5 Balook Street, Rye VIC 3941

Quiet coastal pocket | four-bedroom flexibility | high land-to-building ratio | bushfire overlay present The property’s primary competitive edge is its 28% site coverage on a 615m² lot, offering significant future extension or subdivision potential in a tightly held coastal pocket. The downstairs room’s versatility as a fourth bedroom or self-contained space (STCA) is rare for this price tier and supports dual-living or rental income scenarios. With ducted heating and cooling, polished floors, and a sun-drenched deck, the house is immediately livable for families or weekender buyers seeking move-in condition without renovation fatigue. The NBN Fibre to the Node and 5G coverage are functional but not decisive. The bushfire overlay is the material risk, potentially increasing insurance premiums by 15–25% and limiting certain landscaping or building modifications without council approval. There is no flood or heritage overlay, which simplifies planning. The 77% owner-occupancy rate in Rye suggests stable demand, but the suburb’s recent -7.2% price growth signals a buyer’s market,use this to negotiate below the upper range. Hold for medium-term capital growth or use as a high-yield rental (projected $590pw) while the land component appreciates.