12 Conrick Way, Koroit VIC 3282

Development site in established area | 657–719m² lot | Four-bedroom zoning | Priced for improvement or hold This property presents a clear development or redevelopment opportunity on a substantial block within an established township. The variance in recorded land size requires due diligence, but even the lower figure of 657 square metres provides significant scope for a dual occupancy subdivision or a substantial new dwelling, subject to council approval. Its current listing as land or a development site, despite references to an existing house, indicates the primary value is in the land parcel. This configuration is strategically positioned for an investor seeking to add value through construction or a builder-owner, capitalising on the underlying land asset in a stable locale. Proceed with the understanding that the key risk is the unresolved discrepancy in land title dimensions, a due diligence item that must be conclusively settled through a title search and survey, as it directly impacts development feasibility and valuation. The broad range in external price estimates reflects this uncertainty and a market assessing its potential versus its current state. The opportunity lies in acquiring a below-median priced entry into Koroit with the latent value to be realised through a strategic development application or a long-term hold. Acquire only if you have the capacity to undertake the necessary investigations and, potentially, a development pathway; otherwise, the priced-in potential offers limited short-term advantage over a turn-key property in the same area.