23 Agonis Street, Leeman WA 6514

Bushfire overlay | Heritage overlay | 18 years since last sold | Rental yield below 4.5% | 16% site coverage only The bushfire and heritage overlays introduce material due diligence cost and future development friction that the $620,000 list price does not reflect. The 116m² building footprint on 748m² leaves 84% of the land underutilized, meaning you are paying a premium for land you cannot easily build upon without overlay approvals and potential redesign costs. The rental yield at $460 per week sits below 4%, making this a weak hold for yield-focused buyers. This property serves best as a long-term coastal hold for an owner-occupier who values the secure yard, north-facing patio, and shed over capital growth or rental return. What is competitively strong here is the fully fenced block with a powered shed and secure outdoor entertainment area—rare in coastal townhouses—and the north-facing aspect that reduces cooling costs. For a buyer who wants a low-maintenance holiday home or family base with immediate livability, these features reduce post-purchase spend. The property suits a cash buyer or someone not dependent on rental income to service the loan, given the yield pressure. Your next step is to instruct your conveyancer to cost the overlay compliance requirements and to inspect the shed for actual condition and zoning compliance.