11 Forbes Road, Parkes NSW 2870
11 Forbes Road, Parkes NSW 2870
Large-block arterial-frontage site | Mixed-use potential with commercial history | Redevelopment upside in Parkes corridor | Single-level ground-oriented configuration
The property sits on one of Parkes’ main entry routes, where land parcels of this size are uncommon and the street frontage gives it a visibility that purely residential streets cannot match. Its configuration suits both owner-occupiers wanting space and flexibility, and investors or small operators looking for a site with existing improvements that could be adapted, extended, or redeveloped. The single-level layout and substantial landholding make it a practical proposition for those who value room to move, whether for a home-based business, additional structures, or simply a larger footprint than typical suburban stock. It serves best a buyer who sees the property as a long-term holding with options, rather than someone seeking a finished, low-maintenance house.
The value picture may be shaped by how the market interprets its current use and future potential. The mixed commercial-residential character of the street could mean the property appeals to a narrower buyer pool than a standard house, which may temper demand. At the same time, the size of the land and its position on a visible corridor might support a price premium if redevelopment or alternate use is feasible under current zoning. Condition and presentation will likely play a significant role, as will the balance between its existing improvements and the underlying land value. Buyers should weigh the cost of any upgrades or changes against the flexibility the site offers.
|| Comparable Sales: 37 Forbes Road sold around $450,000–$495,000 for a 1,638 m² house; 33–35 Forbes Road traded at $730,000 in 2021 and later around $1,125,000 | Property Price Band: $700,000–$800,000 | Value Drivers: Land size and frontage, existing improvements, redevelopment or alternate-use potential
Detailed Independent Property Report prepared by PropCred Analyst team for 11 Forbes Road, Parkes NSW 2870
Checks found:
Value Risk
2
Liquidity Risk
2
Planning Risk
1
Income Risk
1
Execution Risk
1
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Market Insight
Parkes, in NSW’s Central West and outside Sydney, remains a value-oriented market with a median house price around $455,000 and a 5.44% gross yield. Demand is led by families, first-home buyers and investors, supported by 66.5% owner-occupancy, a low 1.9% apartment share, and a local workforce concentrated in professional and trade roles. Recent price action has been uneven: houses fell 1.09% annually in one measure and 5.9% over 12 months in another, yet longer-term performance is robust at 69% over five years and a 7.2% ten-year CAGR. Units have outperformed, rising 46.87% annually, albeit from a small base. Houses sit on the market for 67–108 days; weekly rents average $450. Future growth rests on affordability and long-run compound gains, but the market is assessed as overvalued near $460,000, and with 48% of owners holding mortgages, rate sensitivity is a clear constraint.
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PropCred Estimated Value
Comparable Sales: 37 Forbes Road sold around $450,000–$495,000 for a 1,638 m² house; 33–35 Forbes Road traded at $730,000 in 2021 and later around $1,125,000 | Property Price Band: $700,000–$800,000 | Value Drivers: Land size and frontage, existing improvements, redevelopment or alternate-use potential
Bedrooms
3
Bathroom
1
Parking
1
Land
599m²
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