83 Market Road, Werribee VIC 3030

Freestanding house | 697sqm in Werribee | dual-site opportunity | flood and heritage overlays | immediate rental income The property at 83 Market Road offers a buyer a rare configuration advantage: a 697sqm parcel with a liveable three-bedroom house already generating $430 per week in rental income, positioned alongside a neighbouring site that could be acquired together for a combined 1,394sqm holding. That dual-site potential is the primary strategic edge here, particularly given Werribee’s 11.7% suburb growth and the Wyndham council area’s ongoing demand for housing. The existing house is functional with split-system heating and cooling, built-in robes, and a spacious kitchen, meaning it can be tenanted immediately while a buyer evaluates longer-term redevelopment options subject to planning approval. For an investor or developer looking to consolidate land in a growth corridor with good school zoning and 5G connectivity, this property serves as both a cash-flowing hold and a future repositioning play. The critical risks are the three overlays—bushfire, flood, and heritage—which materially constrain what can be done without council approval and add cost and timeline uncertainty to any redevelopment. The central heating is non-operational, which will need addressing before or during tenancy. The property’s value at roughly $918 per square metre on the land component is not cheap for a site with overlay baggage, and the dual-site opportunity only makes sense if both parcels can be acquired at a combined discount. The buyer’s best path is to treat this as a land-banking hold with immediate rental yield, not a renovation flip, and to conduct thorough due diligence on the heritage overlay’s specific restrictions before committing to any development timeline.