69 Nanovich Avenue, Girrawheen WA 6064

Large block with R60 zoning | Four-unit development potential | Sold “as is” for renovation or rebuild | High-growth suburb with strong rental demand This property presents a clear value proposition through its underlying land and zoning. The 688m² block, zoned R20/R60 and confirmed suitable for a four-unit development, offers a rarity in the current market: a low-coverage site with immediate density potential. This positions it strongly for a developer or an investor seeking to manufacture equity through subdivision. For an owner-occupier, the existing three-bedroom home is functional in a convenient location, but the primary strength is the optionality the zoning provides, making it a strategic purchase for a buyer with a medium-term view. The decision hinges on capitalising on its development entitlement. The key risk is the “as is” condition, implying renovation costs that erode yield if held passively. The commercial logic is compelling; holding it as a single rental yields a sub-par 3.6% return against the suburb median, but pursuing a multi-unit build aligns with the council’s planning trajectory. Acquire this for the land, budget for due diligence on construction costs, and execute a subdivision strategy or sell the approved plans. It is not a buy-and-hold rental asset. The property last sold for $365,000 approximately five years ago. Current market estimates range from $780,000 to $949,000, reflecting the significant uplift in land values and the recognition of its development potential. This sales history underscores the substantial capital growth already captured and frames the current price within the context of future development profit rather than existing improvements.