23 Fraser Street, Maryborough VIC 3465

Victorian heritage home | 1011m² central lot | 4 beds flexible | laneway access | 5.2% yield potential This property presents a competitively strong proposition due to its rare combination of a large, central residential lot within a heritage overlay, offering both character and subdivision potential subject to council approval. The flexible bedroom configuration caters to either family living or a multi-tenant investment model, while the significant land size and rear lane access provide tangible utility and future optionality unseen in typical offerings. It serves the investor-buyer seeking affordable entry into a regional market with growth indicators, or the owner-occupier valuing space and period charm over modern finishes. Proceed with the understanding that heritage controls materially limit external alterations and may complicate renovation approvals, imposing both time and cost burdens. The single bathroom represents a clear functional deficit against modern standards, capping rental appeal and resale value until addressed. The commercial logic is to acquire for hold, leveraging the estimated 5.2% gross yield while undertaking a capital-improvement plan to modernise amenities, thereby forcing equity growth. The judgment is a conditional buy: its value is unlocked only through a deliberate strategy to mitigate its functional obsolescence while preserving its irreplaceable land and character advantages. Recent comparable sales data is limited, with the most relevant benchmark being the property’s own sale in May 2025 for $375,000. This establishes a firm price floor and indicates a market valuing its core attributes. The current asking range reflects modest appreciation, suggesting the market recognises its underlying land value and potential, providing a credible basis for negotiation anchored in recent transactional evidence.