an affordable entry into the Melbourne property market with immediate rental returns and long-term tenant security.
Located within the popular student accommodation complex at 593 Elizabeth Street, this functional studio-style apartment is ideal for investors seeking a low-maintenance property in a prime CBD location. Currently leased at $390 per week ($1,695 per calendar month) until 22 January 2027, the property provides strong and consistent income from day one.
The apartment features a practical open-plan layout with built-in study desk, private bathroom, kitchenette facilities, and excellent natural light. A private balcony adds valuable outdoor space, while the building’s central location places residents within walking distance to Melbourne University, RMIT, Queen Victoria Market, Melbourne Central, public transport, cafes and restaurants.
Property Features:
Secure student accommodation investment
Currently leased at $390 per week / $1,695 pcm
Fixed tenancy until 22/01/2027
Functional open-plan studio layout
Private bathroom and kitchenette
Built-in study area and storage
Private balcony with urban outlook
Excellent CBD location close to universities and transport
Low-maintenance investment opportunity
An ideal addition to any investment portfolio with reliable rental income in one of Melbourne’s most consistently demanded student accommodation locations.
Property History for 401/591-593 Elizabeth St, Melbourne, VIC 3000
- 04 Jul 2026Sold for $147,280
- 15 May 2026Listed for Sale UNDER OFFER
- 09 Oct 2025Listed for Rent $400 / week
Recent sales nearby
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About Melbourne 3000
The size of Melbourne is approximately 2.7 square kilometres. There are 9 parks, covering nearly 2.5% of the total area. The population of Melbourne in 2016 was 47285 people. By 2021 the population was 54941 showing a population growth of 16.2% in the area during that time. The predominant age group in Melbourne is 20-29 years. Households in Melbourne are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Melbourne work in a professional occupation.In 2021, 25.80% of the homes in Melbourne were owner-occupied compared with 29.00% in 2016.
Melbourne has 64,752 properties. Over the last 5 years, Houses in Melbourne have seen a -35.59% decrease in median value, while Units have seen a -1.07% decrease. As at 31 July 2026:
- The median value for Houses in Melbourne is $1,425,811 while the median value for Units is $438,824.
- Houses have a median rent of $713 while Units have a median rent of $680.
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