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406/591-593 Elizabeth Street, Melbourne$150,000
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For Saleapartment

406/591-593 Elizabeth Street

Melbourne, VIC 3000, Australia
$145,000 – $155,000
1 bed 1 bath

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About this property

An exceptional opportunity to secure a hassle-free investment in one of Melbourne's most sought-after student accommodation precincts. Ideally positioned at 406/591-593 Elizabeth Street, this fully furnished student accommodation apartment is currently leased at $385 per week ($1,673 per month), providing immediate rental income. Located in the heart of Melbourne's education hub, the property is within walking distance of RMIT University, The University of Melbourne, Melbourne Central, Queen Victoria Market and an array of public transport options, making it highly desirable for both domestic and international students. Thoughtfully designed to maximise space and functionality, the apartment offers a separate sleeping area with sliding doors, a dedicated study space and a practical kitchenette, creating the ideal environment for student living. Property Features: Currently leased at $385 per week ($1,673 per month) Fully furnished student accommodation apartment Separate bedroom area with sliding door for added privacy Built-in study desk and shelving Kitchenette with electric cooktop, bar fridge space and ample storage Modern bathroom Split system heating and cooling Secure building with intercom access Low-maintenance investment opportunity Location Highlights: Walking distance to The University of Melbourne and RMIT University Moments from Melbourne Central Shopping Centre and train station Opposite Queen Victoria Market Excellent tram and public transport access Surrounded by cafes, restaurants and everyday conveniences This property is purpose-built student accommodation and is an ideal addition to any investment portfolio. With a strong rental return and an unbeatable CBD location, it offers investors a secure and low-maintenance asset in Melbourne's thriving student accommodation market. Contact us today for further information or to arrange an inspection. Please note: This property is student accommodation and may only be occupied in accordance with the building's occupancy requirements. Images have been virtually staged for illustrative purposes.

Property Details

Property Type
apartment
Listing Type
For Sale
Bedrooms
1
Bathrooms
1
Listed
4 days ago

Repayment calculator

$727/month
$364 /fortnight
Loan $120,000 at 6.10% over 30 years

Upfront costs

Deposit$30,000
Stamp duty$4,070
Conveyancing (est.)$2,000
Total upfront$36,070
Verify with VIC revenue office →
Indicative figures only — not a quote. Real loan offers depend on the lender; duty depends on contract terms and applicable concessions.

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Neighbourhood

Living in Melbourne

This 1-bedroom apartment in Melbourne, VIC 3000 sits within reach of public transport, local shops and nearby schools. It is listed 56% below the $344,500 median of 64 comparable apartmentswithin 5 km.

Schools near Melbourne

  • Eltham College - Lonsdale Street Campuscombined
  • Melbourne Grammar Schoolcombined · Prep-12 · CoEd
  • Melbourne Grammar School - Wadhurst Campuscombined
  • Victorian College For The Deafcombined · U · CoEd
  • Wesley Collegecombined · Prep-12 · CoEd
  • Holmes Grammar Schoolsecondary · 11-12

What's nearby

  • Stop 7: Queen Victoria Market (tram)264 m away
  • Supercut422 m away
  • Courtney Street Reserve228 m away
  • Bedford Street Reserve304 m away
  • Unnamed365 m away

Melbourne at a glance

Full suburb profile
Population
54,941
Median age
29
Household income
$1,448/wk
Median rent
$381/wk
Median mortgage
$1,800/mo

Source: ABS Census.

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Suburb market

Suburb price trend

Melbourne price trend

Median sold · Unit 1 bed

Compound growth -0.8% / yr over 4 yrs

$345kcurrent median

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Price history

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