402/589 Elizabeth Street, Melbourne, VIC 3000 sold on 29 May 2025 | OnTheHouse
 
SOLD
Sold on 29 May 2025 for $370,000

402/589 Elizabeth Street
Melbourne VIC 3000

Bedrooms: 2
Bathrooms: 1
Car spaces: 1
Floor area: 66m2
Land area: 507m2
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Property Details for 402/589 Elizabeth St, Melbourne

402/589 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 66m2. While the property is not currently for sale or for rent, it was last sold in May 2025. There are other 2 bedroom Unit sold in Melbourne in the last 12 months.

Building Type
Unit
Year Built
2014
Floor Size
66m2
Land Size
507m2
Local Government
Melbourne
Lot/Plan
402/PS646121

Last Listing description (January 2026)

Currently Leased at $540 per week 7% gross return

Cleverly designed to maximise space, this streamlined apartment showcases a stylish aesthetic and magnificent city, views with its spacious interior flooded with sunlight thanks to floor-to-ceiling windows and doors opening onto the balcony. Perfect as a city base or investment, the residence enjoys easy access to RMIT, Melbourne University, Queen Victoria Market, bustling Lygon Street shops and eateries, Carlton Gardens, Royal Exhibition Building, Melbourne Museum and of course all that central Melbourne has to offer.

Two bedrooms both benefitting from built-in-robes

Central bathroom with shower, toilet and vanity
Stylish kitchen equipped with stone benches and quality appliances
Generous dining zone and living area
Floor-to-ceiling windows and sliding doors opening onto balcony
Hidden Euro laundry
Split system heating/air conditioning
Moments from Melbourne Uni and RMIT
Walk to Queen Victoria Market and Lygon Street
Close to Carlton Gardens and the vibrant heart of the city

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Property History for 402/589 Elizabeth St, Melbourne, VIC 3000

A timeline of how this property has performed in the market
Last Sold
$370,000
29 May 2025
Listed for Rent
$300/w
07 Oct 2021
  • 29 May 2025
    Sold for $370,000
  • 12 Nov 2024
    Listed for Rent $540 / week
  • 14 Oct 2024
    Listed for Sale Contact Agent
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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 64,247 properties. Over the last 5 years, Houses in Melbourne have seen a 33.17% increase in median value, while Units have seen a -4.37% decrease. As at 28 February 2026:

  • The median value for Houses in Melbourne is $1,808,781 while the median value for Units is $436,528.
  • Houses have a median rent of $650 while Units have a median rent of $675.
There are currently 243 properties listed for sale, and 169 properties listed for rent in Melbourne on OnTheHouse. According to Cotality's data, 2772 properties were sold in the past 12 months in Melbourne.

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© Copyright 2026. RP Data Pty Ltd trading as Cotality (Cotality). All rights reserved. No reproduction, distribution, or transmission of the copyrighted materials is permitted. The information is deemed reliable but not guaranteed.

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