1 Metherall Street, Sunshine North VIC 3020

Land locked | 40% site coverage | 3-bed house masquerading as 4 | 2017 rents not recovered. The core risk here is a 272sqm building on a 656sqm lot that leaves over 380sqm as unusable side setbacks, effectively paying land tax on dead space. Solar panels are a marginal offset. With replacement cost likely exceeding $350k, the $720k lower bound means land is valued at roughly $370k, which is fair for a no-overlay residential block in Sunshine North, but you are not buying land you can use. Buy only if you plan to hold long and never renovate; selling within 5 years will likely lose to transaction costs. Competitively, the three-bedroom floorplan with two bathrooms and air conditioning is rare at this price point in Sunshine North, where most comparables are either older two-bedroom units or four-bedroom houses pushing $900k. The 2017 rental of $400 per week is stale; current estimates of $535 per week give a gross yield around 3.7%, which is below the suburb average of 4.1%. This property serves a downsizing owner-occupier who wants single-level living without stairs, not an investor chasing yield. The buyer who moves quickly can bypass the 29-day typical listing period for this street by acting before spring listings flood the market.