1504/392 Spencer Street, West Melbourne, VIC 3003 | Apartment for sale | OnTheHouse
 
FOR SALE
$470,000 - $510,000

1504/392 Spencer Street
West Melbourne VIC 3003

Bedrooms: 2
Bathrooms: 1
Car spaces: 1
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City Skyline. Proven Income. Prime Position.

Positioned high on the 15th floor of the iconic 392 Melbourne complex, this well appointed
2-bedroom apartment delivers the perfect combination of lifestyle appeal and investment performance in the heart of West Melbourne.
Step inside and you're greeted by a light filled open plan layout, seamlessly connecting living, dining and a modern kitchen designed for both function and style. Full height glazing captures uninterrupted skyline views, pouring natural light through the living zone and creating a bright, elevated sense of space. A key driver for tenant demand.
Both bedrooms are generously sized with built-in robes, serviced by a sleek central bathroom. Whether you're attracting professional tenants or city-based renters, the layout is practical, low-maintenance, and consistently in demand.
Currently tenanted on a fixed term lease through to mid-2027, this apartment steps straight into your portfolio with returns already running.
Gross yield of 7.06% with zero vacancy gap from day one. The numbers are already working before you've unpacked a thing.
A clean entry point for the investor who knows what they're looking at.
Book a Private inspection with ADVIZHAR REAL ESTATE NOW!!
Call Azhar Ali on 0406 368 458
Disclaimer: Advizhar Real Estate has taken care in preparing this document and believes the information presented to be accurate at the time of publication. However, we make no warranties and accept no liability for any errors, omissions, or inaccuracies that may be contained herein. Prospective purchasers are encouraged to conduct their own independent enquiries and due diligence prior to proceeding. Please refer to the Due Diligence Checklist provided by Consumer Affairs Victoria for further guidance.
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Property Details for 1504/392 Spencer St, West Melbourne

1504/392 Spencer St, West Melbourne is a 2 bedroom, 1 bathroom Apartment with 1 parking spaces. The place is currently for sale with Advizhar Real Estate.

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Apartment
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About West Melbourne 3003

The size of West Melbourne is approximately 6.7 square kilometres. There are 14 parks, covering nearly 2.4% of the total area. The population of West Melbourne in 2016 was 5515 people. By 2021 the population was 8025 showing a population growth of 45.5% in the area during that time. The predominant age group in West Melbourne is 20-29 years. Households in West Melbourne are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in West Melbourne work in a professional occupation.In 2021, 32.40% of the homes in West Melbourne were owner-occupied compared with 34.50% in 2016.

West Melbourne has 8,461 properties. Over the last 5 years, Houses in West Melbourne have seen a -16.97% decrease in median value, while Units have seen a -5.77% decrease. As at 30 April 2026:

  • The median value for Houses in West Melbourne is $1,214,458 while the median value for Units is $519,281.
  • Houses have a median rent of $738 while Units have a median rent of $625.
There are currently 35 properties listed for sale, and 21 properties listed for rent in West melbourne on OnTheHouse. According to Cotality's data, 403 properties were sold in the past 12 months in West melbourne.

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