31 Octavia Street, St Kilda VIC 3182

Family-sized brick home in St Kilda | separate studio with bathroom | strong renovation upside | flexible dual-living layout This property presents a rare combination of scale and flexibility in a tightly held St Kilda pocket. The 426-square-metre site supports a solid brick dwelling with five bedrooms, two bathrooms, and a separate studio—a configuration that allows immediate occupation while offering clear pathways to value uplift. The layout is practical rather than fashionable, which works in a buyer’s favour: it can be lived in as-is, renovated progressively, or adapted for extended family or home-office use. The zoning (GRZ1) and absence of heritage, flood, or bushfire overlays reduce planning friction, and the catchment for Windsor Primary School and Prahran High School strengthens owner-occupier appeal. This property best suits buyers who prioritise location, usable land, and medium-term renovation potential over a turnkey finish. The principal risk lies in the current condition: the fit-out is dated, and a cosmetic renovation will be required to realise full market value. Buyers should budget for kitchen, bathroom, flooring, and lighting updates, and confirm structural soundness through inspection. The rental yield at current estimates is moderate, making this more a capital-growth proposition than a high-yield investment. Development potential is not guaranteed and would require a detailed planning review, though the site’s size and zoning do not preclude it. The separate studio could be converted back to garage space if parking is preferred. Overall, the property’s competitive edge is its flexibility and location, not its current presentation.