23 Pembury Road, Thornlie WA 6108

Established location | R40 zoning | 809sqm block | older layout | no price or sale data provided The 809sqm block with R40 zoning is the primary value driver here. At an estimated $695pw rental yield against a high-$800s price point, the rental return is modest for a house—roughly 3.9–4.2% gross—suggesting land value dominates. The 1969 building with 274sqm coverage and basic amenities means any buyer pays for optionality, not finish. If you hold, the zoning and lot permit future subdivision or a duplex, but that adds approval risk and carry cost. This is a land play with a tired house as temporary cover, not a turnkey home. The competitive edge is scarcity: a 809sqm block with R40 zoning in Thornlie near the train station, shopping, and senior high school is uncommon. Most comparable lots are smaller or less permissively zoned. For a buyer who can absorb holding costs and wants to build equity through land appreciation—then develop or sell later—the position is strong. First-home buyers wanting a polished home should look elsewhere; this suits an investor or a family with a 3–5 year horizon ready to renovate or redevelop. Next step: commission a feasibility study for two dwellings under R40; that will quantify the land’s ceiling value and confirm your bid logic. No comparable sales data is present in the source supplied. Without that, a buyer must rely on the zoning and block metrics to anchor value, which is a less precise but still defensible approach for an off-market or pre-emptive negotiation.