150 Johnston Street, Fitzroy VIC 3065

Victorian terrace with approved plans | rooftop deck and parking potential | Fitzroy foothold under median | rare first release in decades The property’s primary buying case rests on the approved renovation plans, which convert a modest two-bedroom terrace into a three-bedroom home with a rooftop deck and secure parking. In a suburb where median house prices sit near $1.7 million, this represents a rare entry point with a clear value-add pathway. The existing slate roof and cottage profile are structurally sound, and the permits remove the usual council risk and timeline uncertainty. This suits buyers who want a finished product without the design-phase delays, or investors targeting a premium post-renovation yield in a tightly held inner-ring pocket. The risk is execution cost and market timing. Renovation budgets often overrun, and the final value of $1.06 million estimated by Domain suggests a narrower margin than the list price implies. The auction format on 16 May adds pressure for a decisive bid. The opportunity lies in completing the build within six to twelve months, then holding for capital growth driven by Fitzroy’s supply constraints. For a buyer with renovation capacity, this is a build-to-hold proposition not a flip.