224 Mcleod Road, Patterson Lakes VIC 3197

5 beds | 2 baths | 575m² lot | private mooring | FTTP NBN This property presents a configuration advantage for its locale, offering five bedrooms and three living areas on a sub-600 square metre block, a practical layout for larger families seeking space without excessive land maintenance. The inclusion of a privately owned mooring is a rare and tangible asset within Patterson Lakes, directly catering to the waterfront lifestyle demand and creating a distinct value proposition separate from standard suburban offerings. Its position within sought-after school catchments and the absence of environmental overlays streamline the purchase by removing typical bureaucratic risk, making it a straightforward, functional family home with a unique recreational premium. The primary decision hinges on reconciling the listing price against limited comparable evidence. One direct comparable, a larger-land four-bedroom home at the same address, achieved a sale above this property’s estimated range, suggesting potential upside for a five-bedroom configuration if buyer demand for bedrooms outweighs pure land value. However, the second comparable sale, significantly lower, underscores market volatility or potential variance in property condition not detailed here. Proceed with an offer anchored to the lower quartile of the valuation range, contingent on a building inspection to assess the age and quality of finishes, which are unknown but critical for a house of this scale. The rental estimates support a holding strategy, but the property’s highest utility is owner-occupation by a family leveraging both the schools and the mooring; investors would likely undervalue the latter feature. Secure it if the lifestyle premium aligns with your long-term use, but do not pay a speculative price for the bedroom count alone. Recent comparable sales at this address provide critical context: • 224 McLeod Road (4 beds, 2 baths, 720m² land): Listed at $2m–$2.2m, sold for $2,080,000. • A second comparable property sold for $1,764,000 on 28 September 2025. The higher sale demonstrates that properties here can achieve strong prices, particularly with waterfront appeal, while the lower sale indicates a wide value band. This suggests the subject property, with its extra bedroom but smaller land size, is reasonably positioned within its listed range, but its final value will be tightly linked to its specific condition and the premium a buyer assigns to the mooring.