238 Great Ocean Road, Anglesea VIC 3230

Large coastal block in bushfire zone | 1970s house with expansion potential | Prime school zone | Near beaches with tourist rental appeal This property offers a rare large parcel on the Great Ocean Road with significant redevelopment potential, given its low building coverage and substantial land size. Its position within the Anglesea Primary and Surf Coast Secondary College zones provides enduring family appeal, while proximity to multiple beaches supports strong holiday rental demand. The house itself, a 1978 build, is functionally obsolete but represents a land acquisition with a dwelling that provides immediate holding income. The primary risk mechanism is the bushfire overlay, which imposes construction costs and may complicate insurance. The estimated value plateau indicates limited immediate upside without capital improvement. The opportunity lies in modernising or rebuilding to capitalise on the superior scale and location, aligning with the larger, higher-value homes in the streetscape. Acquire as a long-term hold, with a plan to upgrade to match the area’s evolving built form. Nearby sales context: 239 Great Ocean Road (4 bed, 2 bath, 1394m²) is listed for rent at $850/week, indicating achievable rental yield. 237 Great Ocean Road is estimated at $1,621,000, suggesting this property is priced at a discount for its land parcel. With 21 houses currently for sale locally, buyer selection is high, applying downward pressure on urgency. This property’s value is anchored in its land, not its existing improvements.