Back 401/591 Elizabeth Street
Off Market

401/591 Elizabeth Street

Melbourne VIC 3000

1
1
Apartment
Rosa ChikRosa Chik, last sold this property on 07 July 2026 after 53 days on market.

Overview

Secure CBD Student Accommodation Investment – Leased Until January 2027

Positioned in the heart of Melbourne’s vibrant university precinct, this well-presented student accommodation apartment offers an affordable entry into the Melbourne property market with immediate rental returns and long-term tenant security. Located within the popular student accommodation complex at 593 Elizabeth Street, this functional studio-style apartment is ideal for investors seeking a low-maintenance property in a prime CBD location. Currently leased at $390 per week ($1,695 per calendar month) until 22 January 2027, the property provides strong and consistent income from day one. The apartment features a practical open-plan layout with built-in study desk, private bathroom, kitchenette facilities, and excellent natural light. A private balcony adds valuable outdoor space, while the building’s central location places residents within walking distance to Melbourne University, RMIT, Queen Victoria Market, Melbourne Central, public transport, cafes and restaurants. Property Features: Secure student accommodation investment Currently leased at $390 per week / $1,695 pcm Fixed tenancy until 22/01/2027 Functional open-plan studio layout Private bathroom and kitchenette Built-in study area and storage Private balcony with urban outlook Excellent CBD location close to universities and transport Low-maintenance investment opportunity An ideal addition to any investment portfolio with reliable rental income in one of Melbourne’s most consistently demanded student accommodation locations.

Features

1 bedroom
1 bathroom
Apartment

Estimated Value

Based on this property and similar 1 bedroom apartments sold in Melbourne over the last 12 months, the estimated median property value of 401/591 Elizabeth Street is $350k.

Median value
$350k
Estimated value range
$39k - $935k
Median days on market
35
Estimated value trend
2%
increase over the last 12 months
Average days on market is based on recent, comparable sales in Melbourne. It is only an indication of the time a property is actively listed and should not be relied upon as an accurate representation of how soon a property will be sold.

Property history for 401/591 Elizabeth Street

2026
Sold
Undisclosed
07 Jul 2026 by Rosa Chik, of Viva Property
2024
Sold
$152,250
06 Aug 2024 by Zeno Kobica, of Viva Property

Happy sellers in Melbourne

86%
86% of sellers in Melbourne reported that their sale price either exceeded or met their price expectations.

Melbourne stands out for consistently delivering exceptional satisfaction and strong market results for homeowners.

This is based on voluntary sentiment collected from 123 reviews in Melbourne over the last 12 months.

Local market activity for 1 bedroom apartments in Melbourne

In the last 12 months, 582 one-bedroom apartments similar to 401/591 Elizabeth Street, have been sold.

This represents a 19% increase in one-bedroom apartments sales when compared to the previous 12 months.

Nearby agents

Compare and contact these top performing agents who’ve delivered exception customer service for their clients in Melbourne

or
Skip the list and find your ideal agent to sell your propertyFind My Agent
© 2026 RateMyAgent