76 Justin Avenue, Glenroy VIC 3046

Large period home on 707sqm+ lot | First sale in 70+ years | Expansive backyard with bungalow | Zoned for local schools | Close to station and ring road. This property presents a rare and competitively strong proposition due to its significantly larger landholding compared to typical Glenroy stock, offering a clear configuration edge. Its position as a single-owner period home on a block over 700 square metres in a thriving, well-connected neighbourhood creates a foundation for multiple buyer strategies, best serving those looking to renovate, extend, or redevelop subject to council approval. The existing three-bedroom layout and separate bungalow provide immediate utility while the land bank represents the core long-term value. The decision hinges on accepting the cost and risk mechanisms of a major renovation or rebuild against the opportunity to secure a large, well-located allotment that is increasingly scarce. Commercial logic favours a hold-and-improve strategy to capitalize on the underlying land value and rental demand from the established location. Acquire this property with a clear capital expenditure plan, as its unrenovated state is the price paid for its strategic land position. Recent comparable sales nearby illustrate the land value premium: – 3/76 Glenroy Rd, a 2-bedroom villa on 155sqm, sold for $630,000 in August 2025. – 76 Glen Street, a 2-bedroom house on a 770sqm lot, was estimated at $753,000. This subject property’s larger three-bedroom home on a comparable 707sqm+ block commands a justifiable premium over the villa product, with its value anchored firmly in its land size and redevelopment potential.