602/591-593 Elizabeth Street, Melbourne, VIC 3000 sold on 26 February 2026 | OnTheHouse
 
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Sold on 26 Feb 2026 for $145,000

602/591-593 Elizabeth Street
Melbourne VIC 3000

Bedrooms: 1
Bathrooms: 1
Car spaces: -
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Property Details for 602/591-593 Elizabeth St, Melbourne

602/591-593 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 February 2026. There are other 1 bedroom Apartment sold in Melbourne in the last 12 months.

Building Type
Apartment

Last Listing description (February 2026)

An excellent opportunity to secure a well-performing student accommodation investment in a prime Melbourne CBD location, delivering a strong rental return of approximately $380 per week.

Designed specifically for student living, the apartment features a smart and functional layout comprising a light-filled bedroom, private ensuite bathroom, kitchenette, dedicated study area, and a balcony. The space is practical, easy to maintain, and well suited to consistent student demand.

The building itself is well regarded within the student market, offering shared facilities and a distinctive exterior that appeals to both local and international students.

Positioned just moments from public transport, major universities, retail precincts, and everyday amenities, this location continues to attract reliable tenant demand year after year.

Outgoings include:
General Council Rates approx: $152/quarter*
Water Services approx: $551/annum*
Owners Corp Fee approx: $2722/annum*
*Please confirm these figures with the Section 32. This is a guide only

Student-only accommodation remains a niche asset class with limited lending options, making strong cash flow and proven rental performance key. This property ticks both boxes and represents a straightforward, set-and-forget style investment.

A solid option for investors seeking yield, consistency, and exposure to Melbourne’s established student rental market. Call now to secure this opportunity.

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Disclaimer: Images are digitally edited and contain styled furniture for display purposes only.

We have, in preparing this document, used our best endeavors to ensure that the information contained is accurate. Images with staged furnishings as indicated on the photos. Prospective purchasers should independently verify all information provided and consult the due diligence checklist provided by Consumer Affairs Victoria

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Property History for 602/591-593 Elizabeth St, Melbourne, VIC 3000

A timeline of how this property has performed in the market
Last Sold
$145,000
26 Feb 2026
Listed for Rent
$300/w
02 Mar 2016
  • 20 Feb 2026
    Sold for $145,000
  • 02 Jan 2026
    Listed for Sale UNDER OFFER
  • 01 Oct 2024
    Listed for Rent $380 / week
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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 64,325 properties. Over the last 5 years, Houses in Melbourne have seen a 5.76% increase in median value, while Units have seen a -4.47% decrease. As at 30 April 2026:

  • The median value for Houses in Melbourne is $1,457,082 while the median value for Units is $442,735.
  • Houses have a median rent of $700 while Units have a median rent of $675.
There are currently 304 properties listed for sale, and 180 properties listed for rent in Melbourne on OnTheHouse. According to Cotality's data, 2664 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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