106/589 Elizabeth StreetMelbourne VIC 3000
Property Details for 106/589 Elizabeth St, Melbourne
106/589 Elizabeth St, Melbourne is a 2 bedroom, 1 bathroom Unit with 1 parking spaces and was built in 2014. The property has a land size of 507m2 and floor size of 70m2. While the property is not currently for sale or for rent, it was last sold in February 2026. There are other 2 bedroom Unit sold in Melbourne in the last 12 months.
Last Listing description (February 2026)
Positioned in an unbeatable city-fringe location just moments from the CBD, the university precinct and world-class hospitals, this spacious 2-bedroom, 1-bathroom apartment presents a compelling opportunity for both astute investors and lifestyle-focused owner-occupiers.
Offering an estimated rental return of approximately 7.7%, this property stands out as a high-yield investment in a tightly held inner-city location ideal for investors seeking strong cash flow and potential future living.
Bathed in natural light, the apartment features a generous open-plan living and dining area complemented by floorboards throughout, delivering a sleek, low-maintenance finish perfectly suited to modern living. The contemporary kitchen integrates seamlessly with the living space, creating an inviting environment for everyday comfort and entertaining.
A true highlight is the very generously sized balcony a rare inclusion that significantly enhances liveability and rental appeal. Perfect for entertaining, relaxing, or simply enjoying open outlooks, it adds a level of space seldom found in comparable apartments.
Both bedrooms are well-proportioned, offering flexibility for professionals, couples, sharers or a home-office setup.
Key Features:
- 2 bedrooms, 1 bathroom
- Estimated rental return of approx. 7.7% ideal for investors
- Floorboards throughout for low-maintenance living
- Spacious open-plan living and dining area
- Large balcony ideal for entertaining or unwinding
- Well-appointed kitchen with quality finishes
- European laundry
- Reverse-cycle heating and cooling
- Secure intercom entry
Surrounded by vibrant cafes, restaurants, parklands, public transport, universities and major hospitals, this is an apartment that delivers on location, lifestyle and returns.
High-yield opportunities like this are rare inspect with confidence.
Property History for 106/589 Elizabeth St, Melbourne, VIC 3000
- 10 Mar 2026Listed for Sale $435,000 - $456,000
- 07 Feb 2026Sold for $430,000
- 14 Aug 2014Listed for Rent - Price not available
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About Melbourne 3000
The size of Melbourne is approximately 2.7 square kilometres. It has 9 parks covering nearly 2.5% of 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 64,271 properties. Over the last 5 years, Houses in Melbourne have seen a -6.38% decrease in median value, while Units have seen a -4.97% decrease. As at 31 March 2026:
- The median value for Houses in Melbourne is $1,346,319 while the median value for Units is $439,159.
- Houses have a median rent of $700 while Units have a median rent of $672.
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