148 Lorne Street, Fawkner VIC 3060

1960s family home | 727m² rectangular block | north-facing backyard | walk to station and reserve | potential for two homes. This property presents a clear opportunity based on its land configuration and location. Its 727 square metre rectangular block in a established street is the primary advantage, offering ample space for a significant renovation or a dual occupancy project, a rarity at this price point in the area. The north-facing rear orientation and functional original layout serve immediate occupier needs, while proximity to Fawkner Station, reserves, and schools underpins solid fundamental demand. This house best suits an owner-occupier seeking a future project or a strategic investor targeting land banking with existing rental income. Proceed with the understanding that value is contingent on realising its development potential, which carries cost, approval, and construction risk. The early 1960s construction necessitates a thorough building inspection, as original systems may require significant capital. The commercial logic is compelling: acquire a liveable house on a large block below the cost of a new build, then add value through strategic improvement or subdivision. Our judgment is to bid to a ceiling that preserves an adequate margin for these future works, positioning this as a long-term hold with multiple exit pathways. Recent sales on Lorne Street show varied growth, heavily influenced by holding period and property type. A four-bedroom house at 92 Lorne Street achieved $1.375M after 30 years, while a similar three-bedroom house at 87 Lorne Street sold for $710K. Unit sales, like the one at 1/66 Lorne Street for $650K, demonstrate lower price points. This data confirms that well-located houses on substantial land, held long-term, have delivered strong returns, supporting the development premise for this larger 727m² block.