23 Forbury Street, Lakelands WA 6180

Vacant land in boutique development | Last sold as house | Premium positioning near coast | Limited details available This property presents a strategic entry into a boutique coastal development, offering a rare chance to build a new home in a positioned community. Its primary strength is the land itself within The Gardens at Lakelands, which is marketed for its proximity to native woodlands and coastline, appealing directly to owner-occupiers seeking a lifestyle purchase or a builder aiming for a premium finish. The absence of an existing structure is a clear advantage for a buyer with specific design intentions, allowing for a modern home tailored to current standards without compromise. The central risk is the unresolved discrepancy between its last recorded sale as a four-bedroom house and its current status as vacant land, which demands immediate legal and title due diligence to confirm the parcel’s true condition and any potential development obligations. This due diligence cost is non-negotiable. The opportunity lies in securing a lot in a staged release area, where future sales of completed homes in the development could elevate land values. Proceed only as a land purchase with verified council approvals, and hold for a custom build to realize the location’s premium potential. Nearby sales activity on Forbury Street shows a pattern of vacant land transactions, with multiple lots last sold in 2025 now being resold. This indicates active subdivision and a developer-led sales environment, not an established residential resale market. For a buyer, this means the price you pay is set by the subdivider’s release strategy, not by independent market competition, placing a premium on your negotiation to secure value before the area is fully built out.