38 Forster Street, Norlane VIC 3214

3 bed, 1 bath, 4 car | 827 m² block, Norlane | land value dominates | suited to owner-occupiers or patient investors The buying case for this property rests almost entirely on its land component. At 827 m² with four car spaces, it offers a configuration rarely found in Norlane’s standard housing stock, giving a buyer immediate positional advantage for either expansion or future subdivision potential. The well-maintained three-bedroom house provides liveable shelter while the land does the work. This property best serves an owner-occupier seeking room to improve without immediate redevelopment pressure, or an investor prioritising capital growth from land value over rental yield. The primary risk is the modest single-bathroom layout, which limits appeal to families and may suppress resale velocity until renovated. The opportunity lies in either extending the existing footprint or holding for rezoning shifts, as large blocks in this corridor are increasingly scarce. Commercially, the logic is simple: buy for the land, treat the house as a holding cost, and exit when land value appreciation justifies the hold period.