45 Richard Road, Melton South VIC 3338
45 Richard Road, Melton South VIC 3338
3-bed older house | 1 bath, 2-car | standard suburban lot | established family pocket | renovation potential
This property sits comfortably within Melton South’s typical housing stock—a detached, lowset house built in the mid-1970s era, offering three bedrooms, one bathroom, and two car spaces on a residential block likely around 585 square metres. Its strength lies in its straightforward, functional layout that suits first-home buyers, budget-conscious upgraders, or investors seeking steady rental demand in a family-oriented suburb. The older construction profile means the bones are solid but the finishes are dated, giving a buyer room to add value through cosmetic updates rather than structural work. It serves best those who want an affordable entry into an established neighbourhood with schools, NBN, and 5G coverage nearby, without paying a premium for modern presentation.
The value picture may hinge on the condition of the interior and any deferred maintenance, as a 1970s build often requires attention to roofing, wiring, or insulation. The absence of flood, bushfire, or heritage overlays likely reduces compliance risk, while the standard lot size may offer modest redevelopment potential subject to council approval, though that remains uncertain. The single-bathroom configuration could limit appeal for families compared to two-bathroom alternatives, but it also keeps the price accessible. Buyers should weigh renovation costs against the purchase price, factoring in that a refreshed kitchen and bathroom could lift both livability and resale appeal.
Detailed Independent Property Report prepared by PropCred Analyst team for 45 Richard Road, Melton South VIC 3338
Checks found:
Value Risk
Liquidity Risk
1
Planning Risk
1
Income Risk
2
Execution Risk
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Market Insight
Melton South presents as an affordable entry point with a market characterised by robust sales activity and strong rental demand, particularly from local income earners. This demand is driving notable rental growth and relatively swift sales, especially for units. While recent house price growth has moderated compared to broader Melbourne, the market conditions remain active. Future performance may be constrained by its historical underperformance relative to the metropolitan average and local income levels.
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PropCred Estimated Value
Comparable Sales: nearby 33 Richard Road sold $170,500 in 2015; 16 Richard Road listed $459,000–$499,000 | Property Price Band: $450,000–$550,000 | Value Drivers: condition of interiors, land size, renovation upside, street location
Bedrooms
3
Bathroom
1
Parking
2
Land
585m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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