1960 South Gippsland Highway, Devon Meadows VIC 3977

2-acre lifestyle block | renovation or rebuild opportunity | 10-address proximity to $1.4M comparable | functional original home This property’s primary strength is its landholding in a sought-after location, offering a rare suburban-scale block that provides immediate development optionality. The two-acre parcel is the key feature, positioning it for buyers seeking a lifestyle purchase or a strategic land bank. The existing house serves only as basic accommodation, making this most suitable for an owner-occupier prepared to renovate or an investor-builder with capital for a rebuild, as the configuration is not competitive as a rental in its current state. Your decision hinges on treating the house as a depreciating component on valuable land. The risk is capital erosion through holding costs without a clear development plan, as the outdated dwelling offers no yield or capital growth premium. The commercial logic is to acquire at a land-value price and execute a renovation to align with the higher-value comparables nearby, or plan a future rebuild. Hold only as a long-term land asset; any other use misallocates capital given the property’s explicit positioning as an opportunity rather than a completed home. A nearby four-bedroom house on 2.25 acres is estimated at $1,393,000. This signals that larger, modernised homes on similar land in the immediate area achieve significantly higher valuations, directly framing this two-bedroom property as the value-add precursor in the same location.