23 Brownes Cres, Eltham VIC 3095

737 sqm Eltham block | knockdown rebuild or landbank | deep rectangular site | tight-knit family suburb This property is being offered primarily for its land value, with the 737 sqm deep rectangular block representing the core buying case. In a suburb where similar sized parcels are increasingly scarce, the site offers clear redevelopment potential for a new home or future subdivision. The existing two-bedroom house is functionally obsolete, which removes any premium for the dwelling and positions the price guide below automated estimates—this suggests a competitive campaign where buyers pay for dirt, not finishes. The property best suits owner-occupiers wanting to build their own home or investors seeking a landbank with holding income from a basic rental. The main risk is the house’s condition may limit immediate rental returns or require vacancy during redevelopment, costing the buyer holding costs. However the block’s shape and size offer logical scope for a single new home or dual occupancy subject to council approval, which is the primary upside. The Expressions of Interest campaign closing 9 June signals a defined timeline and likely multiple bids. For a buyer, this is a straightforward land play: acquire at or below the guide, hold with minimal improvements, and build or sell when zoning or market conditions shift.