16 Kenneth Street, Bulleen VIC 3105

Traditional home | development potential STCA | core green wedge location | condition requires budget for updates The property offers two distinct risk mechanisms: immediate renovation costs to modernise a 224m² floorplan with a single bathroom, and the premium required over a standard family home for its development potential, which carries no certainty of council approval. The opportunity lies in securing a 629m² lot in Bulleen’s low-supply corridor, where detached houses under $1.1M remain scarce. Hold this property for land banking with minimal hedging, or renovate selectively for equity uplift—but avoid overcapitalising in a suburb where value growth is tied to the Koonung Creek precinct amenity. What is competitively strong is the 36% building coverage ratio, rare for a single-level house, preserving significant rear yard space for extension or subdivision. The absence of flood, bushfire, or heritage overlays removes two common friction points. For a buyer seeking a long-term hold with 4–7 year horizon and willingness to engage Manningham Council on lot yield, this is one of the most land-rich offerings in its price bracket. The right next step is to commission a pre-purchase town planning feasibility report to quantify the maximum developable yield from this lot. Comparable sales on Kenneth Street over the past 12 months cluster at $1.05M–$1.15M for similar 3-bedroom lots. These early data confirm the asking range sits within market, but the property’s building condition likely places it at the lower end of that band, making a firm offer below guide the prudent position for a buyer with renovation capacity.