1 Grove Street, Modbury SA 5092
1 Grove Street, Modbury SA 5092
1 Grove Street Modbury | 690m² corner block | no bushfire/flood overlay | 1971 brick on timber
The property’s primary risk is its age-related condition, given its 1971 construction, which may require significant updates to timber flooring and systems absent recent work, costing a buyer $50,000 to $100,000 to modernise. However, the 690m² corner site with a 32% building coverage and no hazard overlays offers a clear development opportunity, enabling future subdivision or an extension that could lift value by 20-30% over holding for five to seven years. This house should be acquired for its land, not its current build, and held for capital growth or a future build.
The corner block’s size and zoning under Tea Tree Gully council are rare in Modbury, giving a buyer positional leverage over standard holdings. FTTP and 5G add minor but real convenience for remote work. The property serves best an investor or developer seeking land bank in a school catchment area, though a family could occupy while planning. The decisive next step is to inspect the timber floor condition and any unrenovated areas, then model a subdivision feasibility study to confirm the land’s full return. Comparable sales nearby show sites around 600-700m² trading at $850-950,000, aligning with this property’s valuation range.
Detailed Independent Property Report prepared by PropCred Analyst team for 1 Grove Street, Modbury SA 5092
Checks found:
Value Risk
1
Liquidity Risk
1
Planning Risk
Income Risk
2
Execution Risk
2
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Market Insight
Modbury is a well-connected, family-oriented suburb attracting young professionals, which underpins strong demand. This demographic is driving robust price and rental growth, particularly in the unit segment, reflecting a dynamic market. Recent conditions show sustained momentum with properties transacting steadily. Future growth is supported by this entrenched demand profile, though affordability pressures and interest rate sensitivity present notable constraints given current price levels.
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PropCred Estimated Value
Bedrooms
3
Bathroom
1
Parking
2
Land
690m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
·
Reviewed by Matt Proctor, Principal Analyst
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