4 Toolern Street, Melton South VIC 3338

RGZ1 zoned | 656sqm block | developer interest | walk to station The property’s primary buying case rests on its Residential Growth Zone 1 classification, which is genuinely rare for a 656sqm block in this corridor. That zoning, combined with the absence of bushfire, flood, or heritage overlays, gives a buyer positional leverage most nearby houses lack. The lot’s 30% building coverage and 5m roof height also support a townhouse yield that would be difficult to replicate on neighbouring sites. This property best suits a developer or investor looking to hold medium-term while subdivision potential matures, rather than an owner-occupier seeking a finished home. The main risk is that the current house is functionally dated and the rental return of around $405 per week will not cover holding costs if debt is high. That cash flow gap is the price of entry for the zoning upside. The sales history shows the land has tripled since 2011, but the 2021 sale was not recorded, so recent price momentum is unclear. FTTP and 5G coverage are minor positives for future tenant appeal. The buyer should treat this as a landbanking play: hold the existing dwelling as a rental for two to three years, then pursue a multi-dwelling application once council confirms density allowances under RGZ1.