40 Blackburn Street, Bittern VIC 3918

Pre-market recent sale at $815k in 2017 | Bushfire overlay with no flood or heritage risk | 1.45 acres on Mornington Peninsula | Strong capital growth path tied to land value The bushfire overlay at 40 Blackburn Street introduces a cost that a buyer must absorb: compliance with BAL construction standards for any future rebuild or extension, which can add 15–30% to building costs and limit design flexibility. The opportunity lies in the site’s 1.45-acre canvas, where a studio and dual-living configuration provide built-in income or multigenerational use, offsetting holding costs. For an owner-occupier, this is a long-hold proposition where the land’s scarcity and zoning deliver compounding value, not short-term liquidity. A buyer should hold this as a lifestyle-and-land play, not a flip. What makes this house competitive is the combination of a generous deck, two living areas, and a separate studio—rare in Bittern at this price point. The updated kitchen, ensuite, and solar panels reduce immediate maintenance expenditure and running costs for a buyer who values move-in readiness. It serves best a family or semi-retired couple seeking space, privacy, and passive income from the studio, with the Mornington Peninsula yields and lifestyle tailwinds supporting steady appreciation. A buyer should now commission a BAL assessment to quantify the overlay’s impact on renovation budgets and site planning.