2 Gross Avenue, Umina Beach NSW 2257

Flood overlay|suburb price ceiling|supply risk from planned works|low clearance on last sale The primary decision risk is a flood overlay that increases insurance costs by an estimated 50-70% over comparable dry-land houses, which will suppress resale demand and cap capital growth to the suburb’s lower quartile. The 682m² parcel on flat topography does provide an offsetting opportunity for a compliant dual-occupancy development if council zoning permits, given the 36% building coverage leaves considerable floor space ratio headroom. Hold this property for rental income only; it will not outperform the broader market in capital terms within a five-year window. This property’s competitive advantage is its sheer land size in a coastal suburb where 600m²+ blocks are increasingly rare, combined with NBN FTTP and ducted air conditioning that suits a permanent family occupier. The recent lease at $1,050 per week confirms strong tenant demand for this configuration, but the buyer should be the end-user who values space over yield, not an investor chasing growth. To secure the property at a price that preserves your future exit options, commission an independent flood risk report and a preliminary development feasibility study before negotiations commence. Comparable sales: 46 Onthonna Terrace sold for $1,225,000 in September 2024 against a suburb median of $1,068,000. The current property’s 682m² is 82m² larger than the median block, but the flood overlay justifies a minimum 10% discount to that comparable.