60 Devereaux Street, Oak Park, VIC Property Report

Property Overview

Address: 60 Devereaux Street, Oak Park
Configuration: 3 bedrooms, 2 bathrooms, 3 car spaces
Land size: Approximately 800 sqm
Property type: Detached house

The property is positioned on a larger-than-average allotment within a residential street characterised by a mix of post-war dwellings and newer redevelopments. The dwelling presents with architectural elements that differ from standard brick veneer housing common in the suburb.

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Location Analysis

Suburb: Oak Park

Oak Park is a middle-ring suburb located approximately 11–12 km north of the Melbourne CBD. It is considered a transitional market, with gradual price growth supported by affordability relative to adjacent suburbs.

Key Characteristics

• Predominantly residential with low to medium density housing
• Ongoing subdivision and townhouse development activity
• Access to rail via Oak Park Station
• Proximity to CityLink and Tullamarine Freeway

School Catchment

• Oak Park Primary School
• Glenroy Secondary College

Market Position

• Appeals to first-home buyers, upgrading families, and small-scale developers
• Price growth has been steady rather than rapid
• Demand is influenced by relative affordability compared to inner north suburbs

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Market Benchmarks

Median house price (Oak Park): ~ $1.1M to $1.15M
Median price (3-bedroom houses): ~ $900k to $950k

Positioning of Subject Property

The subject property sits above the median for three-bedroom dwellings. This pricing reflects attributes not captured in bedroom count alone.

Key differentiators include:

• Land size significantly above suburb average
• Potential for redevelopment or extension
• Architectural characteristics that may attract a niche buyer segment

Land and Planning Considerations

Land Size and Utility

At approximately 800 sqm, the allotment provides flexibility beyond standard owner-occupier use.

Potential applications include:

• Extension of the existing dwelling
• Construction of a secondary dwelling (subject to council approval)
• Subdivision or multi-unit development (subject to zoning and overlays)

Planning Factors to Confirm

Prior to purchase, it is essential to verify:

• Zoning classification (likely General Residential Zone, but confirm)
• Minimum lot size requirements for subdivision
• Any easements affecting buildable area
• Setback and height restriction

Property Strengths

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5.1 Land Component

The land size is a primary value driver. Larger parcels in Oak Park are limited and increasingly targeted by developers.

5.2 Flexibility of Use

The property supports multiple future pathways:

• Long-term owner-occupier residence
• Renovation and value-add strategy
• Redevelopment into multiple dwellings

5.3 Positioning Within Street

Elevated sites typically provide better natural light and drainage. This can also influence resale appeal.

5.4 Differentiation

Architectural variation from standard housing stock may increase appeal among specific buyer groups, although this can also narrow the buyer pool.

isks and Considerations

6.1 Pricing Relative to Configuration

The property is priced above typical three-bedroom comparables. Buyers must justify this through land value and future potential rather than current dwelling utility.

6.2 Renovation or Upgrade Requirements

Depending on condition, capital expenditure may be required to modernise or expand the dwelling.

6.3 Subdivision Feasibility Risk

Development potential is not guaranteed. Feasibility depends on:

• Council regulations
• Site layout and access
• Market conditions at time of development

Independent town planning advice is recommended.

6.4 Liquidity Risk

Non-standard homes can take longer to sell compared to more typical housing stock, particularly in softer market conditions.

6.5 Market Conditions

Auction clearance rates in the area indicate moderate demand. This suggests pricing discipline is required when purchasing.

Buyer Suitability

Suitable For

Owner-occupiers with medium-term plans

• Buyers intending to live in the property and improve it over time

Buyers seeking land exposure

• Individuals prioritising land size and long-term capital growth

Small-scale developers

• Buyers assessing subdivision or multi-dwelling potential

Due Diligence Checklist

Before proceeding, the following checks are recommended:

Legal and Planning

• Contract of sale review
• Section 32 (Vendor Statement)
• Title search (including easements and covenants)
• Zoning and overlay confirmation

Physical Inspection

• Building and pest inspection
• Structural integrity assessment
• Drainage and site slope evaluation

Financial Assessment

• Comparable sales analysis within 1 km radius
• Land value benchmarking on a $/sqm basis
• Renovation or development feasibility costing

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9. Overall Assessment

The property represents a land-led acquisition in a suburb undergoing gradual transformation. The valuation is supported more by site characteristics than by the existing dwelling configuration.

The asset is most appropriate for buyers who:

• Place importance on land size and future flexibility
• Are comfortable with a medium- to long-term investment horizon
• Can assess and potentially execute value-add strategies

A purchase decision should be based on a clear understanding of land value, planning constraints, and total capital required to realise the property’s potential.