Every now and then, an apartment comes to market where the location does most of the heavy lifting. 2/136 Anderson Street, South Yarra is one of those homes.
Directly opposite the Royal Botanic Gardens and one of only six residences in the building, this is the type of apartment that will appeal to buyers looking for house-like proportions without the maintenance.
Here’s my professional take and insights after walking through.
Owners Corp Fees – Approx $8,497.21 per annum
Rates – Approx $4,500 per annum
The Pros of 2/136 Anderson Street.
One of Melbourne’s best addresses
It’s hard to improve on this location. You’re directly opposite the Royal Botanic Gardens, a short walk to Domain Road cafés and restaurants, the Yarra River walking trails and only minutes from the CBD. Locations like this are tightly held for a reason. This home last sold in the year 2000 for $600,000. The price guide initially started at $2,400,000-$2,500,000 but has since been revised to $2,200,000-$2,400,000, and the property is being sold via Expressions of Interest.
Boutique building, low density.
Only six residences. That immediately separates it from the hundreds of larger apartment developments across South Yarra. Boutique buildings generally have stronger long-term growth & owner-occupier appeal.
Garden outlook
The balcony and main living area overlooking the mature trees of the Royal Botanic Gardens is a genuine highlight. You’re looking at established greenery rather than another apartment building, which is becoming increasingly difficult to find.
Move-in ready or renovate first.
Depending on your preference, you can move in or renovate first. The kitchen, bathrooms and living spaces have already been updated.
The Cons of 2/136 Anderson Street.
Limited car parking
The apartment comes with one car space. But based on my inspection, this was a narrow and difficult area to park, especially if the other car parks are occupied. For some buyers this is sufficient, but at this price point there will be purchasers who expect secure parking for two vehicles. Car parking in the Domain Precinct of Sth Yarra is always a challenge. It really comes down to knowing what you can and should compromise on.
Apartment living isn’t for everyone.
Even though this feels spacious internally, you’re still buying into an Owners Corporation with shared common property. Some buyers simply prefer complete independence, and this comes with a common entry foyer.
The orientation.
You don’t really see any northern or eastern light in this apartment. The mid-afternoon sun over the gardens will stream into the front living area; however, morning sun doesn’t exist here, so if that’s important for your circadian rhythm, I would rule this one out.
The floorplan.
The three bedrooms and living area are all directly adjacent to the common driveway. This is of southern orientation, but worth noting as loud cars could wake you up if you’re sleeping.
Price point
At $2.4 million to $2.55 million, buyers will naturally compare this with houses further out or larger apartments in nearby suburbs. The question becomes whether this location is worth paying a premium for.
For many local downsizers, or overseas expats, the answer would be yes.
Final Thoughts from Andrew Date, who represents buyers in the South Yarra marketplace.
If your priority is lifestyle, walkability and securing a blue-chip address that will always be difficult to replicate, this is one of the stronger low-density apartment offerings currently on the market.
I don’t believe buyers are paying for the apartment alone. They’re buying an irreplaceable position opposite one of Melbourne’s greatest parks, within a tightly held pocket of South Yarra that has proven its appeal over decades.
For the right downsizer or professional couple, this is exactly the type of property I’d be shortlisting.
I have a full walk-through of this home if you wish to view.
I’m Andrew Date, the founder and Senior Advisor at Industry Insider Property, Toorak. Industry Insider Property acts exclusively for buyers, advisors and sellers in Melbourne’s prestige and luxury residential market.
Industry Insider Property
Level 3, 489 Toorak Road, Toorak 3142
+613 8374 7652
+613 402 346 810
industryinsider.com.au
