20 Lime Street Portland NSW 2847

Renovated 1900 cottage | Opposite park | High ceilings | Large 702m² block | Rental yield ~4.9% The property presents a clear value gap, with its asking range notably above both its estimated market valuation and its recent 2022 sale price, introducing immediate equity risk for a buyer at the upper band. Its age, while adding character, necessitates a disciplined maintenance budget for latent issues. This house is best held as a long-term rental, leveraging its stable yield and scarce larger block in a tightly held location to offset slower capital growth typical of the area. Its competitive strength lies in the rare combination of a fully renovated historic cottage on a substantial, level block directly opposite parkland—a profile almost unavailable in newer estates. The high ceilings and modern finishes within a 1900 facade cater specifically to owner-occupiers seeking character without compromise, or to investors securing a low-maintenance property with appealing amenity. This positioning makes it a standout illiquid offering in Portland’s limited stock. Your next step is to validate the renovation quality and commission a pest and building report to quantify the opportunity cost against the asking premium. The property last sold for $340,000 in July 2022. This recent transaction, significantly below the current asking price, anchors the valuation and suggests the vendor’s expectations may be ambitious relative to the market’s demonstrated price point.