64 Park Road Surrey Hills VIC 3127

1940s house on 772sqm | NRZ5 zone | Wattle Park Primary & Camberwell High | walk to tram, shops, park | redevelopment potential The property’s competitive strength lies in its 772m² lot within a Neighbourhood Residential Zone that still permits a single dwelling replacement, which is increasingly rare in Surrey Hills. The 26% site coverage and 7m roof height indicate a low-density envelope, but the land itself—flat, elevated at 84m, and within walking distance to Tram Route 70 and Wattle Park—provides a positional advantage for families seeking a quiet, school-zoned pocket. The existing 3-bedroom, 1-bathroom house is functionally outdated, but the land value dominates; this property is best suited to a buyer who intends to rebuild or substantially renovate, not occupy as-is. The zoning and lot size offer a clear path to a modern family home without the premium of a knockdown-rebuild in a higher-density zone. The primary risk is the condition and layout of the existing dwelling: it has only one bathroom and one toilet, which limits rental appeal and livability for most families. The $780/week rental estimate is achievable but low relative to land value, meaning holding costs will be material if the buyer delays redevelopment. The off-plan townhouse listing at $1,499,000 for a smaller lot nearby suggests the market for new product is active, but this site’s larger lot may require a more substantial capital outlay to realise full value. The buyer should treat this as a land play: acquire, hold for minimal period, and proceed with a design-and-build strategy targeting a 4-bedroom, 2-bathroom residence that captures the school-zone and park proximity premium.