1 John Street, Flemington VIC 3031

Heritage overlay constraints | compact 121sqm block with 69% coverage | tight entry price points toward yield risk | auction dynamics uncertain after March sale. The decision turns on price: the late-2024 rental of $650 per week suggests a gross yield near 3.8% at the top of the target range, which is acceptable for a Victorian-era house in a sought pocket but leaves little room for rising insurance and maintenance costs. The March 2025 sale at $910,000 sets a recent benchmark, and a purchase below $900,000 avoids paying for the period charm without the structural clarity a building report provides. A buyer should treat this as a hold-and-occupy proposition first, with rental income as a secondary buffer. What makes this property competitive is rare ground-floor livability on a quiet cul-de-sac with no flood or bushfire risk, paired with a floor plan that suits a professional couple or small family wanting immediate occupancy. The interior light and period details, including working fireplaces and polished floors, reduce the need for cosmetic spend in the first three to five years. This serves best as a first home or downsizer trade for someone who values heritage proximity to public transport over land bank potential. The next step is to request the section 32, commission a building and pest inspection focused on the 69% site coverage, and verify the heritage overlay provisions before auction day.