21 Andrews Street, Eltham VIC 3095

Eltham flat land parcel | 1856sqm with 11% building coverage | no overlays restrict development | private established surrounds | 4-bedroom family house The property’s competitive advantage lies in its exceptionally rare combination: a flat 1856sqm lot with only 11% building coverage and no bushfire, flood, or heritage overlays. This configuration provides a buyer with immediate optionality—either occupy the existing four-bedroom house while planning subdivision or a larger dwelling, or hold for land-banking in a tightly held Eltham pocket. The location within the Eltham East Primary and Eltham High School zones, plus reliable 5G coverage, supports a family buyer profile seeking both space and future flexibility without immediate redevelopment pressure. The primary risk is the house’s age and single-bathroom layout, which limits rental demand to around $700 per week and may require capital for upgrading to attract premium tenants. The 1985 sales history suggests low cost base for a long-term holder, but a buyer paying near the $1.15–$1.25 million listing range must underwrite the land value, not the dwelling. The opportunity is to secure a development-ready site in a no-overlay zone—rare in Nillumbik—and either hold for capital growth or lodge a planning application for a second dwelling. Use this property as a land play with a rent-while-you-wait strategy.