22 Alma Street, West Footscray VIC 3012

Flood overlay | Bedroom count conflict | 56% site coverage | 8 days on market The flood overlay imposes a material risk: it restricts future renovation scope and may raise insurance premiums by 15-25% annually, directly reducing net yield for an investor or increasing holding costs for an owner-occupier. The bedroom discrepancy between valuation sites and listing agents signals either an unapproved conversion or an error in data—either way, due diligence via an inspection is required before committing. At 56% site coverage, future extensions are effectively capped without a planning variance. This property should be held medium-term, not flipped, as the zoning and location underpin capital growth over 5-7 years. What makes this house competitively rare is its surviving period fabric—soaring ceilings, Baltic pine floors, and original cornices—combined with a 347sqm lot in a redeveloping pocket of West Footscray. For a buyer seeking a character home within walking distance to train stations and the Rec West upgrade, this offers immediate liveability with long-term land value. The NBN fibre and 5G coverage support remote work, adding practical appeal. This property best suits a couple or family who values original charm over a turnkey finish and is prepared to manage the flood overlay constraints. Based on three recent Alma Street sales ranging from $952,000 to $1,350,000, with hold periods from 8 to 48 years, this property is priced at the upper end of the street’s traded range. The value inference is that you are paying a premium for the cottage’s architectural originality and proximity to amenity, not purely for land content. To confirm your position, arrange a physical inspection to verify the bedroom count and assess flood overlay impact on your intended use.