2 Primula Avenue, Brooklyn VIC 3012

| Rented at loss pre-sale | Zoning risk unclear | $1,000/sqm guide may be over market | Yield low for land | A buyer faces two specific risks: the property last sold for $900,000 in 2021 and is now guided below that figure, suggesting local land values have softened or the site carries a holding cost. The guide of $700,000–$750,000 implies roughly $1,000 per square metre, which is competitive for a cleared 686–700 square metre lot in Brooklyn, but the rental history shows only $290 per week in 2018, meaning a buyer relying on income would see sub-2% gross yield. The opportunity lies in its development flexibility: dual occupancy or a combined site of 1,356 square metres could support up to eight townhouses, lifting per-square-metre economics. Hold this property as a medium-term development play, not for immediate rental. The property’s competitive strength is its rare cleared status in a growth corridor 10 kilometres from the CBD, saving a buyer demolition costs and time. The wide allotment suits luxury homes or townhouse schemes, and the agent’s concept plans for a combined lot signal developer interest. This suits a buyer who can hold for two to five years and manage planning approvals. Visit the site to assess adjoining 4 Primula Avenue and confirm zoning, then review the Statement of Information for recent comparable sales to validate the guide against current market pricing.