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507/338 Kings Way, South Melbourne$599,000
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507/338 Kings Way

South Melbourne, VIC 3205, Australia
$599,000
2 bed 2 bath 1 car

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About this property

Enviably positioned between Albert Park Lake and the Royal Botanic Gardens, this contemporary two-bedroom apartment within the acclaimed Silver Leaf development captures the essence of refined city living. Elevated on the cusp of the Arts and Crown Entertainment precincts, it offers exceptional privacy and proximity to Melbourne's most dynamic cultural and dining destinations. Through the entry hallway, engineered timber flooring flows throughout the light-filled, charming interior. The sleek kitchen is thoughtfully appointed with premium stainless-steel appliances, white stone benchtops, an integrated fridge/freezer, and a striking mirrored splashback, creating a space that is as functional as it is stylish. As a corner position, the living area features floor-to-ceiling windows, showcasing beautiful views of the city skyline and treetops. Off the living area, a private balcony invites fresh air and seamless indoor-outdoor connection. The generous bedrooms feature mirrored robes. The main bedroom includes an ensuite, while the second bedroom is conveniently serviced by a fully tiled bathroom with an Euro laundry, complete with a frameless shower and separate toilet. Additional highlights include secure video intercom entry, reverse-cycle heating and cooling, and a secure basement car space with a spacious storage cage. Just a short walk to the new Anzac Station and a major tram junction servicing eight routes, the apartment offers outstanding connectivity. MSAC, Lakeside Stadium, Clarendon Street, and South Melbourne Market are all within easy reach. With cafés, theatres, galleries, parklands, the bay, and the CBD at your doorstep, this is an exceptional opportunity to embrace a lifestyle of convenience and sophistication. Ideal for lock-and-leave, low-maintenance lifestyle seekers, first-home buyers, busy professionals, or investors seeking high-growth yields, currently managed as a short-term rental with strong income performance. Property Highlights: * Stylish two-bedroom apartment with engineered timber floors throughout * Sleek kitchen with stone benchtops and quality appliances * Spacious two bedrooms with mirrored built-in robes * Steps to Albert Park Lake, MSAC, and Lakeside Stadium * Close to Clarendon Street's vibrant cafés, bars, and restaurants * Short tram/train ride to the CBD and St Kilda * Minutes from the Royal Botanic Gardens and Melbourne's arts and sporting precincts * Secure standard car parking with storage cage on title * Secure entry, lift access, and onsite building manager * Low-maintenance lifestyle and high-yield investment opportunity

Property Details

Property Type
apartment
Listing Type
For Sale
Bedrooms
2
Bathrooms
2
Parking
1
Listed
1 month ago

Repayment calculator

$2,904/month
$1,452 /fortnight
Loan $479,200 at 6.10% over 30 years

Upfront costs

Deposit$119,800
Stamp duty$31,010
Conveyancing (est.)$2,000
Total upfront$152,810
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 South Melbourne

This 2-bedroom apartment in South Melbourne, VIC 3205 sits within reach of public transport, local shops and nearby schools. It is listed 12% below the $682,500 median of 60 comparable apartmentswithin 5 km.

Schools near South Melbourne

  • Galilee Regional Catholic Primary Schoolprimary · Prep-6 · CoEd
  • Hester Hornbrook Academy - South Melbournesecondary
  • Youth2Industry Collegesecondary · 11-12 · CoEd

What's nearby

  • Stop 119: Wells Street (tram)223 m away
  • Local Express South Melbourne8 m away
  • Unnamed230 m away
  • Bowen Crescent Reserve282 m away
  • Eastern South Reserve386 m away

South Melbourne at a glance

Full suburb profile
Population
11,548
Median age
39
Household income
$2,101/wk
Median rent
$421/wk
Median mortgage
$2,200/mo

Source: ABS Census.

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Suburb market

Suburb price trend

South Melbourne price trend

Median sold · Unit 2 bed

Compound growth -0.9% / yr over 4 yrs

$658kcurrent median

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Price history

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1 price change recorded for this property

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