12 Toagara Street, Rye VIC 3941

Corner block with side access | 757m² level land | Fully furnished near-new | 26% site coverage | Fibre NBN. This property presents a competitively strong offering for an owner-occupier seeking immediate, low-maintenance occupancy or an investor targeting the furnished holiday rental market. Its fully furnished state with quality appointments removes a significant barrier to entry and capital outlay. The 757 square metre corner block with easy side access to a secure garage is a functional rarity that provides tangible utility for tradespeople or those with recreational vehicles, enhancing its appeal in a coastal locale. The low 26% site coverage on level land presents a clear, low-risk path for future extension or outdoor living spaces, serving a buyer looking for both present convenience and future optionality. Solid construction and recent renovation mitigate immediate capital works concerns. The decision hinges on reconciling the asking price against recent sales evidence and inherent market risks. The listing range sits at a premium to most automated valuations and the broader suburb median, demanding scrutiny. The bushfire overlay imposes ongoing compliance costs and potential insurance premiums. Commercial logic lies in leveraging the furnished setup for short-term rental yields, which may offset the price premium, given Rye’s established tourist demand. A plain judgment call is to treat this as a lifestyle purchase with income-supporting characteristics; it is not a value-driven development play. Hold it for personal use with supplemental rental income, or as a pure yield investment, but do not acquire it expecting short-term capital growth based on these fundamentals. * **4 Toagara Street, Rye:** Sold 9 Dec 2025. 850m², 2-bedroom new build. Listed $1.5m-$1.65m. * **18 Pasadena Street, Rye:** Sold price $495,000. 866m² land. The comparable at 4 Toagara Street demonstrates that premium, contemporary builds on large blocks in this street can achieve prices significantly above the subject property’s asking range, setting a potential ceiling. The Pasadena Street sale, at a notably lower price for similar land size, likely reflects a different condition or development context, establishing a lower bound. This property’s value inference sits between these points; its renovated but not new condition and smaller land size justify a price below the premium new build, but its furnished state and corner block utility support a figure well above the bare land value.