12 Callemondah Avenue, North Gosford NSW 2250

Large quiet lot | Low coverage redevelopment potential | Bushfire & flood overlays | Strong rental estimate | 3.4% yield This property presents a compelling opportunity based on its underlying land value and redevelopment potential within a stable, low-turnover street. The 771m² lot with only 19% building coverage is a significant configuration edge over typical suburban parcels, offering clear scope for expansion or future subdivision subject to council approval. Its estimated rental yield of approximately 3.4% is robust for a house in this price bracket, suggesting solid income fundamentals. This house serves the strategic buyer-either an owner-occupier planning a long-term hold with renovation in mind or an investor seeking a land-banking play with immediate income to service the holding. The decision hinges on navigating its specific risk mechanisms: the bushfire and flood overlays will necessitate due diligence and likely increase insurance costs, directly impacting holding expenses. The valuation appears supported by recent sales of superior homes on the street, but the core commercial logic is the land arbitrage. Given the low sales activity and the absence of direct 3-bedroom comparables from the last three years, the price reflects a premium for the lot size. The judgment call is to proceed with a conditional offer that factors in overlay-related costs, as the land asset provides a durable value floor that the existing dwelling does not. Recent sales on Callemondah Avenue provide critical context: – 8 Callemondah Ave: $890,000 (May 2023) | 4 bed, 2 bath, 1 parking – 13 Callemondah Ave: $935,000 (May 2023) | 4 bed, 2 bath, 2 parking – 5 Callemondah Ave: $525,000 (Aug 2020) | 3 bed, 1 bath, 1 parking – 4 Callemondah Ave: $611,000 (Apr 2018) | 3 bed, 1 bath, 1 parking The $937,000 estimate for this 3-bedroom house is justified not by the dwelling, which is inferior to the 2023 sales, but by the larger land parcel, positioning it as a value-play for the lot itself.