79 Preston Street, Rye VIC 3941

Dual-level beach house | deep 739sqm allotment | between two beaches | low-turnover street with 90% owner-occupiers The buying case centres on a rare combination: a contemporary dual-level house on a deep 739sqm lot in a coastal pocket where 90% of neighbours are long-term owners. The property’s configuration,three bedrooms, two bathrooms, built-in robes, and heating,suits families or downsizers seeking lock-and-leave beach living without compromising on space. Its charcoal rendered brick and timber accents signal a quality renovation that lifts it above typical holiday stock, and the street’s low turnover (only seven recent sales) suggests stable demand. This house best serves a buyer who values immediate coastal amenity over future subdivision potential, as the deep allotment offers privacy and outdoor room without development risk. The primary risk is the current list price of $1.565m, which sits well above the Domain mid-value estimate of $1.12m and the suburb median of $810k, implying a premium for the recent renovation and location. The bushfire overlay adds insurance cost and may limit some buyers, though no flood or heritage constraints apply. The rental yield of 2.76% is modest, so this is best held as a primary residence or weekend retreat rather than an investment. The 2016 sale at $420k and 2021 sale at $1.3m show strong capital growth, but the current price requires a buyer willing to pay for finish and position rather than value. Hold for lifestyle use; capital growth will depend on broader market conditions.