47 Lake Street, Avondale Heights VIC 3034
47 Lake Street, Avondale Heights VIC 3034
Large 585m² block | older 3/1/1 house | off-market | redevelopment potential | family-oriented suburb
This property offers something increasingly rare in Avondale Heights: a substantial single-house block in a street where newer townhouse development is becoming the norm. The 585m² land size is nearly double that of recent infill stock nearby, which gives the current three-bedroom, one-bathroom house genuine flexibility. It can be lived in as a solid family home while the land itself holds meaningful future potential, whether that means extending, renovating, or eventually redeveloping subject to council approvals. The configuration suits a buyer who values space and land over modern finishes, and who is prepared to invest sweat equity or capital over time. It serves best those looking to enter a well-located suburb with strong family demand, without paying a premium for someone else’s renovations.
The property’s value may be shaped by its condition and presentation, which are not yet verified. If the house is dated or requires work, that could place it at a discount to the newer townhouse product dominating the street. However, the larger land component may offset that, as buyers often pay more per square metre for older homes on bigger blocks. The single bathroom and single car space could limit appeal to some families, but for those prioritising land and location, these are secondary considerations. The off-market status may also mean less competition, though it reduces visibility to the broadest buyer pool.
Detailed Independent Property Report prepared by PropCred Analyst team for 47 Lake Street, Avondale Heights VIC 3034
Checks found:
Value Risk
Liquidity Risk
Planning Risk
Income Risk
Execution Risk
1
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Market Insight
Avondale Heights remains a house-dominated market, with a median house price of $1.02 million and 4.1% annual growth on 214 sales, while units sit at $750,000 but are accelerating at 10.3%. Houses take 29 to 47 days to sell, indicating orderly demand. Rental yields for units at 4.26% outpace houses at 3.14%, drawing investor interest; four-bedroom houses rent for $800 weekly, pointing to family-led occupancy. The widening gap between house and unit performance suggests affordability is steering some buyers toward attached stock. The unit segment’s stronger growth and yield profile marks it as the primary driver, though its smaller base amplifies volatility. No vacancy or supply data was available.
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PropCred Estimated Value
Comparable Sales: 48 Lake Street townhouse sold $1.38M; 18A Lake Street townhouse sold $1.4M | Property Price Band: $900K–$1.0M | Value Drivers: land size, condition, redevelopment potential
Bedrooms
3
Bathroom
1
Parking
1
Land
585m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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